December 9, 2019 / 1:29 PM / a month ago

CORRECTED-NY Fed accepts $25bln in 28-day repo bids

(Corrects day of week in first paragraph to Monday from Friday)

Dec 9 (Reuters) - The New York Federal Reserve on Monday accepted $25 billion in bids from primary dealers in a 28-day repurchase agreement (repo) operation, a move intended maintain stability in short-term funding markets through the volatile year-end period.

The operation was oversubscribed with $43 billion of bids submitted, according to the New York Fed’s website. The Fed accepted $17.7 billion of bids backed with U.S. Treasury debt as collateral at an average rate of 1.61% and $7.2 billion backed by mortgage backed securities at an average weight of about 1.65%. (Reporting by Dan Burns)

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