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:		January 20, 2010

Closing Date:		January 28, 2010

3-Year Maturity Date:		January 28, 2013

5-Year Maturity Date:		January 28, 2015

Facility Open:		January 20, 2010 8:00 a.m. ET

Facility Close:		January 20, 2010 3:00 p.m. ET

Administrative Fee:		20.00 basis points

Eligible Collateral:		CMBS¹

Loan Term:		3 or 5 years

Rates for January 20, 2010 Facility:

Sector	Fixed 3 year loan	Fixed 5 year loan
Commercial Mortgage	2.7775	3.7285

Amount of TALF loans requested at January 20, 2010 Facilty:

Sector	Newly Issued Amount	Legacy Amount
Commercial Mortgage	$0	$1,453,433,253

Amount of TALF loans settled for January 20, 2010 Facility:

Sector	Newly Issued Amount	Legacy Amount
Commercial Mortgage	$0	$1,325,983,320

¹As defined in the terms & conditions

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