The first bid list for the Maiden Lane II portfolio has begun to circulate, according to market reports. The sale is the first since the Federal Reserve rejected AIG’s offer to repurchase the securities for $15.7 billion.

The reports said that the bid list comprises around $1.5 billion face value in securities. Maiden Lane II was created by the Federal Reserve Bank of New York to buy the mortgage securities from the struggling insurer in 2008 at the height of the market crisis. Last week, the Fed said it rejected AIG's offer to by the Maiden lane II assets.

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