Keeping you up to date on the latest data releases.
- Federal Reserve Balance Sheet
The New York Fed rejected AIG’s offer to buy the entire Maiden Lane II portfolio. The insurance company offered $15.7 billion for the portfolio, which had a net estimated value of $15.9 billion at the time. Instead, the portfolio will be sold through bid list offerings in smaller pieces over an extended period of time. The first sale took place on April 6, where 42 of the 52 securities offered were sold. A current face amount of nearly $1.5 billion in securities was offered, and just over $1.3 billion were sold. Monthly reports of the assets sold will be released within 15 days of the end of a month, with the first report due out May 13. The Fed released its list of Discount Window transactions to Bloomberg in the first week of April. Reports focused on the amount of lending extended to domestic branches of foreign banks and to banks on the brink of failing. Another Term Deposit Facility auction was conducted on April 4, this time a $5 billion, 28-day offer. The stop-out rate for the term deposit came in at 26 basis points and the bid-to-cover ratio was over 2, similar to previous auctions. Outstanding amount of reverse repurchase agreements also topped $1.5 billion. Other numbers to note: securities lent to dealers hit $28 billion this week, its highest mark since June 2009, continuing an upward trend as the balance sheet expands. Also, the Supplemental Financing Account has been reduced to its $5 billion target as the U.S. approaches its debt ceiling. The Treasury General Account remains at somewhat elevated levels ($54.8 billion) following the decline of the Supplemental Financing Account.