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| Term Securities Lending Facility Options Program (TOP)
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The Term Securities Lending Facility Options Program (TOP) offers options to the primary dealers to draw upon short-term, fixed rate Term Securities Lending Facility (TSLF) loans from the System Open Market Account (SOMA) portfolio in exchange for program-eligible collateral. The program is intended to enhance the effectiveness of TSLF by offering added liquidity over periods of heightened collateral market pressures, such as quarter-end dates.
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Auction Date |
Offering Amount |
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Par Accepted7 |
Bid-to-Cover8 |
Stop-out Rate9 |
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June 03 |
50,000 |
12,000 |
12,000 |
0.24 |
0.0100 |
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Option exercise date |
Total Options Sold |
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June 24 |
12,000 |
0 |
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Option Details 1 |
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Loan collateral 2 |
Schedule 2 |
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Fixed loan rate |
0.2500 percent |
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Total offering amount |
$50 billion par |
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Maximum award |
20% of offering 3 |
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Minimum option fee rate |
0.0100 percent |
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Option auction dates |
Start time |
Close time |
Offering amount 4 |
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June 03, 2009
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02:00 p.m. ET
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02:30 p.m. ET
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$50 billion par
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Option exercise date |
June 24, 2009 |
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Loan settlement date |
June 25, 2009 |
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Loan term |
7-day |
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Loan maturity date |
July 02, 2009 |
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Treasury General Collateral Basket |
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Security Description |
Amount Available for Loan 5 |
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T 04.875 08/15/09 |
2,218 |
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T 04.000 04/15/10 |
1,831 |
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T 04.500 05/15/10 |
3,739 |
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T 01.500 10/31/10 |
1,769 |
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T 00.875 12/31/10 |
4,657 |
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T 01.125 01/15/12 |
3,388 |
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T 01.375 02/15/12 |
2,986 |
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T 03.625 05/15/13 |
3,244 |
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T 01.500 12/31/13 |
1,869 |
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T 01.750 01/31/14 |
4,859 |
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T 06.000 02/15/26 |
1,600 |
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T 05.250 11/15/28 |
1,472 |
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T 05.250 02/15/29 |
1,879 |
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T 04.375 02/15/38 |
7,351 |
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TII 04.250 01/15/10 |
1,204 |
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TII 02.000 01/15/26 |
2,950 |
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TII 03.875 04/15/29 |
2,983 |
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Auction Date |
Offering Amount |
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Par Accepted7 |
Bid-to-Cover8 |
Stop-out Rate9 |
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March 03 |
50,000 |
35,000 |
35,000 |
0.70 |
0.0100 |
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Option exercise date |
Total Options Sold |
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March 26 |
35,000 |
0 |
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Option Details 1 |
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Loan collateral 2 |
Schedule 2 |
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Fixed loan rate |
0.2500 percent |
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Total offering amount |
$50 billion par |
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Maximum award |
20% of offering 3 |
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Minimum option fee rate |
0.0100 percent |
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Option auction dates |
Start time |
Close time |
Offering amount 4 |
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March 03, 2009
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02:00 p.m. ET
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02:30 p.m. ET
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$50 billion par
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Option exercise date |
March 26, 2009 |
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Loan settlement date |
March 27, 2009 |
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Loan term |
7-day |
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Loan maturity date |
April 03, 2009 |
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Treasury General Collateral Basket |
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Security Description |
Amount Available for Loan 5 |
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T 06.000 08/15/09 |
5,459 |
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T 03.500 02/15/10 |
2,528 |
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T 04.000 03/15/10 |
676 |
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T 04.000 04/15/10 |
1,231 |
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T 04.500 05/15/10 |
3,739 |
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T 03.875 09/15/10 |
633 |
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T 01.500 10/31/10 |
1,306 |
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T 05.000 02/15/11 |
1,427 |
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T 04.500 09/30/11 |
561 |
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T 04.625 10/31/11 |
2,047 |
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T 04.875 02/15/12 |
2,262 |
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T 04.250 09/30/12 |
2,651 |
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T 04.250 11/15/14 |
