Term Asset-Backed Securities Loan Facility: CMBS

The Federal Reserve created the Term Asset-Backed Securities Loan Facility (TALF), to help market participants meet the credit needs of households and small businesses by supporting the issuance of asset-backed securities (ABS) collateralized by auto loans, student loans, credit card loans, equipment loans, floorplan loans, insurance premium finance loans, loans guaranteed by the Small Business Administration, residential mortgage servicing advances, or commercial mortgage loans. Eligible borrowers must use a primary dealer, which will act as agent for the borrower, to access the TALF and must deliver eligible collateral to the New York Fed’s custodian bank.

The following operations announcement pertains to new issue and legacy commercial mortgage-backed securities:

Operation Announcement
Subscription Date: July 16, 2009
Closing Date: July 24, 2009
3-Year Maturity Date: July 24, 2012
5-Year Maturity Date: July 24, 2014
Facility Open: July 16, 2009 1:00 p.m. ET
Facility Close: July 16, 2009 3:00 p.m. ET
Administrative Fee: 20.00 basis points
Eligible Collateral: CMBS1
Loan Term: 3 or 5 years
Rates for July 16, 2009 Facility:

Sector

Fixed 3 year loan

Fixed 5 year loan

Commercial Mortgage

3.0275

3.8735

Amount of TALF loans requested at July 16, 2009 Facility:

Sector

Newly Issued Amount

Legacy Amount

Commercial Mortgage

$0

$668,940,185.57

1As defined in the terms & conditions
Recent Operations ››