On Jan. 14, 2008, the Federal Reserve will offer $30 billion in 28-day credit through its Term Auction Facility. Additional 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).
Description of Offering and Auction Parameters Offering Amount: $30 billion Term: 28-day loan Bid Submission Date: Jan. 14, 2008 Opening Time: 10 a.m. EST Closing Time: 1 p.m. EST Notification Date: Jan. 15, 2008 Settlement Date: Jan. 17, 2008 Maturity Date: Feb. 14, 2008 Minimum Bid Amount (per bid): $10 million Bid Increment $100,000 Maximum Bid Amount (per institution): $3 billion (10% of Offering Amount) Minimum Bid Rate: 3.88 percent Incremental Bid Rate: 0.001 percent Minimum Award: $10,000 Maximum Award: $3 billion (10% of Offering Amount) Submission of Bids Participants must submit bids by phone to their local Reserve Bank between the Opening Time and Closing Time on the Bid Submission Date.
Notification Summary 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. EST on the Notification Date. Between 10:00 a.m. and noon EST 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. EST on the Notification Date to inform their local Reserve Bank of any error.
Rounding Convention Pro 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.
