New debt derivatives auction by Fed starts today

Discussion in 'Economics' started by The Kin, Aug 27, 2008.

  1. From ForexFactory

  2. Pinozi


    From the Fed website.............

    Release Date: August 26, 2008

    For release at 10:00 a.m. EDT
    On August 25, 2008, the Federal Reserve conducted an auction of $75 billion in 28-day credit through its Term Auction Facility. Following are the results of the auction:

    Stop-out rate: 2.380 percent

    Total propositions submitted: $84.168 billion
    Total propositions accepted: $75.000
    Bid/cover ratio: 1.12

    Number of bidders: 66

    Bids at the stop-out rate were prorated at 64.10% and resulting awards were rounded to the nearest $10,000 (except that all awards below $10,000 are rounded up to $10,000).

    The awarded loans will settle on August 28, 2008, and will mature on September 25, 2008. The stop-out rate shown above will apply to all awarded loans.

    Institutions that submitted winning bids will be contacted by their respective Reserve Banks by 11:30 a.m. EDT on August 26, 2008. Participants have until 12:30 p.m. EDT on August 26, 2008, to inform their local Reserve Bank of any error.