Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive
150x172_CUEffect.jpg
Contacts
LISA MCCUEVICE PRESIDENT OF COMMUNICATIONS
EDITOR-IN-CHIEF
MICHELLE WILLITSManaging Editor
RON JOOSSASSISTANT EDITOR
ALEX MCVEIGHSTAFF NEWSWRITER
TOM SAKASHSTAFF NEWSWRITER

News Now

Washington
Demand is strong for final 2010 NGN
ALEXANDRIA, Va. (12/14/10)—The final National Credit Union Administration (NCUA) Guaranteed Note (NGN) offering of the year brought in a big close by yielding $1.16 billion. The student-loan-based offering closed Friday. The agency said in an announcement that with this final offering, it has completed 60% of the securitization designed to fund deposits assumed by the bridge corporate credit unions. The latest offering will pay 35 basis points over LIBOR, an indication, the NCUA noted, of strong investor interest. The NCUA reported that total 2010 proceeds from the securitizations equal more than $17.75 billion, and the agency noted it plans to resume NGN offerings in the first quarter of 2011. NCUA Chairman Debbie Matz said of the 2010 results, “The financial success of the securitization is not only enabling NCUA to manage the disposition of troubled corporate credit unions, it is also allowing the credit union industry to pay for the losses without diminishing service to consumers. I am encouraged by the results in 2010, and by the promise that the future holds for the credit union industry as it emerges from the market dislocations.” The NCUA NGNs will receive monthly payments of principal and interest from cash flows of related underlying securities, which are passed on to investors. Timely payment of principal and interest due on the notes is guaranteed by NCUA, and that guaranty is backed by the full faith and credit of the United States.


RSS





print
News Now LiveWire
Consumer spending is slumping #Market #Economy http://t.co/RI4HS68IuJ
13 hours ago
April is #NationalFinancialLiteracyMonth & @TheNCUA Chair Matz urges #creditunions to help members learn to manage/protect their finances.
14 hours ago
Fed. FI regulators' statmnts on compromised credentials/destructive malware #cybersecurity http://t.co/f4uTBDm1PU http://t.co/zP5Iw6VxZc
16 hours ago
Home prices rising faster than wages: @RealtyTrac #NewsNow #Market http://t.co/wa74mnw3Cu
17 hours ago
.@Nussle dropped by the @ACUMuseum recently. Read about his visit http://t.co/bYe8RRgYLP
18 hours ago