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

May 15, 2008

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

Treasury GC Schedule 1	7,240	7,240	0.29	0.1000

Auction Announcement

May 14, 2008

	Auction Details ¹


	Auction collateral type ²	Schedule 1

	Offering amount	$25 billion par

	Maximum award	$5 billion par (20% of offering)

	Minimum fee rate	0.1000 percent

	Auction date Start time Close time	May 15, 2008 02:00 p.m. ET 02:30 p.m. ET

	Settlement date	May 16, 2008

	Term	28-day

	Maturity date	June 13, 2008

	Treasury General Collateral Basket

	Security Description	Amount Available for Loan ³

	T 02.625 03/15/09	921

	T 04.500 04/30/09	3,177

	T 03.875 05/15/09	3,008

	T 04.875 05/31/09	3,280

	T 04.000 06/15/09	487

	T 02.125 01/31/10	1,723

	T 04.125 08/15/10	1,597

	T 04.500 11/15/10	2,000

	T 04.875 04/30/11	1,670

	T 04.625 08/31/11	1,300

	T 05.250 11/15/28	1,411

	T 04.500 02/15/36	2,121

	TII 03.875 01/15/09	2,306

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 "Par Accepted".
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.