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FBO DAILY ISSUE OF DECEMBER 10, 2008 FBO #2571
DOCUMENT

R -- Securities Lending - Request for Information - RFI-Securities Lending

Notice Date

12/8/2008
 

Notice Type

RFI-Securities Lending
 

NAICS

523110 — Investment Banking and Securities Dealing
 

Contracting Office

Pension Benefit Guaranty Corporation, Chief Management Officer, Procurement Department, Suite 1090, 1200 K Street, N.W., Washington, District of Columbia, 20005-4026
 

ZIP Code

20005-4026
 

Solicitation Number

PBGC01-RP-09-0005
 

Archive Date

2/8/2009
 

Point of Contact

Fiorela Kvalevog,, Phone: 202-326-4160 x3981, Roland Thomas,, Phone: 202-326-4160 x3700
 

E-Mail Address

Kvalevog.Fiorela@pbgc.gov, Thomas.Roland@pbgc.gov
 

Small Business Set-Aside

N/A
 

Description

Securities Lending - RFI The PBGC participates in a securities lending program administered by its custodian bank whereby the custodian bank lends PBGC’s securities to third parties. The custodian bank requires collateral from the borrower that equals 102 percent to105 percent of the securities lent. The collateral is held by the custodian bank. In addition to the lending program managed by the custodian bank, some of the PBGC’s investment managers are authorized to invest in repurchase agreements and reverse repurchase agreements. The manager either receives cash as collateral or pays cash out to be used as collateral. Any cash collateral received is invested. The total value of securities on loan at September 30, 2007, and September 30, 2006, was $4.939 billion and $6.352 billion, respectively. Although securities on loan have decreased since September 30, 2006, there continues to be an ongoing demand for securities to lend and varies based on the securities held in portfolio by the PBGC and the market demand to borrow those specific securities. It is reasonable to anticipate that with the recently revised investment policy of the PBGC, there will be meaningful adjustments to the nature of the demand for the restructured portfolio’s securities. The amount of cash collateral received for these loaned securities was $5.045 billion at September 30, 2007, and $6.491 billion at September 30, 2006. These amounts are recorded as assets and are offset with a corresponding liability. The PBGC had earned income from securities lending of $6.2 million as of September 30, 2007 and $5.2 million as of September 30, 2006. As of September 30, 2007, the PBGC loaned out $4.939 billion in securities of approximately $18.210 billion of securities available for securities lending. The PBGC has the ability and right to restrict specific securities from the securities lending program. Currently, it has no such restrictions. In addition, the PBGC has the ability to recall any security on loan.
 

Web Link

FedBizOpps Complete View
(https://www.fbo.gov/?s=opportunity&mode=form&id=eab548418c54b409f20bd6401bb5a549&tab=core&_cview=1)
 

Document(s)

RFI-Securities Lending
 

File Name: Securities Lending - RFI (RFI Securities Lending.doc)

Link: https://www.fbo.gov//utils/view?id=f74a0fc71e6322d9b9ac5978fc1051b4

Bytes: 52.00 Kb
 

File Name: Letter from PBGC Director (Securities Lending Letter.doc)

Link: https://www.fbo.gov//utils/view?id=3d0d1da8d5d1c184f893f9d9ba361945

Bytes: 25.00 Kb
 

Note: If links are broken, refer to Point of Contact above or contact the FBO Help Desk at 877-472-3779.
 

Place of Performance

Address: PBGC, Washington D.C., District of Columbia, 20005, United States

Zip Code: 20005
 

Record

SN01715566-W 20081210/081208220752-eab548418c54b409f20bd6401bb5a549 (fbodaily.com)
 

Source

FedBizOpps Link to This Notice
(may not be valid after Archive Date)

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