REFILE-TREASURIES-Steady in Asia after liquidity auction results

(Changes punctuation in 2nd paragraph to clarify)

By Chikako Mogi

TOKYO, Dec 20 (Reuters) - U.S. Treasuries were little changed in Asia on Thursday, after the results of the central banks' new liquidity auctions earlier this week suggested the funding scheme was having some impact in easing year-end credit tightness.

The Federal Reserve's $20 billion auction on Monday drew 93 bidders who submitted $61.6 billion in bids, with a stop rate of 4.65 percent, below the 4.75 percent discount rate at which the Fed normally lends to banks, suggesting decent but not overheated interest.

The stop rate was above the 4.25 percent overnight federal funds rate.

"The result indicates that many financial institutions could participate without having to worry about the 'stigma' surrounding discount window borrowings and raise funds necessary for the year-end crossover at rates lower than the discount rate," said strategists at Barclays Capital in a note to clients.

Some traders said the large number of participating financial institutions was a favourable indication that the scheme was encouraging some interbank market players to seek arbitrage opportunities by raising funds at cheaper rates than in the market.

The debt auction was one in a series of steps announced jointly by the Fed and four other major banks including the European Central Bank last week, aimed at relieving credit market strains.

The Fed said on Wednesday its next special auction to be held later this session for $20 billion yen with a minimum bid rate of 4.15 percent. Two more auctions are scheduled for January, and more may follow if market conditions don't stabilise.