09:05
+1 C°
Traffic jam:   2
$
70.1345
81.7418

New York Fed Announces the First Subscription Date of June 17 for the Term Asset-Backed Securities Loan Facility and Releases Additional Information

21 May 2020
2420
2 min.
2
New York Fed Announces the First Subscription Date of June 17 for the Term Asset-Backed Securities Loan Facility and Releases Additional Information

The Federal Reserve Bank of New York today announced the first loan subscription date for the Term Asset-Backed Securities Loan Facility (TALF) and released an expanded set of Frequently Asked Questions (FAQs) and other documents pertaining to the facility’s operations. The TALF’s first subscription date for loans backed by eligible asset-backed securities (ABS) will be June 17, 2020, and the first loan closing date will be June 25, 2020.

The TALF was established to increase credit availability and support economic activity by facilitating renewed issuance of ABS, thereby increasing the availability of credit to households and businesses. 

Under the TALF, the New York Fed will lend to a special purpose vehicle (TALF SPV), which will provide non-recourse funding secured by eligible collateral to eligible borrowers. On fixed days each month, borrowers will be able to request one or more three-year TALF loans.

The New York Fed has published a Master Loan and Security Agreement (MLSA), which provides further details on the terms that will apply to TALF loans.

The Board of Governors of the Federal Reserve System and the Secretary of the Treasury approved the establishment of the TALF, and the Department of the Treasury, using funds appropriated to the Exchange Stabilization Fund under section 4027 of the Coronavirus Aid, Relief, and Economic Security Act, will make a $10 billion equity investment in the TALF SPV.

The TALF will operate in accordance with the additional details explained in the FAQs and other documents released today.

Contact for General Inquiries

nytalf@ny.frb.org 

Contact for Media Inquiries

Andrea Priest
(212) 720-6139
andrea.priest@ny.frb.org 

Brian Manning
(212) 720-6143
brian.manning@ny.frb.org 

Source: https://www.newyorkfed.org/newsevents/news/markets/2020/20200520

Discussion

NEW YORK PRESS RELEASES


GlobalNY.biz Press Releases are the latest news from New York companies.
Official press releases of New York companies are regularly published on the resource. You can find out the latest news of enterprises in the corresponding section on the main page. Placing press releases is a traditional and effective way to promote your business. It allows organizations to announce themselves and their products and services to the widest possible audience. In this case, the informational occasion can be anything: attracting people to an event or conference, highlighting new products or personnel appointments. If you set a goal to draw attention to your information, then GlobalNY.biz will become your reliable assistant in this matter. Thanks to the portal, your press release will be seen by reviewers of leading Internet publications, clients and partners.
GlobalNY.biz allows representatives of companies and organizations in New York to independently post a press release when registering on the resource. The most important feature of GlobalNY.biz is that all publications of New York companies fall into the archives and will be available from the search for a long time. You just need to add the press release to the news feed.
GlobalNY.biz offers its customers a subscription service that allows companies to regularly publish press releases on favorable terms. In addition, the business portal makes it possible to more fully tell about the life of the company by adding photos and videos, personas and employee quotes. All information materials have active links and will lead potential customers to your resource.
Alena Potapova

Development Director