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REFCORPResolution Funding Corporation
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In addition, it suggests that callability is unlikely to be a key driving force behind secular movements in the Aaa-Treasury spread, because Refcorp bonds are not callable.
In addition to the $30 billion from REFCORP, the RTC received $18.8 billion from the U.S.
The 1989 Financial Institutions Reforms, Recovery, and Enforcement Act saddled the FHLBs with an obligation to pay $300 million a year through 2030 to fund a portion of the interest on bonds floated by the Resolution Funding Corporation (REFCORP).
* The Resolution Funding Corporation (REFCORP) was formed to borrow funds for the RTC.
(16.) For example, Lonstaff (2002) calculates that liquidity premia on Refcorp zero-coupon securities relative to Treasury zero-coupon securities are roughly 10 to 15 basis points.