Dealers submit $45.0 bln bids at $25 bln TSLF auction
NEW YORK, Sept 4 (Reuters) - Primary dealers submitted $45.0 billion of bids for the $25.0 billion of Treasuries offered on Thursday in the Federal Reserve's 28-day Term Securities Lending Facility (TSLF) auction.
The bid-to-cover ratio, an indication of demand, was 1.80, comparable to the 1.79 in a similar auction held on Aug 21.
Dealers can lend out the Treasuries in exchange for short-term cash loans in the U.S. repurchase market, to help shore up balance sheets that have been depleted by the credit crisis.
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