Effective April 9, 2020
The schedule below reflects the securities eligible for the PDCF and applicable margins. The Federal Reserve may periodically make changes to the securities eligible for the PDCF and applicable margins and, accordingly, this schedule is subject to change. This schedule may be periodically updated without notice and is not binding on the Federal Reserve System in any particular transaction.
SCHEDULE OF ELIGIBLE SECURITIES
Direct obligations of the U.S. Treasury
| Security Type | Margin Percentage1 |
| Bills, Notes and Bonds (including Inflation-Indexed Securities) | 104% |
| STRIPS and Synthetic Treasuries (including Strips of Inflation Indexed Securities) | 108% |
Direct obligations of the following federally related entities:
- Federal Agricultural Mortgage Corporation (Farmer Mac);
- Federal Farm Credit Banks Funding Corporation (Farm Credit System);
- Federal Home Loan Bank System;
- Federal Home Loan Mortgage Corporation (Freddie Mac);
- Federal National Mortgage Association (Fannie Mae);
- Financing Corporation (FICO);
- Resolution Funding Corporation (REFCO);
- Small Business Administration (SBA);
- Student Loan Marketing Association (SLMA); or
- Tennessee Valley Authority
| Security Type | Margin Percentage1 |
| Fixed and Floating Rate Debentures: | 105% |
| Interest and Principal Strips: | 109% |
Agency and Private Label Mortgage-Backed Securities Passthroughs and CMOs (Excluding Trust Receipts)2
| Security Type | Margin Percentage1 |
| Agency Single-Family, Pass-Through Securities | 105% |
| Agency CMBS | 105% |
| Agency REMICS/CMOs | 106% |
| Agency Residential Credit Risk Transfer Securities | |
| A-/A3/A- Rated or better | 115% |
| BBB-/Baa3/BBB- Rated or better but less than A-/A3/A- | 159% |
| Private Label Residential Mortgage Backed Securities | |
| BBB-/Baa3/BBB- Rated or better | 141% |
| Private Label CMBS | |
| AAA/Aaa/AAA Rated | 113% |
Money Market Instruments
| Security Type | Margin Percentage1 |
| Money Market Instruments | |
| A2/P2/F2 Rated or better – Commercial Paper | 105% |
| A2/P2/F2 Rated or better – Bankers Acceptances | 105% |
| A2/P2/F2 Rated or better – Certificates of Deposit | 105% |
| A2/P2/F2 Rated or better – Bank Notes | 105% |
Equities
| Security Type | Margin Percentage1 |
| Common Stock, Preferred Stock and American Depository Receipts | 120% |
Municipal Securities, Corporate Securities, Asset Backed Securities, International Agencies
| Security Type | Margin Percentage1 |
| Municipal Securities | |
| BBB-/Baa3/BBB- Rated or better | 107% |
| Corporate Securities | |
| AAA/Aaa/AAA Rated | 108% |
| AA-/Aa3/AA- Rated or better, but less than AAA/Aaa/AAA | 109% |
| A-/A3/A- Rated or better but less than AA-/Aa3/AA- | 110% |
| BBB-/Baa3/BBB- Rated or better but less than A-/A3/A- | 113% |
| Asset Backed Securities | |
| A-/A3/A- Rated or better | 110% |
| BBB-/Baa3/BBB- Rated or better but less than A-/A3/A- | 113% |
| Collateralized Debt Obligations (CDO) | |
| AAA/Aaa/AAA Rated | 125% |
| Collateralized Loan Obligations (CLO) | |
| AAA/Aaa/AAA Rated | 122% |
| Supranational Agency Securities | |
| BBB-/Baa3/BBB- Rated or better | 106% |
| Sovereign / Foreign Gov’t Agency / Foreign Gov’t Guaranteed Securities | |
| A-/A3/A- Rated or better | 107% |
| BBB-/Baa3/BBB- Rated or better but less than A-/A3/A- | 109% |
1 Margin percentages are calculated by dividing the value of the collateral pledged by the loan amount.
2 Agency refers to securities issued and/or fully guaranteed by the Government National Mortgage Association, Federal Home Loan Mortgage Corporation, Federal National Mortgage Association or Farmers Agricultural Mortgage Corporation.
2 Agency refers to securities issued and/or fully guaranteed by the Government National Mortgage Association, Federal Home Loan Mortgage Corporation, Federal National Mortgage Association or Farmers Agricultural Mortgage Corporation.
