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Fed Offers $3 Billion in 28-Day Term Deposits Through its Term Deposit Facility

 

Nov 1 - On Nov. 5, 2012, the Federal Reserve will offer $3 billion in 28-day term deposits through its Term Deposit Facility. As noted in the Federal Reserve Board's Sept. 8, 2010, release, this offering is part of ongoing small-value operations designed to provide eligible institutions with an opportunity to become familiar with term deposit operations. Additional information regarding the auction is listed below; the auction will be conducted as specified in this announcement, Regulation D, and the terms and conditions of the Term Deposit Facility (www.frbservices.org/centralbank/term_deposit_facility.html).

Description of Offering and Competitive Auction Parameters

TDF Auction ID: A27 
Offering Amount: $3,000,000,000 
Term: 28 days 
Auction Date: Nov. 5, 2012 
Opening Time: 10:00 a.m. ET 
Closing Time: 2:00 p.m. ET 
Notification Date: Nov. 6, 2012 
Settlement Date: Nov. 8, 2012 
Maturity Date: Dec. 6, 2012 
     
Competitive Auction Parameters    
Maximum Number of Bids: 3 
Minimum Bid Amount (per bid): $10,000 
Bid Increment: $10,000 
Maximum Bid Amount (per institution): $1,250,000,000           
Maximum Bid Rate: 0.75000 percent
Incremental Bid Rate: 0.00100 percent 
Award Minimum Amount: $10,000 
Award Maximum Amount: $1,250,000,000 

Competitive bids submitted at the stop-out rate will be pro-rated and 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.

Non-competitive bids are allowed in this auction. All non-competitive bids will be automatically awarded in full at the stop-out rate of the competitive auction. The minimum amount for a non-competitive bid is $10,000; the maximum amount is $5,000,000 and should be submitted in increments of $10,000. Non-Competitive bids must be submitted between 10:00 a.m. ET and 2:00 p.m. ET on the auction date.

Submission of Bids
Participants must submit bids by accessing the Term Deposit Facility application (www.federalreserve.org/arrow/ARROWWeb/home.do) between the opening time and the closing time on the auction date.

Notification
Summary auction results will be published on the Board of Governors' website (www.federalreserve.gov/monetarypolicy/tdf.htm) at approximately 12:00 p.m. ET on the notification date. Soon after, results will be posted on the Term Deposit Facility Resource Center page of the Central Bank Central website (www.frbservices.org/centralbank/term_deposit_facility.html). Participant awards will be posted to the Term Deposit Facility application at approximately 12:00 p.m. ET on the notification date, and participants will be able to view their awards by accessing the Term Deposit Facility application.



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