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: October 2, 2009
Closing Date: October 9, 2009
3-Year Maturity Date: October 9, 2012
5-Year Maturity Date: October 9, 2014
Facility Open: October 2, 2009 8:00 a.m. ET
Facility Close: October 2, 2009 3:00 p.m. ET
Administrative Fee: 10.00 basis points
Eligible Collateral: ABS1
Loan Term: 3 or 5 years
Rates for October 2, 2009 Facility:

Sector

Subsector

Fixed 3yr loan
(Avg Life, in years)

Fixed 5 year loan

Floating

<1

1-<2

>=2

Auto

1.5812

2.2325

2.8025

N/A

1.24563

Credit Card

1.5812

2.2325

2.8025

N/A

1.24563

Equipment

1.5812

2.2325

2.8025

N/A

1.24563

Floorplan

1.5812

2.2325

2.8025

N/A

1.24563

Premium Finance

Property and casualty

1.5812

2.2325

2.8025

N/A

1.24563

Servicing Advances

Residential mortgages

1.5812

2.2325

2.8025

N/A

1.24563

Small Business

SBA 7(a) loans

N/A
N/A
N/A

N/A

1.000

Small Business

SBA 504 loans

2.3025

3.0575

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

1.24563

Student Loan

Gov’t guaranteed

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

0.74563

Amount of TALF loans requested at October 2, 2009 Facility:

Sector

Amount

Auto

$190,793,659

Credit Card

$224,870,072

Equipment

$39,447,984

Floorplan

$912,460,000

Premium Finance

-

Servicing Advances

$475,150,000

Small Business

$342,180,680

Student Loan

$287,878,375

Total

$2,472,780,770

Amount of TALF loans settled for October 2, 2009 Facility:

Sector

Amount

Auto

$190,793,658.81

Credit Card

$224,411,822.02

Equipment

$38,781,374.56

Floorplan

$886,660,000.00

Premium Finance

-

Servicing Advances

$475,150,000.00

Small Business

$262,482,352.30

Student Loan

$287,707,044.15

Total

$2,365,986,251.84

1As defined in the terms & conditions
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