Term Securities Lending Facility - Federal Reserve Bank of New York

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Term Securities Lending Facility

The Term Securities Lending Facility is a 28-day lending facility that offers Treasury general collateral to the Federal Reserve Bank of New York’s primary dealers in exchange for other program-eligible collateral. It is intended to promote liquidity in the financing markets for Treasury and other collateral and thus foster the functioning of financial markets more generally.

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Auction Announcement

January 07, 2009

	Auction Details ¹


	Auction collateral type ²	Schedule 1

	Offering amount	$25 billion par

	Maximum award	$5 billion par (20% of offering)

	Minimum fee rate	0.1000 percent

	Auction date Start time Close time	January 08, 2009 02:00 p.m. ET 02:30 p.m. ET

	Settlement date	January 09, 2009

	Term	28-day

	Maturity date	February 06, 2009

	Treasury General Collateral Basket

	Security Description	Amount Available for Loan ³

	T 04.500 03/31/09	4,445

	T 05.125 06/30/11	2,051

	T 04.750 05/31/12	2,036

	T 04.875 06/30/12	1,702

	T 04.125 08/31/12	2,891

	T 07.875 02/15/21	1,330

	T 07.250 08/15/22	1,309

	T 06.250 08/15/23	2,693

	T 05.500 08/15/28	1,323

	T 05.250 02/15/29	1,470

	TII 00.625 04/15/13	950

	TII 03.875 04/15/29	2,801

Recent Operations ››

*All par amounts in millions of dollars unless otherwise stated.

1 For more information please refer to TSLF Program Terms and Conditions
2 A listing of eligible collateral for each auction type is available under Terms and Conditions.
3 Amounts are rounded to the nearest million.
4 "Par Submitted" represents the total par amount of propositions received.
5 "Par Accepted" represents the total par amount lent.
6 "Bid-to-Cover" represents the ratio of "Par Submitted" to the offering amount.
7 "Stop-out Rate" represents the lowest accepted fee rate for which accepted propositions are awarded. The lending fee can be thought of as approximately equivalent to the spread between the Treasury general collateral rate and the general collateral rate for the pledged collateral over the term of the loan.