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 03
50,000
12,000
12,000
0.24
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 billion par
 
 
Maximum award
20% of offering 3
 
 
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 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
2,218
 
 
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
3,388
 
 
T 01.375 02/15/12
2,986
 
 
T 03.625 05/15/13
3,244
 
 
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
1,204
 
 
TII 02.000 01/15/26
2,950
 
 
TII 03.875 04/15/29
2,983
 
Auction Results

 
Auction Date
Offering Amount

Par Submitted6

Par Accepted7
Bid-to-Cover8
Stop-out Rate9
 
 
March 03
50,000
35,000
35,000
0.70
0.0100
 

 
Option exercise date
Total Options Sold

Options Exercised

 
 
March 26
35,000
0
 

TOP Auction Announcement
March 02, 2009
 
Option Details 1
 
 
Loan collateral 2
Schedule 2
 
 
Fixed loan rate
0.2500 percent
 
 
Total offering amount
$50 billion par
 
 
Maximum award
20% of offering 3
 
 
Minimum option fee rate
0.0100 percent
 
 
Option auction dates
   Start time
   Close time
   Offering amount 4
  March 03, 2009
  02:00 p.m. ET
  02:30 p.m. ET
  $50 billion par
 
 
Option exercise date
March 26, 2009
 
 
Loan settlement date
March 27, 2009
 
 
Loan term
7-day
 
 
Loan maturity date
April 03, 2009
 

 
Treasury General Collateral Basket
 
 
Security Description
Amount Available for Loan 5
 
 
T 06.000 08/15/09
5,459
 
 
T 03.500 02/15/10
2,528
 
 
T 04.000 03/15/10
676
 
 
T 04.000 04/15/10
1,231
 
 
T 04.500 05/15/10
3,739
 
 
T 03.875 09/15/10
633
 
 
T 01.500 10/31/10
1,306
 
 
T 05.000 02/15/11
1,427
 
 
T 04.500 09/30/11
561
 
 
T 04.625 10/31/11
2,047
 
 
T 04.875 02/15/12
2,262
 
 
T 04.250 09/30/12
2,651
 
 
T 04.250 11/15/14
2,039
 
 
T 04.000 02/15/15
667
 
 
T 04.250 08/15/15
846
 
 
T 08.875 08/15/17
1,880
 
 
T 04.250 11/15/17
6,474
 
 
T 04.375 02/15/38
7,000
 
 
TII 02.000 01/15/14
615
 
 
TII 02.500 07/15/16
3,011
 
 
TII 02.000 01/15/26
2,950
 
Auction Results

 
Auction Date
Offering Amount

Par Submitted6

Par Accepted7
Bid-to-Cover8
Stop-out Rate9
 
 
December 02
50,000
86,000
49,999
1.72
0.0500
 

 
Option exercise date
Total Options Sold

Options Exercised

 
 
December 22
49,999
7,000
 

TOP Auction Announcement
December 01, 2008
 
Option Details 1
 
 
Loan collateral 2
Schedule 2
 
 
Fixed loan rate
0.5000 percent
 
 
Total offering amount
$50 billion par
 
 
Maximum award
20% of offering 3
 
 
Minimum option fee rate
0.0100 percent
 
 
Option auction dates
   Start time
   Close time
   Offering amount 4
  December 02, 2008
  02:00 p.m. ET
  02:30 p.m. ET
  $50 billion par
 
 
Option exercise date
December 22, 2008
 
 
Loan settlement date
December 23, 2008
 
 
Loan term
13-day
 
 
Loan maturity date
January 05, 2009
 

 
Treasury General Collateral Basket
 
 
Security Description
Amount Available for Loan 5
 
 
T 04.625 11/15/09
5,572
 
 
T 04.500 05/15/10
3,739
 
 
T 04.875 05/31/11
1,078
 
 
T 04.625 08/31/11
1,300
 
 
T 04.875 02/15/12
2,262
 
 
T 04.625 07/31/12
1,603
 
 
T 04.250 09/30/12
2,477
 
 
T 11.750 11/15/14
995
 
 
T 04.000 02/15/15
667
 
 
T 04.125 05/15/15
2,271
 
 
T 10.625 08/15/15
972
 
 
T 04.750 08/15/17
6,552
 
 
T 03.500 02/15/18
6,004
 
 
T 08.125 05/15/21
1,418
 
 
T 06.125 11/15/27
3,149
 
 
T 05.500 08/15/28
1,715
 
 
T 05.250 11/15/28
1,411
 
 
T 04.500 02/15/36
2,198
 
 
TII 03.500 01/15/11
493
 
 
TII 01.875 07/15/13
243
 
 
TII 02.000 01/15/14
615
 
 
TII 01.875 07/15/15
158
 
 
TII 02.375 01/15/25
3,110
 
Auction Results

 
Auction Date
Offering Amount

Par Submitted6

Par Accepted7
Bid-to-Cover8
Stop-out Rate9
 
 
November 10
50,000
59,510
49,998
1.19
0.0200
 

 
Option exercise date
Total Options Sold

Options Exercised

 
 
