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| Term Securities Lending Facility Options Program (TOP)
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The Term Securities Lending Facility Options Program (TOP) offers options to the primary dealers to draw upon short-term, fixed rate Term Securities Lending Facility (TSLF) loans from the System Open Market Account (SOMA) portfolio in exchange for program-eligible collateral. The program is intended to enhance the effectiveness of TSLF by offering added liquidity over periods of heightened collateral market pressures, such as quarter-end dates.
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Auction Date |
Offering Amount |
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Par Accepted7 |
Bid-to-Cover8 |
Stop-out Rate9 |
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December 02 |
50,000 |
86,000 |
49,999 |
1.72 |
0.0500 |
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Option exercise date |
Total Options Sold |
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December 22 |
49,999 |
7,000 |
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Option Details 1 |
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Loan collateral 2 |
Schedule 2 |
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Fixed loan rate |
0.5000 percent |
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Total offering amount |
$50 billion par |
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Maximum award |
20% of offering 3 |
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Minimum option fee rate |
0.0100 percent |
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Option auction dates |
Start time |
Close time |
Offering amount 4 |
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December 02, 2008
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02:00 p.m. ET
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02:30 p.m. ET
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$50 billion par
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Option exercise date |
December 22, 2008 |
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Loan settlement date |
December 23, 2008 |
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Loan term |
13-day |
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Loan maturity date |
January 05, 2009 |
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Treasury General Collateral Basket |
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Security Description |
Amount Available for Loan 5 |
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T 04.625 11/15/09 |
5,572 |
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T 04.500 05/15/10 |
3,739 |
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T 04.875 05/31/11 |
1,078 |
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T 04.625 08/31/11 |
1,300 |
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T 04.875 02/15/12 |
2,262 |
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T 04.625 07/31/12 |
1,603 |
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T 04.250 09/30/12 |
2,477 |
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T 11.750 11/15/14 |
995 |
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T 04.000 02/15/15 |
667 |
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T 04.125 05/15/15 |
2,271 |
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T 10.625 08/15/15 |
972 |
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T 04.750 08/15/17 |
6,552 |
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T 03.500 02/15/18 |
6,004 |
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T 08.125 05/15/21 |
1,418 |
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T 06.125 11/15/27 |
3,149 |
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T 05.500 08/15/28 |
1,715 |
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T 05.250 11/15/28 |
1,411 |
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T 04.500 02/15/36 |
2,198 |
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TII 03.500 01/15/11 |
493 |
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TII 01.875 07/15/13 |
243 |
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TII 02.000 01/15/14 |
615 |
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TII 01.875 07/15/15 |
158 |
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TII 02.375 01/15/25 |
3,110 |
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*All par amounts in millions of dollars
1 For more information please refer to TOP Terms and Conditions.
2 A listing of eligible collateral for each auction type is available under TSLF Terms and Conditions.
3 Dealers are limited to 20% of each auction offering up to 20% of the underlying loan.
4 The offered amount for successor TOP auctions will be revised upwards if the initial TOP auction is undersubscribed, by the amount of undersubscription.
5 Amounts are rounded to the nearest million.
6 "Par Submitted" represents the total par amount of propositions received.
7 "Par Accepted" represents the total amount awarded.
8 "Bid-to-Cover" represents the ratio of "Par Submitted" to the offering amount.
9 "Stop-out Rate" represents the lowest accepted fee rate for which accepted propositions are awarded. The fee can be considered the option premium.
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