Term Asset-Backed Securities Loan Facility Rates

Eligible and Ineligible ABS
Collateral Eligibility Determinations

The TALF ABS Eligibility Determination below provides a list of ABS that the New York Fed has determined to be TALF-eligible and those ABS that Borrowers proposed as eligible but the New York Fed has determined to be ineligible, reflecting all such determinations made since the launch of the TALF program up to the present date.

Eligibility determinations reflect the most recent consideration of the security, and are as of the date indicated and do not guarantee that ABS will remain eligible or be accepted for future loan requests. As noted in the TALF FAQs, the New York Fed retains the right to reject any ABS as TALF collateral, and loan requests may also be rejected for a number of reasons not having to do with the eligibility of the proposed collateral.

Eligibility determinations have been made for ABS pledged as part of a loan request, as well as based on information submitted by an issuer and its accounting firm unconnected to a specific loan request.

Past TALF-eligibility determinations can be viewed via the Eligible and Ineligible ABS by Subscription Date* link, which provides a running list of eligibility determinations by subscription date.

*The data is in .xlsx format

TALF Interest Rates
Sector Subsector Fixed 3yr loan
(Avg Life, in years)
<2
>=2
Floating
Auto   2-year OIS
rate
+ 125 bps
3-year OIS
rate
+ 125 bps
N/A
Commercial Mortgage   2-year OIS
rate
+ 125 bps
3-year OIS
rate
+ 125 bps
N/A
Credit Card   2-year OIS
rate
+ 125 bps
3-year OIS
rate
+ 125 bps
N/A
Equipment   2-year OIS
rate
+ 125 bps
3-year OIS
rate
+ 125 bps
N/A
Floorplan   2-year OIS
rate
+ 125 bps
3-year OIS
rate
+ 125 bps
N/A
Leveraged Loan   N/A N/A 30-day average SOFR + 150 bps
Premium Finance   2-year OIS
rate
+ 125 bps
3-year OIS
rate
+ 125 bps
N/A
Small Business SBA 7(a) loans N/A N/A Top of Fed Funds Range + 75 bps
Small Business SBA 504 loans 3-year OIS rate
+ 75 bps
3-year OIS rate
+ 75 bps
N/A
Student Loan Private 2-year OIS
rate
+ 125 bps
3-year OIS
rate
+ 125 bps
N/A

Operation
Subscription Date: September 18, 2020
Closing Date: September 29, 2020
3-Year Maturity Date: September 29, 2023
Facility Open: 9:00 a.m. ET
Facility Close: 2:00 p.m. ET
Administrative Fee: 10.00 basis points
 

Loan Rate Benchmark for the September 18, 2020 Subscription:
Loan Rate Benchmark All-in Rate(%)
30-day SOFR Average 1.58
Top of the Fed Funds Target Range 1.00
2-year OIS 1.28
3-year OIS 1.28
3-year OIS (SBA 504 loans) 0.78
TALF loan rates are published by the New York Fed solely to inform market participants about the rates that will be applied to TALF loans for various types of ABS proposed as collateral on a given subscription date. The rates are not intended to be a measure of market conditions and should not be used as benchmark rates for other transactions.

TALF loans requested for the September 18, 2020 Subscription:
Sector Amount
Auto $0
Commercial Mortgage $19,847,500
Credit Card $0
Equipment $0
Floorplan $0
Leveraged Loan $0
Premium Finance $0
Small Business $290,338,409
Student Loan $0
Total $310,185,909


Previous Subscriptions
Operation
Subscription Date: September 3, 2020
Closing Date: September 16, 2020
3-Year Maturity Date: September 18, 2023
Facility Open: 9:00 a.m. ET
Facility Close: 2:00 p.m. ET
Administrative Fee: 10.00 basis points
 

Loan Rate Benchmark for the September 3, 2020 Subscription:
Loan Rate Benchmark All-in Rate(%)
30-day SOFR Average 1.58
Top of the Fed Funds Target Range 1.00
2-year OIS 1.28
3-year OIS 1.28
3-year OIS (SBA 504 loans) 0.78
TALF loan rates are published by the New York Fed solely to inform market participants about the rates that will be applied to TALF loans for various types of ABS proposed as collateral on a given subscription date. The rates are not intended to be a measure of market conditions and should not be used as benchmark rates for other transactions.

