The $18 billion Western Corporate Federal Credit Union issued $1.5 billion in three-year notes last week, according to transaction information provided by the NCUA.
The fixed-rate notes yield 1.793% to investors, 13 basis points less than the $2 billion in notes issued on Oct. 14 by U.S. Central Federal Credit Union. Those three-year fixed-rate securities yield 1.922%.
Another comparison between the two deals is spread versus the three-year Treasury rate: U.S. Central's deal was 47 basis points over, while WesCorp only paid 35.9 points over Treasury. Compared to swaps, WesCorp came in five basis points under, while U.S. Central had to pay five basis points over.
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