For more than ninety years, the Farm Credit System has fulfilled its mission of ensuring the availability of sound, dependable funding for domestic agricultural producers and cooperatives.  
Federal Farm Credit Banks Funding Corporation
Federal Farm Credit Banks Funding Corporation
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How to Purchase Farm Credit Debt Securities

The Farm Credit System’s debt issuance programs provide the System Banks with a variety of funding tools designed to effectively fund their loans to farmers, ranchers and agricultural cooperatives. System Banks’ risk management strategies rely on the diversity offered by these issuance programs within the constraints of market discipline. The System recognizes that attracting a broad base of fixed income investors requires debt issuance programs designed to offer diversity in security structure, yet continuity in issuance practices.

Short-term funding is raised through the daily Discount Note program offering investors a variety of maturities. Longer-term funding is raised through the issuance of Bonds in various amounts and structures via a negotiated or competitive bidding process, and through the issuance of Designated Bonds which reflect larger issuance of term debt, generally through a syndication process.

These programs are supported by approximately 30 investment banks and dealer banks, the Bond Dealers, that provide the financial and human resources necessary to underwrite, distribute and maintain a primary and secondary market in Farm Credit Debt Securities. These securities are not directly available from the Funding Corporation or from any of the System institutions. The Bond Dealers, acting as principal, are authorized to sell any of the Farm Credit Debt Securities. Certain Farm Credit Debt Securities are initially issued through select Bond Dealers. See each of the descriptions below for further information.

Discount Notes: Generally offered daily in varying amounts and maturities using a select group of Discount Note Dealers. Discount Notes are also indirectly available through other Bond Dealers in the selling group.

Designated Bonds: Large, liquid, Bond issues underwritten by a select group of Bond Dealers generally through a syndication process. A syndicate of two to six dealers from a list of eligible Lead and Co-Managers underwrite and distribute each offering of Designated Bonds. Designated Bonds are also indirectly available through other Bond Dealers in the selling group.
Bonds: Issued throughout the month in various amounts, maturities and structures using the Bond Dealers. All Bond Dealers are eligible to underwrite these Farm Credit Debt Securities through either a competitive bidding or negotiated process.
Master Notes: Individually tailored agreements usually designed for a single investor. The Funding Corporation negotiates Master Notes, on behalf of the System Banks, through a single member of the Bond Dealers.
 
 
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