High-quality debt instruments offered by the Federal Farm Credit Bank (FFCB) with a minimum face value of $25 million.


|||Maturities for master notes are typically one year, paying interest that is indexed to LIBOR or another appropriate index. Due to the high value of each note, these instruments are normally used by money managers who require highly liquid, customizable investments.

Master notes have a put/call feature that helps money managers:
1) limit the frequency of purchases or sales of money market instruments such as discount notes
2) have the daily ability to adjust total value, either upwards or downwards, by 25% of the base principal