The Federal Deposit Insurance Corp. (FDIC), in an effort to get rid of residential and construction loan assets from failed banks, has priced two note offerings totaling $1.8 billion to "robust market demand," according to a source familiar with the transaction.

This is the first in a series of three deals said to be totaling $4 billion. These notes, which are wrapped with a 100% FDIC guarantee, were rule Rule 144A debt offerings.

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