Dealers submit no bids in $25 bln TSLF auction

NEW YORK, April 2 (Reuters) - Dealers did not submit any bids for the $25 billion of Treasuries offered in the Federal Reserve's 28-day Term Securities Lending Facility auction on Thursday, the New York Fed said on its website.

The lack of bids compared with a bid-to-cover ratio, a gauge of demand, of 0.12 in a similar auction on March 19.

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 eroded by the global credit crisis. (For more, click on: here) (Reporting by Chris Reese: )