U.S. Central completed an offering of $4.0 billion in medium-term notes last week that are guaranteed by the NCUA's Temporary Corporate Credit Union Liquidity Guarantee Program.

The NCUA had alluded to this possibility during its Washington and San Diego town hall meetings. Many of the corporates have issued debt in the form of commercial paper. U.S. Central and WesCorp have also issued medium-term notes previously, according to the NCUA.

"We are studying the transaction to get a better sense of its ultimate impact on credit unions," CUNA Vice President of Communications Pat Keefe said.

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