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 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:		December 14, 2009

Closing Date:		December 22, 2009

3-Year Maturity Date:		December 24, 2012

5-Year Maturity Date:		December 22, 2014

Facility Open:		December 14, 2009 8:00 a.m. ET

Facility Close:		December 14, 2009 3:00 p.m. ET

Administrative Fee:		20.00 basis points

Eligible Collateral:		CMBS¹

Loan Term:		3 or 5 years

Rates for December 14, 2009 Facility:

Sector	Fixed 3 year loan	Fixed 5 year loan
Commercial Mortgage	2.7435	3.6241

Amount of TALF loans requested at December 14, 2009 Facilty:

Sector	Newly Issued Amount	Legacy Amount
Commercial Mortgage	$0	$1,324,853,713

Amount of TALF loans settled for December 14, 2009 Facility:

Sector	Newly Issued Amount	Legacy Amount
Commercial Mortgage	$0	$1,282,444,544

¹As defined in the terms & conditions

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