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NCUA settles initial NGN offering
ALEXANDRIA, Va. (10/29/10)--The National Credit Union Administration (NCUA) on Thursday reported that the initial offering of its NCUA Guaranteed Notes (NGN) have been settled. The NCUA’s Senior Series I-A notes are comprised of $3.28 billion of assets and are mainly backed by senior floating rate securities. The notes will pay a floating-rate coupon of one-month London Interbank Offered Rate (LIBOR) plus .45% per annum, subject to a maximum note interest rate cap equal to 7.00% annually, the NCUA said. The NCUA’s Senior Series II-A notes are comprised of $566.5 million in assets and are mainly backed by fixed-rate pass-through securities. Those notes will pay a fixed-rate coupon of 1.84% annually, the NCUA said. The notes, which are fully backed by the U.S> Government, “will receive monthly payments of principal and interest from cash flows of the related underlying securities,” according to the NCUA. “The transaction was met with strong investor demand and was oversubscribed,” with over 35 investors participating in the transaction, the NCUA said. Those investors included credit unions, banks, broker-dealers, insurance companies, money management funds, pension funds, and government agencies, the NCUA added. Credit unions received nearly 10% of the total allocation for both the I-A and II-A notes, according to the NCUA. For the full NCUA release, use the resource link.
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