02/20/2004 Amherst Securities Group Underwrites New Issue Deal for FHLB

Amherst Securities Group Underwrites New Issue Deal for FHLB

1.75-year; non-call 1-month
Pricing Date	February 20, 2004
Settlement Date	March 8, 2004
Structure	1.75-year; non-call 1-month
First Call Date	April 8, 2004 with monthly calls thereafter
Maturity	December 8, 2005
Payment Dates	Each September 8th and March 8th
	beginning September 8, 2004
First Coupon	1.93%
Coupon Structure	1.93% fixed
Size	$30 million
Issuer	Federal Home Loan Bank System
CUSIP	3133X4JE2
Currency	USD