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 mortage loans. Eligible borrowers must use a primary dealer, 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: June 2, 2009
Closing Date: June 9, 2009
3-Year Maturity Date: June 11, 2012
5-Year Maturity Date: June 9, 2014
Facility Open: June 2, 2009 1:00 p.m. ET
Facility Close: June 2, 2009 3:00 p.m. ET
Administrative Fee: 5.00 basis points
Eligible Collateral: ABS1
Loan Term: 3 or 5 years
Rates for June 2, 2009 Facility:

Sector

Subsector

Fixed 3yr loan (Avg Life,
in years)

Fixed 5 year loan

Floating

<1

1-<2

>=2

Auto

1.8693

2.4

3.0445

NA

1.32

Credit Card

1.8693

2.4

3.0445

NA

1.32

Equipment

1.8693

2.4

3.0445

NA

1.32

Floorplan

1.8693

2.4

3.0445

NA

1.32

Premium Finance

Property and casualty

1.8693

2.4

3.0445

NA

1.32

Servicing Advances

Residential mortgages

1.8693

2.4

3.0445

NA

1.32

Small Business

SBA 7(a) loans

NA

NA

NA

NA

1.000

Small Business

SBA 504 loans

NA

NA

2.5445

3.5205

NA

Student Loan

Private

NA

NA

NA

NA

1.32

Student Loan

Gov't guaranteed

NA

NA

NA

NA

0.82

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

Sector

Amount

Auto

$3,307,027,834.16

Credit Card

$6,222,720,000.00

Equipment

$590,800,937.05

Floorplan

-

Premium Finance

$528,600,000.00

Servicing Advances

$494,500,000.00

Small Business

$81,469,829.84

Student Loan

$227,528,125.00

Total

$11,452,646,726.05

1As defined in the terms & conditions
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