The National Credit Union Administration is preparing its latest offering of corporate bailout bonds, this one a $840 million security collateralized by commercial mortgage-backed securities.
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Issued under the agency's 'NCUA Guaranteed Notes' program, the latest offering will have two tranches: one fixed-rate, the other floating-rate.
The new security brings to more than $21 billion MBS sold by NCUA since October, with some $5 billion more planned. The bonds are federally guaranteed. Many were created from the cash flows of existing non-prime MBS.
On the new deal Barclays Capital is the lead underwriter.
