NEW YORK - Four parts of a planned five-part debt offering by the Federal Home Loan Bank System were canceled last week because of a change in the agency's borrowing needs and market conditions.

The agency had said Sept. 21 that it planned to make a five-tranche competitive offering of up to $750 million of bonds. On Thursday morning, the agency accepted bids on $68 million of three-year debentures.

Pam Gogol, manager for debt management at the Federal Home Loan Banks, said bidding on the remaining tranches was cancelled "to reflect a change in our short-term borrowing needs and because of market conditions."

Ms. Gogol said the decision to cancel four of the five offerings was made Wednesday.

Underwriters said the home loan banks, which provide liquidity to member banks and thrifts for housing finance, had been expected to offer one tranche of three-year bonds, two of five-year bonds, one of seven-year bonds, and one of 10 years.

All but one of the five-year tranches was to be a callable issue. The maximum size of each tranche was to be $150 million.

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