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Federal Reserve will offer $75 billion in 28-day credit through its Term Auction Facility today

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2008-05-19 18:48

On May 19, 2008, the Federal Reserve will offer $75 billion in 28-day credit through its Term Auction Facility, said the Federal Reserve in a statement. rnrnAdditional information regarding the auction is listed below; the auction will be conducted as specified in this announcement, Regulation A, and the terms and conditions of the Term Auction Facility (www.federalreserve.gov/monetarypolicy/taf.htm).rnrnDescription of Offering and Auction ParametersrnrnOffering Amount: $75 billion rnTerm: 28-day loan rnBid Submission Date: May 19, 2008 rn Opening Time: 11 a.m. EDT rn Closing Time: 1 p.m. EDT rnNotification Date: May 20, 2008 rnSettlement Date: May 22, 2008 rnMaturity Date: June 19, 2008 rnMinimum Bid Amount (per bid): $5 million rnBid Increment: $100,000 rnMaximum Bid Amount(per institution): $7.5 billion (10% of Offering Amount) rnMinimum Bid Rate: 1.99 percent rnIncremental Bid Rate: 0.001 percent rnMinimum Award: $10,000 rnMaximum Award: $7.5 billion (10% of Offering Amount) rnrnrnSubmission of BidsrnParticipants must submit bids by phone to their local Reserve Bank between the opening time and closing time on the bid submission date.rnrnNotificationrnSummary auction results will be published on the website of the Board of Governors of the Federal Reserve System (www.federalreserve.gov/monetarypolicy/taf.htm) at approximately 10:00 a.m. EDT on the notification date. Between 10:00 a.m. and noon EDT on the notification date, Reserve Banks will notify individual institutions in their districts that have submitted winning bids of their awards. Participants have until 3:00 p.m. EDT on the notification date to inform their local Reserve Bank of any error. rnrnRounding ConventionrnPro rata awards will be rounded to multiples of $10,000. Normal rounding convention will be used, except that awards under $10,000 will be rounded to $10,000.rnrn

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