The Federal Reserve yesterday announced the results of its term auction facility, selling $75 billion of 28-day credits at a 2.380% 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 1.12. Bids at the stop-out rate were prorated at 64.10% and resulting awards were rounded to the nearest $10,000, while all awards below $10,000 are rounded up to $10,000.

Total propositions submitted were $84.168 billion, and the Fed accepted $75.000 billion. There were 66 bidders.

The awarded loans will settle on Aug. 28 and will mature on Sept. 25.

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