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.