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) | Friday at 10:30 am ET | Friday at 10:30 am 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 |
8:00 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) |
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. |