ALEXANDRIA, Va. (1/28/11)--The first National Credit Union Administration (NCUA) Guaranteed Note (NGN) offering of this year brought in $1.5 billion in proceeds, bringing the total revenue gained from NGN sales to over $19 billion. The first 2011 NGN sale began on Jan. 18 and ended yesterday. The offering was comprised of NGN Trust Senior Notes. The coupon on those Senior Notes will be 45 basis points over LIBOR, “indicating strong investor interest,” the NCUA said. Collateral for the transaction consisted of previously issued residential mortgage-backed securities. The NCUA said that, with this sale, it has completed 65% of the securitization designed to fund deposits assumed by the bridge corporate credit unions. The remainder of the NGNs will be sold in the coming months, the NCUA added. NCUA Chairman Debbie Matz said that the offering “demonstrates the value of the NCUA securitization program,” adding that credit unions should be encouraged by the positive results. The NCUA NGNs will receive monthly payments of principal and interest from cash flows of related underlying securities, which are passed on to investors. Timely payment of principal and interest due on the notes is guaranteed by NCUA, and that guaranty is backed by the full faith and credit of the United States.