Fed Announces Results of Auction of $3 Billion in 28-day Term Deposits

On March 11, 2013, 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: A29
Competitive Amount Offered: $3,000,000,000
Competitive Amount Tendered: $9,415,000,000
Competitive Amount Awarded: $3,000,010,000
Non-Competitive Amount Awarded: $45,100,000
Total Amount Awarded: $3,045,110,000
Stop-Out Rate: 0.25500 percent
Bid-to-Cover Ratio (Competitive Auction): 3.14
Number of Bids Submitted: 41
Number of Participants Submitting Bids: 25

Bids at the stop-out rate were pro-rated at 53.037 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 14, 2013, and will mature on April 11, 2013. The stop-out rate shown above will apply to all awarded deposits.