The National Credit Union Administration (NCUA) is expected to hit the Street Thursday with an offering of $1.5 billion of NCUA Guaranteed Notes being used to finance the corporate credit union bailout, the first offering in three weeks.

This week’s offering, the tenth since October, makes a total of more than $25 billion of the notes sold, the proceeds of which are being used to pay off credit union depositors in the five failed corporates: U.S. Central Federal Credit Union, WesCorp Federal Credit Union, Members United Corporate Federal Credit Union, Southwest Corporate Federal Credit Union and Constitution Corporate Federal Credit Union. The NCUA plans to offer another $3 billion of the notes as part of the program.

The notes are federally guaranteed and are backed by the cash flows on toxic MBS owned by the five corporate failures. The latest offering is backed by residential MBS.

Barclays Capital is the lead underwriter of the offering.

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