TALF loans requested for the September 3, 2020 Subscription:
Sector Amount
Auto $0
Commercial Mortgage $111,725,750
Credit Card $0
Equipment $0
Floorplan $0
Leveraged Loan $0
Premium Finance $0
Small Business $160,809,382
Student Loan $10,175,008
Total $282,710,140

TALF loans settled for the September 3, 2020 Subscription:
Sector Amount
Auto $0
Commercial Mortgage $111,725,750
Credit Card $0
Equipment $0
Floorplan $0
Leveraged Loan $0
Premium Finance $0
Small Business $160,809,382
Student Loan $10,175,008
Total $282,710,140


Operation
Subscription Date: August 19, 2020
Closing Date: August 28, 2020
3-Year Maturity Date: August 28, 2023
Facility Open: 9:00 a.m. ET
Facility Close: 2:00 p.m. ET
Administrative Fee: 10.00 basis points
 

Loan Rate Benchmark for the August 19, 2020 Subscription:
Loan Rate Benchmark All-in Rate(%)
30-day SOFR Average 1.60
Top of the Fed Funds Target Range 1.00
2-year OIS 1.28
3-year OIS 1.28
3-year OIS (SBA 504 loans) 0.78
TALF loan rates are published by the New York Fed solely to inform market participants about the rates that will be applied to TALF loans for various types of ABS proposed as collateral on a given subscription date. The rates are not intended to be a measure of market conditions and should not be used as benchmark rates for other transactions.

TALF loans requested for the August 19, 2020 Subscription:
Sector Amount
Auto $0
Commercial Mortgage $169,149,302
Credit Card $0
Equipment $0
Floorplan $0
Leveraged Loan $0
Premium Finance $0
Small Business $213,890,187
Student Loan $0
Total $383,039,489

TALF loans settled for the August 19, 2020 Subscription:
Sector Amount
Auto $0
Commercial Mortgage $169,149,302
Credit Card $0
Equipment $0
Floorplan $0
Leveraged Loan $0
Premium Finance $0
Small Business $213,856,554
Student Loan $0
Total $383,005,856

Operation
Subscription Date: August 4, 2020
Closing Date: August 13, 2020
3-Year Maturity Date: August 14, 2023
Facility Open: 9:00 a.m. ET
Facility Close: 2:00 p.m. ET
Administrative Fee: 10.00 basis points
 

Loan Rate Benchmark for the August 4, 2020 Subscription:
Loan Rate Benchmark All-in Rate(%)
30-day SOFR Average 1.61
Top of the Fed Funds Target Range 1.00
2-year OIS 1.25
3-year OIS 1.24
3-year OIS (SBA 504 loans) 0.74
TALF loan rates are published by the New York Fed solely to inform market participants about the rates that will be applied to TALF loans for various types of ABS proposed as collateral on a given subscription date. The rates are not intended to be a measure of market conditions and should not be used as benchmark rates for other transactions.

TALF loans requested for the August 4, 2020 Subscription:
Sector Amount
Auto $0
Commercial Mortgage $113,106,400
Credit Card $0
Equipment $0
Floorplan $0
Leveraged Loan $0
Premium Finance $0
Small Business $486,898,441
Student Loan $46,276,043
Total $646,280,884

TALF loans settled for the August 4, 2020 Subscription:
Sector Amount
Auto $0
Commercial Mortgage $113,106,400
Credit Card $0
Equipment $0
Floorplan $0
Leveraged Loan $0
Premium Finance $0
Small Business $486,898,441
Student Loan $46,066,800
Total $646,071,641


Operation
Subscription Date: July 21, 2020
Closing Date: July 30, 2020
3-Year Maturity Date: July 31, 2023
Facility Open: 9:00 a.m. ET
Facility Close: 2:00 p.m. ET
Administrative Fee: 10.00 basis points
 

Loan Rate Benchmark for the July 21, 2020 Subscription:
Loan Rate Benchmark All-in Rate(%)
30-day SOFR Average 1.60
Top of the Fed Funds Target Range 1.00
2-year OIS 1.25
3-year OIS 1.26
3-year OIS (SBA 504 loans) 0.76
TALF loan rates are published by the New York Fed solely to inform market participants about the rates that will be applied to TALF loans for various types of ABS proposed as collateral on a given subscription date. The rates are not intended to be a measure of market conditions and should not be used as benchmark rates for other transactions.

