On April 26th, the Federal Reserve announced it plans to conduct fixed-rate offerings of term deposits with full allotment of tenders under the Term Deposit Facility ("TDF") as part of the ongoing program of small-value offerings announced on September 8, 2010. These small-value operations are designed to ensure the operational readiness of the TDF and to provide eligible institutions with an opportunity to gain familiarity with term deposit procedures. The Federal Reserve plans to use a fixed-rate, full-allotment format to offer 28-day term deposits on May 20, 2013 with settlement on May 23. Under this format, the Federal Reserve will announce the operation interest rate and each participating institution may submit one tender that will be awarded in full at the pre-determined rate. Official operation terms, including the fixed-rate and maximum tender size, will be announced nearer to the time of the operation. Federal Reserve Press Release.