Farm Credit System priced its offering of a $500 million secured overnight financing rate-indexed bond due March 18, 2021.

The bond will be issued March 18. Interest payments will be made on a quarterly basis, with the first payment to be made June 18. The interest rate will be reset on a daily basis, and calculations will be made two business days prior to each interest payment date.

Daiwa Capital Markets America Inc. and Jefferies LLC are lead managers for the offering.