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 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 new issue and legacy commercial mortgage-backed securities:

Operation Announcement
Subscription Date: August 20, 2009
Closing Date: August 28, 2009
3-Year Maturity Date: August 28, 2012
5-Year Maturity Date: August 28, 2014
Facility Open: August 20, 2009 8:00 a.m. ET
Facility Close: August 20, 2009 3:00 p.m. ET
Administrative Fee: 20.00 basis points
Eligible Collateral: CMBS1
Loan Term: 3 or 5 years
Rates for August 20, 2009 Facility:

Sector

Fixed 3 year loan

Fixed 5 year loan

Commercial Mortgage

3.0715

3.8718

Amount of TALF loans requested at August 20, 2009 Facility:

Sector

Newly Issued Amount

Legacy Amount

Commercial Mortgage

$0

$2,283,323,490.50

1As defined in the terms & conditions
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