Term Asset-Backed Securities Loan Facility: CMBS - FEDERAL RESERVE BANK of NEW YORK

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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 primary dealer, 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 commercial mortgage-backed securities:


Operation Announcement



Subscription Date:		September 17, 2009

Closing Date:		September 25 , 2009

3-Year Maturity Date:		September 25, 2012

5-Year Maturity Date:		September 25, 2014

Facility Open:		September 17, 2009 8:00 a.m. ET

Facility Close:		September 17, 2009 3:00 p.m. ET

Administrative Fee:		20.00 basis points

Eligible Collateral:		CMBS¹

Loan Term:		3 or 5 years

Rates for September 17, 2009 Facility:

Sector	Fixed 3 year loan	Fixed 5 year loan
Commercial Mortgage	2.9455	3.7958

Amount of TALF loans requested at September 17, 2009 Facility:

Sector	Newly Issued Amount	Legacy Amount
Commercial Mortgage	$0	$1,401,924,696

Amount of TALF loans settled for September 17, 2009 Facility:

Sector	Newly Issued Amount	Legacy Amount
Commercial Mortgage	$0	$1,351,097,649.54

¹As defined in the terms & conditions

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