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 Results

July 01, 2009

Collateral	Par Submitted ⁴	Par Accepted ⁵	Bid-to- Cover ⁶	Stop-out Rate ⁷

Treasury GC Schedule 2	250	250	0.01	0.2500

Auction Announcement

June 30, 2009

	Auction Details ¹


	Auction collateral type ²	Schedule 2

	Offering amount	$37.500 billion par

	Maximum award	$7.500 billion par (20% of offering)

	Minimum fee rate	0.2500 percent

	Auction date Start time Close time	July 01, 2009 02:00 p.m. ET 02:30 p.m. ET

	Settlement date	July 02, 2009

	Term	15-day

	Maturity date	July 17, 2009

	Treasury General Collateral Basket

	Security Description	Amount Available for Loan ³

	T 03.500 11/15/09	2,903

	T 06.500 02/15/10	4,201

	T 03.500 02/15/10	2,501

	T 02.000 11/30/13	3,119

	T 08.875 08/15/17	3,338

	T 04.000 08/15/18	6,604

	T 08.750 08/15/20	5,270

	T 06.250 08/15/23	3,682

	TII 02.375 04/15/11	2,872

	TII 02.500 07/15/16	3,011

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.