The Federal Deposit Insurance Corp. is back in the market with its second structured bond offer this week, according to a source who has seen the term sheet on the offer.

This time, the banking regulator is selling performing and nonperforming construction and bank-owned loans of Corus Bank, which it took over last fall.

The issue is a three-part deal with a total size of $1.377 billion.

Last week was the first time the FDIC offered a structured deal. The $1.8 billion issue was the regulator's attempt to test investor appetite as it looks at various ways to rid itself of assets accumulated from failed banks. The regulator is expected to sell $4 billion, in all, through these guaranteed structured notes.

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