|
|
| Term Securities Lending Facility
Options Program (TOP) |
 |
| 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. |
| |
| TSLF Options Program (TOP) schedule for November and December month-end » |
| |
| |
|
| |
Auction Date |
Offering Amount |
|
Par Accepted7 |
Bid-to-Cover8 |
Stop-out Rate9 |
|
|
| |
November 10 |
50,000 |
59,510 |
49,998 |
1.19 |
0.0200 |
|
| |
Option exercise date |
Total Options Sold |
|
|
|
| |
November 24 |
49,998 |
8,044 |
|
| |
Option Details 1 |
|
|
|
|
|
| |
Loan collateral 2 |
Schedule 2 |
|
|
|
|
| |
Fixed loan rate |
0.5000 percent |
|
|
|
|
| |
Total offering amount |
$50 billion par |
|
|
|
|
| |
Maximum award |
20% of offering 3 |
|
|
|
|
| |
Minimum option fee rate |
0.0100 percent |
|
|
|
|
| |
Option auction dates |
Start time |
Close time |
Offering amount 4 |
|
|
November 10, 2008
|
|
02:00 p.m. ET
|
|
02:30 p.m. ET
|
|
$50 billion par
|
|
|
|
|
|
| |
Option exercise date |
November 24, 2008 |
|
|
|
|
| |
Loan settlement date |
November 25, 2008 |
|
|
|
|
| |
Loan term |
7-day |
|
|
|
|
| |
Loan maturity date |
December 02, 2008 |
|
|
| |
Treasury General Collateral Basket |
|
|
| |
Security Description |
Amount Available for Loan 5 |
|
|
|
|
| |
T 04.750 12/31/08 |
4,617 |
|
|
|
|
| |
T 04.625 11/15/09 |
5,569 |
|
|
|
|
| |
T 03.500 12/15/09 |
51 |
|
|
|
|
| |
T 04.500 05/15/10 |
3,739 |
|
|
|
|
| |
T 02.875 06/30/10 |
3,016 |
|
|
|
|
| |
T 04.375 12/15/10 |
410 |
|
|
|
|
| |
T 04.875 05/31/11 |
1,078 |
|
|
|
|
| |
T 04.625 08/31/11 |
1,300 |
|
|
|
|
| |
T 04.875 02/15/12 |
2,262 |
|
|
|
|
| |
T 04.625 07/31/12 |
1,603 |
|
|
|
|
| |
T 04.000 02/15/15 |
667 |
|
|
|
|
| |
T 04.125 05/15/15 |
2,271 |
|
|
|
|
| |
T 03.500 02/15/18 |
6,004 |
|
|
|
|
| |
T 08.125 05/15/21 |
1,418 |
|
|
|
|
| |
T 06.125 11/15/27 |
3,149 |
|
|
|
|
| |
T 05.500 08/15/28 |
1,715 |
|
|
|
|
| |
T 05.250 11/15/28 |
1,411 |
|
|
|
|
| |
T 04.500 02/15/36 |
2,198 |
|
|
|
|
| |
TII 02.375 04/15/11 |
2,830 |
|
|
|
|
| |
TII 02.375 01/15/25 |
3,110 |
|
|
|
|
| |
TII 01.750 01/15/28 |
1,585 |
|
|
|
|
*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.
|
