The Federal Home Loan Banks have priced a $3 billion, 2.375%, two-year global bond due April 30, 2010. The issue (CUSIP: 3133XQ5C2) was priced at 99.766 to yield 2.488%, or 74.5 basis points higher than comparable Treasury notes. The settlement date is March 3. Barclays, RBS Greenwich, and Morgan Stanley are the joint lead managers for the transaction.

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