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Wednesday, January 24, 2018

MANAGING DIRECTOR:
Scott Carrithers
 
PORTFOLIO SALES AND SERVICE:
Steve Panknin • George Morris • Jeff Goble • Chris Thompson • Sean Doherty
Kevin Doyle • Lonnie Harris •  Mark Tranckino • Robert Schuyler • Tom Toburen • Josh Kiefer
 Nicole Burczyk • Kelley Frye • Natalie Regan • Aaron Stoffer • Chuck Honeywell

US Treasury Market
Date 1 mo 3 mo 6 mo 1 yr 2 yr 3 yr 5 yr 7 yr 10 yr 20 yr 30 yr
1/17/18 1.31 1.44 1.63 1.79 2.05 2.15 2.39 2.51 2.57 2.71 2.84
1/18/18 1.29 1.45 1.63 1.79 2.05 2.17 2.43 2.55 2.62 2.77 2.90
1/19/18 1.28 1.44 1.62 1.79 2.06 2.20 2.45 2.57 2.64 2.78 2.91
1/22/18 1.27 1.44 1.65 1.79 2.08 2.21 2.46 2.59 2.66 2.79 2.93
1/23/18 1.26 1.44 1.63 1.78 2.06 2.18 2.43 2.55 2.63 2.77 2.90

                                                                                       Source: U.S. Department of the Treasury, as of 1/23/18  

Want a 3.00% 4 Year FHLB?

3.00% for a 4YR FHLB is possible if you are willing to first wait one year at 2.00%.  Allow us to explain, in recent months step bonds have taken a back seat to bullets and the more traditional fixed coupon callables; however, the step we have detailed below has merit if it gets called on the first call date (1 year) or runs to maturity.

This simply offers 2.00% for a year with no call. After 1 year, it will step in coupon to a 3.00% and you will own a 4 year quarterly callable 3.00% coupon bond @ PAR.  We have not recently been huge proponents of step bonds, occasionally we find one with fewer moving parts and that offers great value.  Please let your CCB Representative know if you have any interest or feedback.

FHLB 2.00% Coupon Due 2/15/23 Callable 2/15/19 Quarterly @ PAR



This information is intended for institutional investors only. The material provided in this document/presentation is for informational purposes only and is intended solely for private use. Past performance is not indicative of future results. This material is not intended as an offer or solicitation for the purchase or sale of any financial instruments.

•Not FDIC Insured •No Bank Guarantee •May Lose Value