The Federal Reserve yesterday announced the results of its term auction facility, selling $104.478 billion of 28-day credits at a 0.510% 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 0.70. 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 $104.478 billion, and the Fed accepted $104.478 billion. There were 80 bidders.

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