Auction Overview: Reference Bills® Securities
| Debt Securities Program Feature |
1-month Reference Bills® Securities |
3-, 6- and 12-month Reference Bills® Securities |
|---|---|---|
| Auction Announcements(1) | Monday by 8:30 a.m. ET | Monday by 8:30 a.m. ET |
| Auction Dates(2) | Mondays (optional, minimum of one per month) | Mondays 3- and 6-Month Bills sold weekly 12-month Bills (optional) |
| Auction Times | 8:30 to 9:45 a.m. ET | 8:30 to 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.