TAP Issue Auctions

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Once per day, the FHLBanks may offer selected TAP Issues to a designated group of dealers via competitive auction.  The structures offered may be any size or maturity, but all are non-callable with a 30/360 daycount, semiannual coupon payment dates, and minimum denominations of $10,000 and multiples of $5,000.  Existing TAP Issues are frequently reopened via these auctions.  As with discount notes and callable issues, these auctions are held based on the FHLBanks' funding requirements.