Federal Home Loan Bank of San Francisco repurchases two bonds from Orange County investment pool

Business Wire, Jan 18, 1995

SAN FRANCISCO--(BUSINESS WIRE)--Jan. 18, 1995--At the request of Orange County's financial advisor, Salomon Brothers, the Federal Home Loan Bank of San Francisco is repurchasing and retiring two structured bonds that were issued on behalf of the Bank.

The two bonds are wholly owned by Orange County and have a total par value of $200 million. The bank is simultaneously terminating the related interest rate swaps that were used to hedge the bonds.

"These transactions will not result in any economic loss to the Bank or its shareholders, but will help the County reduce its losses on the bonds," said Dean Schultz, president of the Federal Home Loan Bank of San Francisco. "We are pleased that we are able to accommodate the County's request."

CONTACT: Federal Home Loan Bank

Amy Stewart, 415,616-2605