The Federal Reserve yesterday announced the results of its term-auction facility, selling $102.979 billion of 83-day credits at a 0.200% stop-out rate, the lowest rate at which the offering amount clears, which is the sole rate awarded to all the successful bids.
The bid-to-cover ratio was 0.69. Bids at the stop-out rate were prorated at 100% and resulting awards were rounded to the nearest $10,000, except that all awards below $10,000 are rounded up to $10,000.
Total propositions submitted were $102.979 billion, and the Fed accepted $102.979 billion. There were 72 bidders.
The awarded loans will settle on Jan. 2, and will mature on March 26.