The Federal Reserve yesterday announced the results of its term auction facility, selling $13.152 billion of 70-day credits at a 0.250% 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 0.53.
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 $13.152 billion, and the Fed accepted $13.152 billion. There were 53 bidders. The average bid was $248 million.
The awarded loans will settle on Nov. 5, and will mature on Jan. 14, 2010.
