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: March 19, 2010
Closing Date: March 29, 2010
3-Year Maturity Date: March 29, 2013
5-Year Maturity Date: March 30, 2015
Facility Open: March 19, 2010 8:00 a.m. ET
Facility Close: March 19, 2010 3:00 p.m. ET
Administrative Fee: 20.00 basis points
Eligible Collateral: CMBS1
Loan Term: 3 or 5 years

Rates for March 19, 2010 Facility:

Sector

Fixed 3 year loan

Fixed 5 year loan

Commercial Mortgage

2.7225

3.6305

Amount of TALF loans requested at March 19, 2010 Facilty:

Sector

Newly Issued Amount

Legacy Amount

Commercial Mortgage

$0

$1,259,670,126

Amount of TALF loans settled for March 19, 2010 Facility:

Sector

Newly Issued Amount

Legacy Amount

Commercial Mortgage

$0

$857,002,698

1As defined in the terms & conditions
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