Bond National Agricultural Credit Banks 5.75% ( US31331VYY63 ) in USD

Issuer National Agricultural Credit Banks
Market price refresh price now   100 %  ▼ 
Country  United States
ISIN code  US31331VYY63 ( in USD )
Interest rate 5.75% per year ( payment 2 times a year)
Maturity 11/05/2026



Prospectus brochure of the bond Federal Farm Credit Banks US31331VYY63 en USD 5.75%, maturity 11/05/2026


Minimal amount 1 000 USD
Total amount 30 000 000 USD
Cusip 31331VYY6
Standard & Poor's ( S&P ) rating AA+ ( High grade - Investment-grade )
Moody's rating Aaa ( Prime - Investment-grade )
Next Coupon 11/05/2026 ( In 91 days )
Detailed description The Federal Farm Credit Banks are a government-sponsored enterprise system providing credit and other financial services to farmers, ranchers, and agricultural cooperatives.

Federal Farm Credit Banks issued a USD 30,000,000 bond (CUSIP: 31331VYY6, ISIN: US31331VYY63) maturing on 11/05/2026, offering a 5.75% coupon with semi-annual payments, currently trading at 100% of par, minimum purchase 1000, rated AA+ by S&P and Aaa by Moody's.







TERM SHEET

Federal Farm Credit Banks
Consolidated Systemwide
Bonds

This Term Sheet relates to the Bonds described below and should be read in conjunction with the Federal
Farm Credit Banks Consolidated Systemwide Bonds and Discount Notes Offering Circular, dated June 18,
1999, as amended and supplemented by the Offering Circular Supplements dated August 20, 2001 and
November 26, 2003 (the "Offering Circular"). The Fixed Rate Bonds described herein (the "Bonds") were
sold to Morgan Stanley & Co. Incorporated (the "Dealer"), as principal, for resale to investors at varying
prices according to prevailing market prices at the time of resale as determined by the Dealer. Terms set
forth below unless otherwise defined have the meaning ascribed to them in the Offering Circular.
Principal Amount: $30,000,000
Denomination: $5,000 and integral multiples of $1,000 in excess thereof
Issue Price: 100.000%
Issue Date & Settlement Date: May 11, 2006
Maturity Date: May 11, 2026
Interest Rate: 5.750%
Day Count Basis: Interest shall be computed on the basis of a 360-day year consisting of twelve 30-day
months.
Interest Payment Dates: Each May 11 and November 11, beginning on November 11, 2006, and the
Maturity Date
Redemption: The Bonds are not subject to redemption prior to the Maturity Date.
Reopenings: The outstanding principal amount of this issue may be increased from time to time.
Underwriting Concession: 0.35297%
Selling Concession: 0.000%
CUSIP Number: 31331V YY6

Backup Withholding and Information Reporting
The Jobs and Growth Tax Relief Reconciliation Act of 2003 lowered the backup withholding tax rate to
28%, effective January 1, 2003.
DISTRIBUTION
Morgan Stanley maintains two separate broker-dealer entities. Offerings are underwritten by Morgan
Stanley & Co. Incorporated and distributed by both Morgan Stanley & Co. Incorporated and Morgan
Stanley DW Inc.

Morgan Stanley

The date of the Term Sheet is May 3, 2006.