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Auction Overview: Reference Bills® Securities

Reference Bills® securities are sold weekly through a uniform price auction process. Bids are submitted via the Internet from a group of participating dealers. The following sections cover the details of Freddie Mac's 2014 Funding Calendar and auction distribution process.

Debt Securities
Program Feature
1-month
Reference Bills® Securities
3-, 6- and 12-month
Reference Bills® Securities
Auction Dates(1,2) Mondays (optional) Mondays (optional)
Auction Times Close at 9:45 a.m. ET Close at 9:45 a.m. ET
Bid Types Accepted Competitive
Non-competitive (customer orders only)
Competitive
Non-competitive (customer orders only)
Minimum Bid Size $1 million (competitive)
$1,000 (non-competitive)
$1 million (competitive)
$1,000 (non-competitive)
Minimum Bid Increment $1 million (competitive)
$1,000 (non-competitive orders less than or equal to $5 million)
$1 million (competitive)
$1,000 (non-competitive orders less than or equal to $5 million)
Non-Competitive Pool  20% of announced auction size 20% of announced auction size
Maximum Bid Size Competitive: Not to exceed 50% of the announced auction size at any single yield bid

Non-Competitive: 20% of announced auction size
Competitive: Not to exceed 50% of the announced auction size at any single yield bid

Non-Competitive: 20% of announced auction size
Maximum Award  Competitive: 50% of the announced auction size less non-competitive bid awards

Non-Competitive: 20% of the announced auction size
Competitive: 50% of the announced auction size less non-competitive bid awards

Non-Competitive: 20% of the announced auction size
Maturities(1,3) 1-month: 26-27 days 3-month: 91-92 days
6-month: 181-182 days
12-month: 363-365 days
Days locked out during auction week (for reverse inquiry transactions) 1-month: Maturity date plus/minus one calendar day Maturity date plus/minus seven calendar days
Clearing and settlement Fedwire Fedwire
Day count convention actual/360 actual/360

(1) Subject to holidays.
(2) Moved to other dates as announced in the event of holidays.
(3) Subject to choice of settlement option.

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