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 TALF Agent, 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: October 21, 2009
Closing Date: October 29, 2009
3-Year Maturity Date: October 29, 2012
5-Year Maturity Date: October 29, 2014
Facility Open: October 21, 2009 8:00 a.m. ET
Facility Close: October 21, 2009 3:00 p.m. ET
Administrative Fee: 20.00 basis points
Eligible Collateral: CMBS1
Loan Term: 3 or 5 years
Rates for October 21, 2009 Facility:

Sector

Fixed
3 year loan

Fixed
5 year loan

Commercial
Mortgage

2.8620

3.6400

Amount of TALF loans requested at October 21, 2009 Facilty:

Sector

Newly Issued
Amount

Legacy
Amount

Commercial
Mortgage

$0

$2,124,921,093

Amount of TALF loans settled for October 21, 2009 Facility:

Sector

Newly Issued
Amount

Legacy
Amount

Commercial
Mortgage

$0

$1,930,574,358

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