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