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 newly issued commercial mortgage-backed securities:

Operation Announcement
Subscription Date: April 21, 2010
Closing Date: April 29, 2010
3-Year Maturity Date: April 29, 2013
5-Year Maturity Date: April 29, 2015
Facility Open: April 21, 2010 9:00 a.m. ET
Facility Close: April 21, 2010 3:00 p.m. ET
Administrative Fee: 20.00 basis points
Eligible Collateral: CMBS1
Loan Term: 3 or 5 years

Rates for April 21, 2010 Facility:

Sector

Fixed 3 year loan

Fixed 5 year loan

Commercial Mortgage

2.7840

3.7190

Amount of TALF loans requested at April 21, 2010 Facilty:

Sector

Newly Issued Amount

Commercial Mortgage

$0

Amount of TALF loans settled for April 21, 2010 Facility:

Sector

Newly Issued Amount

Commercial Mortgage

$0

1As defined in the terms & conditions
Recent Operations ››