The Federal Home Loan Banks have priced a $3 billion, 4.375%, three-year global bond due Oct. 22, 2010.The issue (CUSIP: 3133XMES6) was priced at 99.661 to yield 4.495%, 44.0 basis points higher than the comparable U.S. Treasury notes. The settlement date is Sept. 21. Barclays Capital, JP Morgan, and UBS are the joint lead managers for the transaction.

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