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Stone & Youngberg Approved As An Underwriter of Federal Home Loan Bank Securities.

Business Editors

SAN FRANCISCO--(BUSINESS WIRE)--March 7, 2002

Stone & Youngberg, the state of California's largest underwriter of tax-exempt local government debt, announced today that it has been approved as an underwriter for Federal Home Loan Bank securities. FHLB officials said this appointment was based on Stone & Youngberg's long history of expertise in the fixed income markets.

"With our new designation as an FHLB underwriter, we will be able to expand our distribution of securities to individual and institutional investors," said Gordon Erb, managing director of Stone & Youngberg's Institutional Sales & Trading group. "We have a strong history of selling tax-exempt securities which fits well with FHLB's state income tax exemption."

With this designation, Stone & Youngberg will be able to underwrite a wide variety of securities including callable and non-callable bonds; access FHLB's vast short-term discount note program; structure securities for zeros, zero-callables, step-ups, callables, single-index floaters, scheduled amortizing notes, and bullets to fill customer requests; and, expand distribution of securities to individual and institutional investors.

Stone & Youngberg is the state of California's largest underwriter of tax-exempt local government debt. Founded in 1931, Stone & Youngberg is headquartered in San Francisco and has offices in Los Angeles and San Diego. During 2001, Stone & Youngberg underwrote 140 new municipal bond issues. In addition to being an influential underwriter of new-issue municipals, the Stone & Youngberg institutional sales and trading desk makes markets in a variety of asset classes in the municipal market. Further information is available at www.buybonds.com.
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Publication:Business Wire
Date:Mar 7, 2002
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