The Federal Home Loan Banks have priced a $4 billion, 4.625%, two-year global bond due Feb. 8, 2008.The issue (CUSIP: 3133XEJM2) was priced at 99.807 to yield 4.725%, or 25.5 basis points higher than 4.470% U.S. Treasury notes. The settlement date is Jan. 27. Citigroup, Merrill Lynch, and UBS are the joint lead managers for the transaction.

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