Term Asset-Backed Securities Loan Facility: non-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 non-mortgage-backed ABS:

Operation Announcement
Subscription Date: February 5, 2010
Closing Date: February 12, 2010
3-Year Maturity Date: February 12, 2013
5-Year Maturity Date: February 12, 2015
Facility Open: February 5, 2010 8:00 a.m. ET
Facility Close: February 5, 2010 3:00 p.m. ET
Administrative Fee: 10.00 basis points
Eligible Collateral: ABS1
Loan Term: 3 or 5 years
Rates for February 5, 2010 Facility:

Sector

Subsector

Fixed 3yr loan
(Avg Life, in years)

Fixed 5 year loan

Floating

<1

1-<2

>=2

Auto

1.4932

2.0960

2.7000

N/A

1.22844

Credit Card

1.4932

2.0960

2.7000

N/A

1.22844

Equipment

1.4932

2.0960

2.7000

N/A

1.22844

Floorplan

1.4932

2.0960

2.7000

N/A

1.22844

Premium Finance

Property and casualty

1.4932

2.0960

2.7000

N/A

1.22844

Servicing Advances

Residential mortgages

1.4932

2.0960

2.7000

N/A

1.22844

Small Business

SBA 7(a) loans

N/A
N/A
N/A

N/A

1.0000

Small Business

SBA 504 loans

2.2000

3.1310

N/A

Student Loan

Private with coupon tied to Prime

N/A
N/A
N/A
N/A

Higher of (Prime rate – 175 bps) and 1%

Student Loan

Other Private

N/A
N/A
N/A
N/A

1.22844

Student Loan

Gov’t guaranteed

N/A
N/A
N/A
N/A

0.72844

Amount of TALF loans requested at February 5, 2010 Facility:

Sector

Amount

Auto

$91,193,911

Credit Card

$204,774,302

Equipment

$31,053,582

Floorplan

$439,664,000

Premium Finance

-

Servicing Advances

$114,750,000

Small Business

$50,894,631

Student Loan

$54,323,334

Total

$986,653,758

Amount of TALF loans settled for February 5, 2010 Facility:

Sector

Amount

Auto

$90,977,202

Credit Card

$204,965,711

Equipment

$31,080,418

Floorplan

$439,664,000

Premium Finance

-

Servicing Advances

$114,750,000

Small Business

$37,730,627

Student Loan

$54,385,688

Total

$973,553,646

1As defined in the terms & conditions
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