The NCUA said today it has completed three offerings of its Guaranteed Notes and raised $13.1 billion.
The agency said it completed two transactions in November, which followed the transaction completed in October. The first November transaction included three classes of notes valued at $3.6 billion, backed by commercial mortgage backed securities. The second transaction featured two series of notes valued at $5.4 billion and are backed by residential mortgage-backed securities.
The notes are funded by cash flows from corporate credit unions' legacy assets.
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The notes are backed by an unconditional NCUA guaranty for timely payment of principal and interest. Credit unions can record their investment in the notes with a 0% risk weight
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