The Federal Home Loan Banks have priced a $3 billion, 5.50%, seven-year global bond due Aug. 13, 2014.The issue (CUSIP: 3133XLJP9) was priced at 99.984 to yield 5.504%, or 45.5 basis points higher than that of comparable U.S. Treasury notes. The settlement date is June 22. Barclays, Goldman Sachs, and JP Morgan are the joint lead managers for the transaction.

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