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: January 20, 2010
Closing Date: January 28, 2010
3-Year Maturity Date: January 28, 2013
5-Year Maturity Date: January 28, 2015
Facility Open: January 20, 2010 8:00 a.m. ET
Facility Close: January 20, 2010 3:00 p.m. ET
Administrative Fee: 20.00 basis points
Eligible Collateral: CMBS1
Loan Term: 3 or 5 years
Rates for January 20, 2010 Facility:

Sector

Fixed 3 year loan

Fixed 5 year loan

Commercial Mortgage

2.7775

3.7285

Amount of TALF loans requested at January 20, 2010 Facilty:

Sector

Newly Issued Amount

Legacy Amount

Commercial Mortgage

$0

$1,453,433,253

Amount of TALF loans settled for January 20, 2010 Facility:

Sector

Newly Issued Amount

Legacy Amount

Commercial Mortgage

$0

$1,325,983,320

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