New York Fed buys $989 million agency bonds under purchase program

By Jennifer Chiou

New York, Jan. 29 - The Federal Reserve Bank of New York accepted and purchased $989 million of agency-issued securities with maturities from Oct. 18, 2016 through June 13, 2018, according to its web site.

Holders submitted $3,302,000,000 of securities for purchase.

The outright agency coupon purchases will settle on Monday.

The Federal Reserve's Federal Open Market Committee previously said it now expects to complete its purchases of agency debt by the end of the first quarter of 2010 instead of by the end of 2009.

As already reported, the Federal Reserve Bank of New York said that agents acting on behalf of its Open Market Trading Desk will gradually reduce the size and frequency of individual agency debt purchases.

Fannie Mae notes

The purchases include the following notes issued by Fannie Mae:

• $117 million of 5% notes due Feb. 13, 2017; and

• $64 million of 5.375% notes due June 12, 2017.

Freddie Mac notes

The Fed is also purchasing the following notes issued by Freddie Mac:

• $258 million of 5.125% notes due Oct. 18, 2016;

• $59 million of 5.5% notes due Aug. 23, 2017; and

• $157 million of 4.875% notes due June 13, 2018.

FHLB notes

In addition, the Fed is purchasing the Federal Home Loan Banks' $334 million of 5% notes due Nov. 17, 2017.

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