The Federal Home Loan Banks have priced a $3 billion, 4.500%, two-year global bond due Oct. 9, 2009, according to the FHLBanks' Office of Finance.The issue (CUSIP: 3133XMD40) was priced at 99.994 to yield 4.501%, or 56 basis points higher than comparable Treasury notes. The settlement date is Sept. 14. Deutsche Bank, RBS Greenwich, and Merrill Lynch are the joint lead managers for the transaction.

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