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: February 17, 2010
Closing Date: February 25, 2010
3-Year Maturity Date: February 25, 2013
5-Year Maturity Date: February 25, 2015
Facility Open: February 17, 2010 8:00 a.m. ET
Facility Close: February 17, 2010 3:00 p.m. ET
Administrative Fee: 20.00 basis points
Eligible Collateral: CMBS1
Loan Term: 3 or 5 years

Rates for February 17, 2010 Facility:

Sector

Fixed 3 year loan

Fixed 5 year loan

Commercial Mortgage

2.7435

3.6865

Amount of TALF loans requested at February 17, 2010 Facilty:

Sector

Newly Issued Amount

Legacy Amount

Commercial Mortgage

$0

$1,255,719,991

Amount of TALF loans settled for February 17, 2010 Facility:

Sector

Newly Issued Amount

Legacy Amount

Commercial Mortgage

$0

$1,133,023,281

1As defined in the terms & conditions
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