Maiden Lane II LLC: Bid List Offering

On March 30, 2011, the New York Fed announced that through its investment manager, BlackRock Solutions, it would begin a process to sell the assets in the ML II portfolio both individually and in segments over time as market conditions warrant through a competitive sales process.

  Bid List Offering
Bid List Circulation Time: August 21, 2012 at 11:00 AM
Bid Submission Deadline: August 22, 2012 at 11:00 AM
Winners Notified: August 22, 2012 at 12:30 PM
CUSIPs: 8
Current Face Amount1: $0
   
 

Assets sold:

Number of CUSIPs
Current Face Amount1

8

$0

 
  Bid List Offering
Bid List Circulation Time: June 6, 2011 at 1:00 PM
Bid Submission Deadline: June 9, 2011 at 1:00 PM
Winners Notified: June 9, 2011 at 3:30 PM
CUSIPs: 73
Current Face Amount1: $3,809,363,113
   
 

Assets sold:

Number of CUSIPs
Current Face Amount1

36

$1,898,594,878

 
  Bid List Offering
Bid List Circulation Time: May 17, 2011 at 1:00 PM
Bid Submission Deadline: May 19, 2011 at 1:00 PM
Winners Notified: May 19, 2011 at 2:30 PM
CUSIPs: 29
Current Face Amount1: $878,641,682
   
 

Assets sold:

Number of CUSIPs
Current Face Amount1

29

$878,641,682

 
  Bid List Offering
Bid List Circulation Time: May 9, 2011 at 1:00 PM
Bid Submission Deadline: May 12, 2011 at 1:00 PM
Winners Notified: May 12, 2011 at 2:30 PM
CUSIPs: 53
Current Face Amount1: $2,082,294,922
   
 

Assets sold:

Number of CUSIPs
Current Face Amount1

34

1,373,506,029

 
  Bid List Offering
Bid List Circulation Time: May 5, 2011 at 1:00 PM
Bid Submission Deadline: May 10, 2011 at 1:00 PM
Winners Notified: May 10, 2011 at 3:30 PM
CUSIPs: 79
Current Face Amount1: $458,504,671
   
 

Assets sold:

Number of CUSIPs
Current Face Amount1

74

$427,486,898

 
  Bid List Offering
Bid List Circulation Time: May 2, 2011 at 1:00 PM
Bid Submission Deadline: May 4, 2011 at 1:00 PM
Winners Notified: May 4, 2011 at 2:30 PM
CUSIPs: 43
Current Face Amount1: $2,004,964,065
   
 

Assets sold:

Number of CUSIPs
Current Face Amount1

38

$1,773,371,055

 
  Bid List Offering
Bid List Circulation Time: April 25, 2011 at 1:00 PM
Bid Submission Deadline: April 28, 2011 at 1:00 PM
Winners Notified: April 28, 2011 at 2:30 PM
CUSIPs: 10
Current Face Amount1: $1,432,679,131
   
 

Assets sold:

Number of CUSIPs
Current Face Amount1

8

$1,122,794,209

 
  Bid List Offering
Bid List Circulation Time: April 11, 2011 at 1:00 PM
Bid Submission Deadline: April 14, 2011 at 1:00 PM
Winners Notified: April 14, 2011 at 2:30 PM
CUSIPs: 8
Current Face Amount1: $534,127,946
   
 

Assets sold:

Number of CUSIPs
Current Face Amount1

8

$534,127,946

 
  Bid List Offering
Bid List Circulation Time: April 11, 2011 at 1:00 PM
Bid Submission Deadline: April 13, 2011 at 1:00 PM
Winners Notified: April 13, 2011 at 2:30 PM
CUSIPs: 42
Current Face Amount1: $691,255,198
   
 

Assets sold:

Number of CUSIPs
Current Face Amount1

37

$626,080,072

 
  Bid List Offering
Bid List Circulation Time: April 4, 2011 at 1:00 PM
Bid Submission Deadline: April 6, 2011 at 1:00 PM
Winners Notified: April 6, 2011 at 2:30 PM
CUSIPs: 52
Current Face Amount1: $1,496,965,090
   
 

Assets sold:

Number of CUSIPs
Current Face Amount1

42

$1,326,856,873

 

1Current face amount represents the most recent balance of principal outstanding on the assets and should not be confused with market value or the price ML II paid to acquire the assets.  At October 31, 2008 inception, the ML II LLC paid $20.5 billion for the portfolio of assets with a face amount of approximately $39.3 billion.

As part of the close-out procedures for Maiden Lane II LLC, on August 22, 2012, the New York Fed sold eight residual securities that had been factored to zero and consequently dropped from the portfolio holdings report (published by the New York Fed). There was no active notional balance associated with these positions as the bonds were fully written down prior to the last ML II auction on February 28, 2012; thus this sale had no material impact on the net gain reported for the ML II portfolio.

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