2,039 |
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T 04.000 02/15/15 |
667 |
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T 04.250 08/15/15 |
846 |
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T 08.875 08/15/17 |
1,880 |
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T 04.250 11/15/17 |
6,474 |
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T 04.375 02/15/38 |
7,000 |
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TII 02.000 01/15/14 |
615 |
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TII 02.500 07/15/16 |
3,011 |
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TII 02.000 01/15/26 |
2,950 |
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Auction Date |
Offering Amount |
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Par Accepted7 |
Bid-to-Cover8 |
Stop-out Rate9 |
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December 02 |
50,000 |
86,000 |
49,999 |
1.72 |
0.0500 |
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Option exercise date |
Total Options Sold |
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December 22 |
49,999 |
7,000 |
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Option Details 1 |
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Loan collateral 2 |
Schedule 2 |
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Fixed loan rate |
0.5000 percent |
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Total offering amount |
$50 billion par |
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Maximum award |
20% of offering 3 |
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Minimum option fee rate |
0.0100 percent |
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Option auction dates |
Start time |
Close time |
Offering amount 4 |
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December 02, 2008
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02:00 p.m. ET
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02:30 p.m. ET
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$50 billion par
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Option exercise date |
December 22, 2008 |
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Loan settlement date |
December 23, 2008 |
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Loan term |
13-day |
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Loan maturity date |
January 05, 2009 |
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Treasury General Collateral Basket |
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Security Description |
Amount Available for Loan 5 |
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T 04.625 11/15/09 |
5,572 |
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T 04.500 05/15/10 |
3,739 |
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T 04.875 05/31/11 |
1,078 |
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T 04.625 08/31/11 |
1,300 |
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T 04.875 02/15/12 |
2,262 |
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T 04.625 07/31/12 |
1,603 |
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T 04.250 09/30/12 |
2,477 |
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T 11.750 11/15/14 |
995 |
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T 04.000 02/15/15 |
667 |
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T 04.125 05/15/15 |
2,271 |
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T 10.625 08/15/15 |
972 |
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T 04.750 08/15/17 |
6,552 |
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T 03.500 02/15/18 |
6,004 |
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T 08.125 05/15/21 |
1,418 |
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T 06.125 11/15/27 |
3,149 |
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T 05.500 08/15/28 |
1,715 |
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T 05.250 11/15/28 |
1,411 |
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T 04.500 02/15/36 |
2,198 |
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TII 03.500 01/15/11 |
493 |
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TII 01.875 07/15/13 |
243 |
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TII 02.000 01/15/14 |
615 |
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TII 01.875 07/15/15 |
158 |
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TII 02.375 01/15/25 |
3,110 |
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Auction Date |
Offering Amount |
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Par Accepted7 |
Bid-to-Cover8 |
Stop-out Rate9 |
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November 10 |
50,000 |
59,510 |
49,998 |
1.19 |
0.0200 |
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Option exercise date |
Total Options Sold |
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November 24 |
49,998 |
8,044 |
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Option Details 1 |
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Loan collateral 2 |
Schedule 2 |
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Fixed loan rate |
0.5000 percent |
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Total offering amount |
$50 billion par |
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Maximum award |
20% of offering 3 |
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Minimum option fee rate |
0.0100 percent |
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Option auction dates |
Start time |
Close time |
Offering amount 4 |
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November 10, 2008
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02:00 p.m. ET
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02:30 p.m. ET
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$50 billion par
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Option exercise date |
November 24, 2008 |
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Loan settlement date |
November 25, 2008 |
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Loan term |
7-day |
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Loan maturity date |
December 02, 2008 |
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Treasury General Collateral Basket |
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Security Description |
Amount Available for Loan 5 |
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T 04.750 12/31/08 |
4,617 |
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T 04.625 11/15/09 |
5,569 |
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T 03.500 12/15/09 |
51 |
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T 04.500 05/15/10 |
3,739 |
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T 02.875 06/30/10 |
3,016 |
