Term Securities Lending Facility Options Program (TOP)
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.
Auction Results

 
Auction Date
Offering Amount
Par Submitted6
Par Accepted7
Bid-to-Cover8
Stop-out Rate9
 
 
June 3
50,000
12,000
12,000
0.2400
0.0100
 

 
Option exercise date
Total Options Sold
Options Exercised
 
 
June 24
12,000
0
 

TOP Auction Announcement
June 02, 2009
 
Option Details 1
 
 
Loan collateral 2
Schedule 2
 
 
Fixed loan rate
0.2500 percent
 
 
Total offering amount
$50.000 billion par
 
 
Maximum award3
20% of offering
 
 
Minimum option fee rate
0.0100 percent
 
 
Option auction dates
   Start time
   Close time
   Offering amount 4
June 03, 2009
02:00 p.m. ET
02:30 p.m. ET
$50.000 billion par
 
 
Option exercise date
June 24, 2009
 
 
Loan settlement date
June 25, 2009
 
 
Loan term
7-day
 
 
Loan maturity date
July 02, 2009
 

 
Treasury General Collateral Basket
 
 
Security Description
Amount Available for Loan 5
 
 
T 04.875 08/15/09
2,217
 
 
T 04.000 04/15/10
1,831
 
 
T 04.500 05/15/10
3,739
 
 
T 01.500 10/31/10
1,769
 
 
T 00.875 12/31/10
4,657
 
 
T 01.125 01/15/12
3,387
 
 
T 01.375 02/15/12
2,986
 
 
T 03.625 05/15/13
3,243
 
 
T 01.500 12/31/13
1,869
 
 
T 01.750 01/31/14
4,859
 
 
T 06.000 02/15/26
1,600
 
 
T 05.250 11/15/28
1,472
 
 
T 05.250 02/15/29
1,879
 
 
T 04.375 02/15/38
7,351
 
 
TII 04.250 01/15/10
1,203
 
 
TII 02.000 01/15/26
2,949
 
 
TII 03.875 04/15/29
2,983
 


  Recent Operations »
*All par amounts in millions of dollars
*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.