On March 19, 2012, the Federal Reserve conducted an auction of $3 billion in 28-day term deposits through its Term Deposit Facility. Following are the results of the auction: TDF Auction ID: A23 Competitive Amount Offered: $3,000,000,000 Competitive Amount Tendered: $11,408,260,000 Competitive Amount Awarded: $2,999,990,000 Non-Competitive Amount Awarded: $57,100,000 Total Amount Awarded: $3,057,090,000 Stop-Out Rate: 0.25500 percent Bid-to-Cover Ratio (Competitive Auction): 3.80 Number of Bids Submitted: 63 Number of Participants Submitting Bids: 36 Bids at the stop-out rate were pro-rated at 90.14 percent. Resulting awards were rounded to the nearest $10,000 except that all awards below $10,000 were rounded up to $10,000.
The awarded deposits will settle on March 22, 2012, and will mature on April 19, 2012. The stop-out rate shown above will apply to all awarded deposits.