TALF loans requested for the July 21, 2020 Subscription:
Sector Amount
Auto $0
Commercial Mortgage $330,785,740
Credit Card $0
Equipment $0
Floorplan $0
Leveraged Loan $0
Premium Finance $0
Small Business $453,246,359
Student Loan $199,645,693
Total $983,677,792

TALF loans settled for the July 21, 2020 Subscription:
Sector Amount
Auto $0
Commercial Mortgage $330,785,740
Credit Card $0
Equipment $0
Floorplan $0
Leveraged Loan $0
Premium Finance $0
Small Business $152,629,169
Student Loan $199,190,656
Total $682,605,565


Operation
Subscription Date: July 6, 2020
Closing Date: July 15, 2020
3-Year Maturity Date: July 17, 2023
Facility Open: 9:00 a.m. ET
Facility Close: 2:00 p.m. ET
Administrative Fee: 10.00 basis points
 

Loan Rate Benchmark for the July 6, 2020 Subscription:
Loan Rate Benchmark All-in Rate(%)
30-day SOFR Average 1.58
Top of the Fed Funds Target Range 1.00
2-year OIS 1.25
3-year OIS 1.25
3-year OIS (SBA 504 loans) 0.75
TALF loan rates are published by the New York Fed solely to inform market participants about the rates that will be applied to TALF loans for various types of ABS proposed as collateral on a given subscription date. The rates are not intended to be a measure of market conditions and should not be used as benchmark rates for other transactions.

TALF loans requested for the July 6, 2020 Subscription:
Sector Amount
Auto $0
Commercial Mortgage $223,820,194
Credit Card $0
Equipment $0
Floorplan $0
Leveraged Loan $0
Premium Finance $51,142,943
Small Business $440,400,661
Student Loan $7,791,950
Total $723,155,749

TALF loans settled for the July 6, 2020 Subscription:
Sector Amount
Auto $0
Commercial Mortgage $212,851,077
Credit Card $0
Equipment $0
Floorplan $0
Leveraged Loan $0
Premium Finance $51,142,614
Small Business $412,938,944
Student Loan $7,791,950
Total $684,724,584


Operation
Subscription Date: June 17, 2020
Closing Date: June 25, 2020
3-Year Maturity Date: June 26, 2023
Facility Open: 8:00 a.m. ET
Facility Close: 3:00 p.m. ET
Administrative Fee: 10.00 basis points
 

Loan Rate Benchmark for the June 17, 2020 Subscription:
Loan Rate BenchmarkAll-in Rate(%)
30-day SOFR Average1.56
Top of the Fed Funds Target Range1.00
2-year OIS1.29
3-year OIS1.30
3-year OIS (SBA 504 loans)0.80
TALF loan rates are published by the New York Fed solely to inform market participants about the rates that will be applied to TALF loans for various types of ABS proposed as collateral on a given subscription date. The rates are not intended to be a measure of market conditions and should not be used as benchmark rates for other transactions.

TALF loans requested for the June 17, 2020 Subscription:
Sector Amount
Auto $0
Commercial Mortgage $145,213,948
Credit Card $0
Equipment $0
Floorplan $0
Leveraged Loan $0
Premium Finance $55,792,506
Small Business $51,150,000
Student Loan $0
Total $252,156,454

TALF loans settled for the June 17, 2020 Subscription:
Sector Amount
Auto $0
Commercial Mortgage $145,213,948
Credit Card $0
Equipment $0
Floorplan $0
Leveraged Loan $0
Premium Finance $55,791,942
Small Business $51,150,000
Student Loan $0
Total $252,155,890