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T 04.375 12/15/10 |
410 |
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T 04.875 05/31/11 |
1,078 |
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T 04.625 08/31/11 |
1,300 |
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T 04.875 02/15/12 |
2,262 |
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T 04.625 07/31/12 |
1,603 |
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T 04.000 02/15/15 |
667 |
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T 04.125 05/15/15 |
2,271 |
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T 03.500 02/15/18 |
6,004 |
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T 08.125 05/15/21 |
1,418 |
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T 06.125 11/15/27 |
3,149 |
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T 05.500 08/15/28 |
1,715 |
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T 05.250 11/15/28 |
1,411 |
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T 04.500 02/15/36 |
2,198 |
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TII 02.375 04/15/11 |
2,830 |
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TII 02.375 01/15/25 |
3,110 |
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TII 01.750 01/15/28 |
1,585 |
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Auction Date |
Offering Amount |
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Par Accepted7 |
Bid-to-Cover8 |
Stop-out Rate9 |
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August 27 |
25,000 |
51,000 |
24,998 |
2.04 |
0.0200 |
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September 10 |
25,002 |
54,500 |
25,000 |
2.18 |
0.0300 |
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Option exercise date |
Total Options Sold |
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September 24 |
49,221 |
47,221 |
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Option Details 1 |
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Loan collateral 2 |
Schedule 2 |
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Fixed loan rate |
0.2500 percent |
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Total offering amount |
$50 billion par |
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Maximum award |
20% of offering 3 |
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Minimum option fee rate |
0.0100 percent |
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Option auction dates |
Start time |
Close time |
Offering amount 4 |
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August 27, 2008
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September 10, 2008
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02:00 p.m. ET
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02:00 p.m. ET
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02:30 p.m. ET
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02:30 p.m. ET
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$25 billion par
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$25 billion par
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Option exercise date |
September 24, 2008 |
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Loan settlement date |
September 25, 2008 |
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Loan term |
7-day |
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Loan maturity date |
October 02, 2008 |
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Treasury General Collateral Basket |
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Security Description |
Amount Available for Loan 5 |
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T 04.375 11/15/08 |
3,599 |
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T 03.375 12/15/08 |
1,122 |
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T 05.500 05/15/09 |
2,425 |
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T 03.625 07/15/09 |
1,016 |
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T 06.000 08/15/09 |
5,459 |
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T 03.625 10/31/09 |
2,660 |
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T 02.625 05/31/10 |
2,205 |
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T 04.500 11/15/10 |
1,999 |
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T 04.875 04/30/11 |
1,670 |
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T 05.125 06/30/11 |
2,051 |
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T 05.000 08/15/11 |
2,005 |
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T 04.625 12/31/11 |
956 |
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T 04.625 11/15/16 |
1,594 |
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T 04.625 02/15/17 |
993 |
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T 09.000 11/15/18 |
853 |
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T 08.125 08/15/19 |
2,641 |
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T 08.125 05/15/21 |
1,418 |
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T 04.500 02/15/36 |
2,198 |
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T 05.000 05/15/37 |
7,213 |
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TII 02.000 01/15/14 |
615 |
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TII 02.375 01/15/17 |
2,200 |
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TII 02.375 01/15/25 |
3,110 |
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Substitutions |
09/24/2008 |
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Recalled Securities |
AMOUNT |
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T 05.000 08/15/11 |
2,005 |
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Replacement Securities |
AMOUNT |
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T 04.000 03/15/2010 |
30 |
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T 04.500 04/30/2012 |
1,975 |
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*All par amounts in millions of dollars
1 For more information please refer to TOP Terms and Conditions.
2 A listing of eligible collateral for each auction type is available under TSLF Terms and Conditions.
3 Dealers are limited to 20% of each auction offering up to 20% of the underlying loan.
4 The offered amount for successor TOP auctions will be revised upwards if the initial TOP auction is undersubscribed, by the amount of undersubscription.
5 Amounts are rounded to the nearest million.
6 "Par Submitted" represents the total par amount of propositions received.
7 "Par Accepted" represents the total amount awarded.
8 "Bid-to-Cover" represents the ratio of "Par Submitted" to the offering amount.
9 "Stop-out Rate" represents the lowest accepted fee rate for which accepted propositions are awarded. The fee can be considered the option premium.
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