The Federal Home Loan Bank System will sell $3 billion in new three-year global notes to be priced later this week, reports Reuters.

Barclays Capital, JP Morgan and Merrill Lynch are joint lead managers for the offering. The syndication team includes seven co-managers.

Interest payments on the three-year notes. which will mature on Sept. 16, 2011, will be made semi-annually on March 16 and Sept. 16, the FHLB said in a statement.

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