Term Asset-Backed Securities Loan Facility Subscription Information, TALF rates subscription - FEDERAL RESERVE BANK of NEW YORK

Term Asset-Backed Securities Loan Facility Rates

As of December 31, 2020, the TALF has closed for new loan extensions. The materials and information on the webpages associated with this facility will remain available.
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: December 10, 2020
Closing Date: December 21, 2020
3-Year Maturity Date: December 21, 2023
Facility Open: 9:00 a.m. ET
Facility Close: 1:30 p.m. ET
Administrative Fee: 10.00 basis points
 
Loan Rate Benchmark for the December 10, 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 1.35
3-year OIS 1.38
3-year OIS (SBA 504 loans) 0.88

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 December 10, 2020 Subscription:
Sector Amount
Auto $0
Commercial Mortgage $0
Credit Card $0
Equipment $0
Floorplan $0
Leveraged Loan $152,000,000
Premium Finance $0
Small Business $65,732,774
Student Loan $0
Total $217,732,774

TALF loans settled for the December 10, 2020 Subscription:
Sector Amount
Auto $0
Commercial Mortgage $0
Credit Card $0
Equipment $0
Floorplan $0
Leveraged Loan $152,000,000
Premium Finance $0
Small Business $46,036,379
Student Loan $0
Total $198,036,379


Previous Subscriptions
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