(from Patrick Doyle)

Below is a table of the results of the last 3 TAF auctions

Of note is the spread to OIS (FF’s) which is inside the historic LIBOR / OIS spread. There were less participants in this round as well

This all bodes well and is showing the easing of pressure in the funding markets.

Jan. 15
2008
Dec. 21
2007
Dec. 19
2007
Stop-out rate: 3.95% 4.67% 4.65%
Total propositions submitted: $55.526 Bil. $57.664 Bil. $61.553 Bil.
Total propositions accepted: $30.000 Bil. $20.000 Bil. $20.000 Bil.
Bid/cover ratio: 1.85 2.88 3.08
Number of bidders: 56 73 93
Term 28-day loan 35-day loan 28-day loan
Settlement Date Jan. 17, 2008 Dec. 27, 2007 Dec. 20, 2007
Maturity Date Feb. 14, 2008 Jan. 31, 2008 Jan. 17, 2008

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