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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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June 03 |
50,000 |
12,000 |
12,000 |
0.24 |
0.0100 |
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Option exercise date |
Total Options Sold |
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June 24 |
12,000 |
0 |
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Option Details 1 |
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Loan collateral 2 |
Schedule 2 |
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Fixed loan rate |
0.2500 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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June 03, 2009
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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 |
June 24, 2009 |
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Loan settlement date |
June 25, 2009 |
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Loan term |
7-day |
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Loan maturity date |
July 02, 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 04.875 08/15/09 |
2,218 |
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T 04.000 04/15/10 |
1,831 |
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T 04.500 05/15/10 |
3,739 |
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T 01.500 10/31/10 |
1,769 |
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T 00.875 12/31/10 |
4,657 |
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T 01.125 01/15/12 |
3,388 |
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T 01.375 02/15/12 |
2,986 |
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T 03.625 05/15/13 |
3,244 |
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T 01.500 12/31/13 |
1,869 |
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T 01.750 01/31/14 |
4,859 |
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T 06.000 02/15/26 |
1,600 |
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T 05.250 11/15/28 |
1,472 |
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T 05.250 02/15/29 |
1,879 |
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T 04.375 02/15/38 |
7,351 |
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TII 04.250 01/15/10 |
1,204 |
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TII 02.000 01/15/26 |
2,950 |
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TII 03.875 04/15/29 |
2,983 |
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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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