November 24
49,998
8,044
 

TOP Auction Announcement
October 31, 2008
 
Option Details 1
 
 
Loan collateral 2
Schedule 2
 
 
Fixed loan rate
0.5000 percent
 
 
Total offering amount
$50 billion par
 
 
Maximum award
20% of offering 3
 
 
Minimum option fee rate
0.0100 percent
 
 
Option auction dates
   Start time
   Close time
   Offering amount 4
  November 10, 2008
  02:00 p.m. ET
  02:30 p.m. ET
  $50 billion par
 
 
Option exercise date
November 24, 2008
 
 
Loan settlement date
November 25, 2008
 
 
Loan term
7-day
 
 
Loan maturity date
December 02, 2008
 

 
Treasury General Collateral Basket
 
 
Security Description
Amount Available for Loan 5
 
 
T 04.750 12/31/08
4,617
 
 
T 04.625 11/15/09
5,569
 
 
T 03.500 12/15/09
51
 
 
T 04.500 05/15/10
3,739
 
 
T 02.875 06/30/10
3,016
 
 
T 04.375 12/15/10
410
 
 
T 04.875 05/31/11
1,078
 
 
T 04.625 08/31/11
1,300
 
 
T 04.875 02/15/12
2,262
 
 
T 04.625 07/31/12
1,603
 
 
T 04.000 02/15/15
667
 
 
T 04.125 05/15/15
2,271
 
 
T 03.500 02/15/18
6,004
 
 
T 08.125 05/15/21
1,418
 
 
T 06.125 11/15/27
3,149
 
 
T 05.500 08/15/28
1,715
 
 
T 05.250 11/15/28
1,411
 
 
T 04.500 02/15/36
2,198
 
 
TII 02.375 04/15/11
2,830
 
 
TII 02.375 01/15/25
3,110
 
 
TII 01.750 01/15/28
1,585
 
Auction Results

 
Auction Date
Offering Amount

Par Submitted6

Par Accepted7
Bid-to-Cover8
Stop-out Rate9
 
 
August 27
25,000
51,000
24,998
2.04
0.0200
 
 
September 10
25,002
54,500
25,000
2.18
0.0300
 

 
Option exercise date
Total Options Sold

Options Exercised

 
 
September 24
49,221
47,221
 

TOP Auction Announcement
August 26, 2008
 
Option Details 1
 
 
Loan collateral 2
Schedule 2
 
 
Fixed loan rate
0.2500 percent
 
 
Total offering amount
$50 billion par
 
 
Maximum award
20% of offering 3
 
 
Minimum option fee rate
0.0100 percent
 
 
Option auction dates
   Start time
   Close time
   Offering amount 4
  August 27, 2008
  September 10, 2008
  02:00 p.m. ET
  02:00 p.m. ET
  02:30 p.m. ET
  02:30 p.m. ET
  $25 billion par
  $25 billion par
 
 
Option exercise date
September 24, 2008
 
 
Loan settlement date
September 25, 2008
 
 
Loan term
7-day
 
 
Loan maturity date
October 02, 2008
 

 
Treasury General Collateral Basket
 
 
Security Description
Amount Available for Loan 5
 
 
T 04.375 11/15/08
3,599
 
 
T 03.375 12/15/08
1,122
 
 
T 05.500 05/15/09
2,425
 
 
T 03.625 07/15/09
1,016
 
 
T 06.000 08/15/09
5,459
 
 
T 03.625 10/31/09
2,660
 
 
T 02.625 05/31/10
2,205
 
 
T 04.500 11/15/10
1,999
 
 
T 04.875 04/30/11
1,670
 
 
T 05.125 06/30/11
2,051
 
 
T 05.000 08/15/11
2,005
 
 
T 04.625 12/31/11
956
 
 
T 04.625 11/15/16
1,594
 
 
T 04.625 02/15/17
993
 
 
T 09.000 11/15/18
853
 
 
T 08.125 08/15/19
2,641
 
 
T 08.125 05/15/21
1,418
 
 
T 04.500 02/15/36
2,198
 
 
T 05.000 05/15/37
7,213
 
 
TII 02.000 01/15/14
615
 
 
TII 02.375 01/15/17
2,200
 
 
TII 02.375 01/15/25
3,110
 

 
Substitutions
09/24/2008
 
 
Recalled Securities
AMOUNT
 
 
T 05.000 08/15/11
2,005
 
 
Replacement Securities
AMOUNT
 
 
T 04.000 03/15/2010
30
 
 
T 04.500 04/30/2012
1,975
 

*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.