TAP Issue Auctions

Once per day, the FHLBanks may offer selected TAP Issues to a designated group of underwriters via competitive auction.  The structures offered could be of any size (over $25 million if new) or maturity, but all would be non-callable (also known as "bullets").  Existing TAP Issues are frequently reopened via these auctions.  As with discount notes and callable issues, these auctions are only held if the FHLBanks need funding with these terms.