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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.

Auction FeaturesReference Bills Securities
Auction Dates Mondays(1)
Auction Time Auction Closes at 9:45 a.m. ET(2)
Bid Types Accepted Competitive (dealers and investors)
Non-competitive (investor orders only)
Minimum Bid Size $1 million (competitive)
$1,000 (non-competitive)
Minimum Bid Increment $1 million (competitive)
$1,000 (non-competitive)
Non-Competitive Pool  20% of auction size
Maximum Bid Size Competitive: Not to exceed 50% of the auction size at any single yield bid
Non-Competitive: 20% of auction size
Maximum Award  Competitive: 50% of the auction size less non-competitive bid awards
Non-Competitive: 20% of auction size
Maturities One year or less
Settlement System Fedwire
Day Count Convention Actual/360

(1) Subject to holidays.
(2) Subject to change.

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