Further enhancements to the provision of US dollar repo operations - March 2020

The Bank of England, in co-ordination with other central banks, has decided to further enhance the provision of liquidity via the standing US dollar liquidity swap line arrangements
Published on 20 March 2020

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

In line with this, the Bank will increase the frequency of 7-day maturity operations from weekly to daily, commencing 23 March 2020.

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

The daily operations with 7-day maturity will continue until at least the end of April.  An indicative schedule of the 7-day maturity operations is set out below:

Operation date Term Settlement date Maturity date
23 March 2020 7 days 24 March 2020 31 March 2020
24 March 2020 7 days 25 March 2020 01 April 2020
25 March 2020 7 days 26 March 2020 02 April 2020
26 March 2020 7 days 27 March 2020 03 April 2020
27 March 2020 7 days 30 March 2020 06 April 2020
30 March 2020 7 days 31 March 2020 07 April 2020
31 March 2020 7 days 01 April 2020 08 April 2020
01 April 2020 7 days 02 April 2020 09 April 2020
02 April 2020 6 days 03 April 2020 09 April 2020
03 April 2020 8 days 06 April 2020 14 April 2020
06 April 2020 7 days 07 April 2020 14 April 2020
07 April 2020 7 days 08 April 2020 15 April 2020
08 April 2020 7 days 09 April 2020 16 April 2020
09 April 2020 7 days 14 April 2020 21 April 2020
14 April 2020 7 days 15 April 2020 22 April 2020
15 April 2020 7 days 16 April 2020 23 April 2020
16 April 2020 7 days 17 April 2020 24 April 2020
17 April 2020 7 days 20 April 2020 27 April 2020
20 April 2020 7 days 21 April 2020 28 April 2020
21 April 2020 7 days 22 April 2020 29 April 2020
22 April 2020 7 days 23 April 2020 30 April 2020
23 April 2020 10 days 24 April 2020 04 May 2020
24 April 2020 7 days 27 April 2020 04 May 2020
27 April 2020 7 days 28 April 2020 05 May 2020
28 April 2020 7 days 29 April 2020 06 May 2020
29 April 2020 7 days 30 April 2020 07 May 2020
30 April 2020 7 days 04 May 2020 11 May 2020

The weekly 84-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
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 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 Bank of England announces supervisory and prudential policy measures to address the challenges of Covid-19

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

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