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 commercial mortgage-backed securities:

Operation Announcement
Subscription Date: September 17, 2009
Closing Date: September 25 , 2009
3-Year Maturity Date: September 25, 2012
5-Year Maturity Date: September 25, 2014
Facility Open: September 17, 2009 8:00 a.m. ET
Facility Close: September 17, 2009 3:00 p.m. ET
Administrative Fee: 20.00 basis points
Eligible Collateral: CMBS1
Loan Term: 3 or 5 years
Rates for September 17, 2009 Facility:

Sector

Fixed 3 year loan

Fixed 5 year loan

Commercial Mortgage

2.9455

3.7958

Amount of TALF loans requested at September 17, 2009 Facility:

Sector

Newly Issued Amount

Legacy Amount

Commercial Mortgage

$0

$1,401,924,696

Amount of TALF loans settled for September 17, 2009 Facility:

Sector

Newly Issued Amount

Legacy Amount

Commercial Mortgage

$0

$1,351,097,649.54

1As defined in the terms & conditions