Funding Corporation 

Activities
Recent High Finance Headlines

“U.S. Cases Above 100,000 

for Seventh Day in a Row”

2
Recent High Finance Headlines

“Malls File for Bankruptcy or 

Shut Their Doors as 

Pandemic Pain Spreads”

3
Recent High Finance Headlines

“Corporate Tenants Dump 

Excess Office Space, 

Sending Shivers Through the 

Market ” 

4
Recent High Finance Headlines

“Fed Says Virus Poses 

Considerable Risks, 

Maintains Low-Rate Pledge”

5
Recent High Finance Headlines

“Europe Aims to Emerge 

Smarter From Latest 

Lockdowns”

6
Recent High Finance Headlines

“The Economy’s Struggles 

Will Shape Joe Biden’s 

Presidency”

7
 Global Market 

 Agency Debt Market 

 Yields & Spreads on FCS Debt 

 Funding Corporation Activity

 FCS Liquidity

 Selling Group - LEAD Dealer Group

 LIBOR/SOFR Transition 

 Coronavirus

8

Funding Update Topics 
 Federal Reserve

 E.C.B., Bank of England, Bank of Japan 

 U.S. Treasury

 China

9

Global Market 
Credit Rating Agencies -

Outlook for the United States

 Standard & Poors – AA+ 

Outlook – Stable

 Moody’s – Aaa

Outlook – Stable

 Fitch – AAA 

Outlook – Stable

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 Assets – $ 384.9 billion (+ 5.4%)

 Loans – $ 301.6 billion (+ 5.1%)

 A.L.L. – $ 1.8 billion (+ 1.2%)

 Cash & Invts. – $ 71.7 billion (+ 5.0%)

 Capital – $ 66.0 billion (+ 6.9%)

 Net Income – $ 4.4 billion (+ 9.6%)

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System High Level Financials 
Agency Debt Outstanding

Source: Websites

* 6/30/2020

12

Billions of Dollars 2017 2018 2019 4/2020 9/2020

F.H.L.B. $ 1,034 $1,032 $ 1,026 $ 1,169 $852 

FCS 265 282 294 314 309

Freddie Mac 317 255 283 282 286 

Fannie Mae 278 233 182 242 275

Tenn.V.A. 25 23 22 22 22* 

Farmer Mac 16 16 19 21 21 

Total $1,935 $1,841 $1,826 $2,050 $1,765 
Source: FFCBFC Website

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Funding Activity by FCS

($ millions) Discount Notes Designated 

Bonds

Fixed Rate Bonds Floating Rate Bonds Retail 

Bonds

Other1 Total

Callable NonCallableLIBOR SOFR Prime, 

FF, 91-

day, 

11/09/2020 21,944 2,100 76,882 90,402 46,228 46,882 29,332 42 148 313,958

4/30/2020 35,083 1,100 72,982 83,167 70,893 23,457 27,937 58 149 313,298

12/31/2019 19,098 0 77,903 79,068 80,613 7,957 28,657 122 159 293,577

12/31/2018 22,774 0 78,971 71,099 82,216 0 26,401 201 119 281,780

12/31/2017 25,632 1,000 72,228 67,144 79,425 0 19,775 210 19 265,434

1 Includes Linked Deposits
FCS Debt Yields Remain Low

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Risk Premiums Favorable

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 Calls in ‘20 – $107 billion and counting

 Calls in ‘19 – $ 54 billion

 Calls in ‘18 – $ 29 million

 Calls in ‘17 – $ 5 billion

 Calls in ‘16 – $ 58 billion

 Net Interest Spreads

 2.22% for ‘20, 2.04 % for ‘19, 2.12% for ‘18, 2.25% for ‘17, 

2.31% for ‘16. 

 Net Interest Margins

 2.45 % for ‘20, 2.42 % for ‘19, 2.46% for ‘18, 2.48% for ‘17, 

2.49% for ’16.

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Very Heavy Call Activity
 Weighted average maturity of FCS Debt

 Sept./2020 – 2.87 years 

 Mar./2020 – 2.73 years 

 Dec./2019 – 2.82 years

 Dec./2018 – 2.86 years

 Dec./2017 – 2.88 years

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Debt Maturity 
 Percentage of FCS debt maturing within 1 year.

 Sept./2020 – 39.9 percent

 Mar./2020 – 41.9 percent

 Dec./2019 – 38.8 percent

 Dec./2018 – 38.8 percent

 Dec./2017 – 39.1 percent

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Debt Maturity 
 As of 9/30/20 System = 172(165) days:

• AgFirst = 218(197) days, AgriBank = 168(148) 

days, FCB of TX = 176(169) days, CoBank = 

179(172) days 

 As of 3/31/20 System = 197 (188) days:

• AgFirst = 208(190) days, AgriBank = 163(145) 

days, FCB of TX = 240(225) days, CoBank = 

215(209) days 

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Days of Liquidity 
Funding Corp.’s Dealer Group

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LEAD Dealer Group Additions

Academy Securities, Inc

Blaylock Van, LLC

CastleOak Securities, L.P.

MFR Securities, Inc

R. Seelaus & Co., LLC

Samuel A. Ramirez & Co., Inc.

Siebert Williams Shank & Co., LLC

Tribal Capital Markets, LLC

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 Secured Overnight Financing Rate use progressing.

 Global U.S. LIBOR referenced instruments still dominate.

 System’s J & S LIBOR directly based debt totals $46.2 

billion. (Indirect $47.8 billion)

 Funding Corp. has $46.9 billion in SOFR indexed bonds.

 LIBOR Debt Exchange for post 12/31/2021 maturities 

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LIBOR/SOFR TRANSITION
Ongoing Global Issue

Economic Disruptions 

Second Wave

Expanded Debt Issuance

Credit Concerns

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Coronavirus
 Solid Demand for FCS Debt

 FCS Debt Yields Remain Low

 Risk Premiums Favorable

 Interest Rate Spreads and Margin Widened 

 Bottom Line Benefitted More

 Ample Liquidity 

 SOFR’s Increasing

 Coronavirus Continuing Substantial Impact 24

Summary