New York Fed Announces Terms for November and December TSLF Options Program
The System Open Market Account (SOMA) Term Securities Lending Facility (TSLF) offers U.S. Treasury securities from the SOMA portfolio for loan in accordance with the program terms and conditions. All terms and conditions are subject to change.

October 31, 2008

As part of the TSLF Options Program (TOP), the Federal Reserve Bank of New York will offer options on TSLF Schedule 2 loans spanning both November and December month-ends. The program will operate according to the following schedule, with all other parameters consistent with the previously published terms and conditions.

 
November month-end
 
 
Loan collateral
Schedule 2
 
 
Fixed loan rate
0.5000 percent
 
 
Total offering amount
$50 billion
 
 
Maximum award
20% of offering
 
 
Minimum option fee rate
0.0100 percent
 
 
Option auction dates
   Start time
   Close time
  November 10, 2008
  02:00 p.m. ET
  02:30 p.m. ET
 
 
Option exercise date
November 24, 2008
 
 
Loan settlement date
November 25, 2008
 
 
Loan term
7-day
 
 
Loan maturity date
December 2, 2008
 


 
December month-end
 
 
Loan collateral
Schedule 2
 
 
Fixed loan rate
0.5000 percent
 
 
Total offering amount
$50 billion
 
 
Maximum award
20% of offering
 
 
Minimum option fee rate
0.0100 percent
 
 
Option auction dates
   Start time
   Close time
  December 2, 2008
  02:00 p.m. ET
  02:30 p.m. ET
 
 
Option exercise date
December 22, 2008
 
 
Loan settlement date
December 23, 2008
 
 
Loan term
13-day
 
 
Loan maturity date
January 5, 2009