The NCUA announced today that it had closed the sale of NCUA Guaranteed Notes Trust 2011-R4 on Thursday, March 31. The transaction yielded about $1.525 billion.
The coupon on the Senior Notes was priced at 38 basis points above LIBOR, which showed “strong investor interest,” according to an NCUA statement.
This deal is the tenth sale of NCUA Guaranteed Notes, with five deals completed in 2010 and five so far in 2011. According to NCUA, it now has securitized about 85% of the legacy assets targeted to fund deposits assumed by the bridge corporate credit unions.
NCUA’s chairman Debbie Matz said in a statement: “With 10 deals under our belt, credit unions should remain confident that NCUA is working to resolve the issues related to corporate credit unions in as efficient and cost-effective [a] manner as possible.”
NCUA put a total on securitization proceeds to date of $23.97 million. It indicated that it anticipated completing the remaining offerings in the next two months.