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: March 4, 2010
Closing Date: March 11, 2010
3-Year Maturity Date: March 11, 2013
5-Year Maturity Date: March 11, 2015
Facility Open: March 4, 2010 8:00 a.m. ET
Facility Close: March 4, 2010 3:00 p.m. ET
Administrative Fee: 10.00 basis points
Eligible Collateral: ABS1
Loan Term: 3 or 5 years
Rates for March 4, 2010 Facility:

Sector

Subsector

Fixed 3yr loan
(Avg Life, in years)

Fixed 5 year loan

Floating

<1

1-<2

>=2

Auto

1.4543

2.0455

2.6475

N/A

1.22813

Credit Card

1.4543

2.0455

2.6475

N/A

1.22813

Equipment

1.4543

2.0455

2.6475

N/A

1.22813

Floorplan

1.4543

2.0455

2.6475

N/A

1.22813

Premium Finance

Property and casualty

1.4543

2.0455

2.6475

N/A

1.22813

Servicing Advances

Residential mortgages

1.4543

2.0455

2.6475

N/A

1.22813

Small Business

SBA 7(a) loans

N/A
N/A
N/A

N/A

1.0000

Small Business

SBA 504 loans

2.1475

3.0760

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

1.22813

Student Loan

Gov’t guaranteed

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

0.72813

Amount of TALF loans requested at March 4, 2010 Facility:

Sector

Amount

Auto

-

Credit Card

$409,854,783

Equipment

$139,560,577

Floorplan

$450,595,248

Premium Finance

$988,881,199

Servicing Advances

-

Small Business

$349,608,236

Student Loan

$1,760,009,591

Total

$4,098,509,635

Amount of TALF loans settled for March 4, 2010 Facility:

Sector

Amount

Auto

-

Credit Card

$409,202,835

Equipment

$139,303,375

Floorplan

$450,725,091

Premium Finance

$988,923,854

Servicing Advances

-

Small Business

$349,541,261

Student Loan

$1,760,143,611

Total

$4,097,840,027

1As defined in the terms & conditions
Recent Operations ››
H 4.1 Factors Affecting Reserve Balances
offsite