NCUA Floats $4 Billion To Boost U.S. Central FCU

Published October 15, 2009, 6:45 p.m. EDT

Updated August 27, 2020, 12:25 a.m. EDT

1 Min Read

WALL STREET – NCUA completed a $4 billion public offering Wednesday of medium-term notes on behalf of U.S. Central FCU. The funds will be used to enhance liquidity for the troubled corporate credit union, which has been operated by NCUA under conservatorship since March 20, according to NCUA.

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The offering was guaranteed through NCUA’s Temporary Corporate CU Liquidity Guranteee Program and was underwritten by J.P. Morgan Chase and Bank of America Merrill Lynch.

The offering included a combination of a two-year floater ($500 million at three-month LIBOR + 0); two-year fixed ($1.5 billion at swaps + 0); and three-year fixed ($2 billion at swaps + 5).

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