Master Notes

Master Notes

Short-term debt securities issued by the Federal Farm Credit Bank with a face value of $25 million. They mature one year after issue and pay a coupon linked to LIBOR or another benchmark rate. The holder of a master note may change the principal amount by up to 25% or use it as the underlying asset in a put or a call. These features give master notes a great deal of flexibility.
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However, as of that date Systemwide bonds, medium-term notes and master notes due within one year were $27.

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