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Auction Overview: Reference Bills® Securities
Debt Securities
Program Feature |
1-month
Reference Bills® Securities |
3-, 6- and 12-month
Reference Bills® Securities |
| Auction Size |
$1 billion minimum |
$1 billion minimum
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| Auction Announcements(1) |
Friday at 10:30 am ET |
Friday at 10:30 am ET |
| Auction Dates(2) |
Last Wednesday of each month |
Mondays
3- and 6-Month Bills sold weekly
12-month Bills sold every fourth Monday |
Auction Times |
8:00 to 9:45 a.m. ET |
8:00 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) |
| Maximum Bid Size |
35% of auction (competitive)
15% of auction (non-competitive)
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35% of auction (competitive)
15% of auction (non-competitive) |
| 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 |
3-month: Maturity date plus/minus seven calendar days
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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