Enhancements to the provision of US dollar repo operations - Market Notice 16 March 2020

The Bank of England, in co-ordination with other central banks, has decided to enhance the provision of liquidity via the standing US dollar liquidity swap line arrangements.
Published on 16 March 2020

The Bank of England, in co-ordination with other central banks, has decided to enhance the provision of liquidity via the standing US dollar liquidity swap line arrangements.1   

In line with this, the Bank will begin offering US dollar repo operations with an 84-day maturity, in addition to the 1-week maturity operations currently offered, during the week commencing 16 March 2020.

The Bank today announces the following changes to the schedule of US dollar repo operations, and corresponding updates to the market notice.

A weekly 84-day US dollar repo operation will take effect with the first scheduled operation on 18 March 2020. An indicative schedule of operations is set out below:

Operation date Term Settlement date Maturity date
 18 March 2020 84 days 19 March 2020 11 June 2020
 25 March 2020 84 days 26 March 2020 18 June 2020 
 01 April 2020 84 days 02 April 2020 25 June 2020 
 08 April 2020 84 days 09 April 2020 02 July 2020
 15 April 2020 84 days 16 April 2020 09 July 2020 
 22 April 2020 84 days 23 April 2020  16 July 2020 
 29 April 2020 84 days 30 April 2020 23 July 2020 
 06 May 2020 84 days  07 May 2020  30 July 2020
 13 May 2020 84 days 14 May 2020  06 August 2020 
 20 May 2020 83 days 22 May 2020  13 August 2020 
 27 May 2020  84 days 28 May 2020  20 August 2020 

The weekly 7-day US dollar repo operations will continue unchanged. The existing indicative schedule of weekly operations is set out below:

Operation date Term Settlement date Maturity date
 18 March 2020 7 days  19 March 2020  26 March 2020
 25 March 2020 7 days  26 March 2020  02 April 2020 
 01 April 2020 7 days 02 April 2020  09 April 2020 
 08 April 2020 7 days 09 April 2020  16 April 2020 
 15 April 2020 7 days  16 April 2020  23 April 2020
 22 April 2020 7 days  23 April 2020 30 April 2020 
 29 April 2020 7 days  30 April 2020  07 May 2020 
 06 May 2020 7 days  07 May 2020  14 May 2020 
 13 May 2020 8 days  14 May 2020   22 May 2020 
 20 May 2020 6 days  22 May 2020  28 May 2020 
 27 May 2020 7 days  28 May 2020  04 June 2020

The Bank will announce details of the day’s USD Repo Operations and the rate applicable for that day’s operation at 08.15 London time. The weekly 7-day and 84 day operations will take place at 08.15 London time, and the closing time for bids will be 08.45 London time. The results of the day’s USD repo operations will be announced at 10.00 London time or as soon as possible thereafter.

The pricing on both the 7-day and 84-day standing U.S. dollar liquidity swap arrangements will be the matched maturity U.S. dollar overnight index swap (OIS) rate plus 25 basis points.

Other than as amended by this Market Notice, the terms contained within the Consolidated Market Notice for US dollar repo operations dated 20 March 20202, will apply to these operations. US dollar repo operations are also subject to the Sterling Monetary Framework Documentation, as supplemented and amended by the Supplementary Terms for USD Repo Operations published by the Bank on 5 November 2014, which may be updated by the Bank of England from time to time.

1 Coordinated central bank action to enhance the provision of global U.S dollar liquidity

2 Consolidated Market Notice for USD Repo Operations - Market Notice 16 March 2020

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