02/25/2004 Amherst Securities Group Underwrites New Issue Deal for FHLB

Amherst Securities Group Underwrites New Issue Deal for FHLB

1.5-year; non-call 3-month
Pricing Date	February 25, 2004
Settlement Date	March 16, 2004
Structure	1.5-year; non-call 3-month
First Call Date	June 16, 2004 with quarterly calls thereafter
Maturity	September 16, 2007
Payment Dates	Each September 16th and March 16th
	beginning September 16, 2004
First Coupon	1.65%
Coupon Structure	1.65% fixed
Size	$70 million
Issuer	Federal Home Loan Bank System
CUSIP	3133X4NL1
Currency	USD