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: May 19, 2010
Closing Date: May 27, 2010
3-Year Maturity Date: May 28, 2013
5-Year Maturity Date: May 27, 2015
Facility Open: May 19, 2010 9:00 a.m. ET
Facility Close: May 19, 2010 3:00 p.m. ET
Administrative Fee: 20.00 basis points
Eligible Collateral: CMBS1
Loan Term: 3 or 5 years

Rates for May 19, 2010 Facility:

Sector

Fixed 3 year loan

Fixed 5 year loan

Commercial Mortgage

2.5835

3.4155

Amount of TALF loans requested at May 19, 2010 Facilty:

Sector

Newly Issued Amount

Commercial Mortgage

$0

Amount of TALF loans settled for May 19, 2010 Facility:

Sector

Newly Issued Amount

Commercial Mortgage

$0

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