The Federal Home Loan Banks have priced a $4 billion, 3.75%, two-year global bond due Jan. 8, 2010.The issue (CUSIP: 3133XNTD1) was priced at 99.93 to yield 3.785%, or 61.5 basis points higher than comparable Treasury notes. The settlement date is Dec. 21. RBS Greenwich, Merrill Lynch, and UBS are the joint lead managers for the transaction.

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