What is the TALF process from subscription to settlement?
Prior to each subscription date, each primary dealer will collect from prospective eligible borrowers the amount of each borrower’s loan request(s), the interest rate format corresponding to the type of collateral pledged (that is, fixed or floating), the stated maturity date of the loan, the CUSIPs of the ABS the borrower expects to deliver and pledge to the New York Fed and, except for SBA Pool Certificates, the prospectuses and/or offering documents of the ABS expected to be pledged. On the subscription date, each primary dealer will submit this information to the New York Fed’s custodial agent for review and will also submit to the New York Fed the aggregate loans request amount for all its customers by rate type and asset class.
Prior to each subscription date, each primary dealer will collect from prospective eligible borrowers the amount of each borrower’s loan request(s), the interest rate format corresponding to the type of collateral pledged (that is, fixed or floating), the CUSIPs of the ABS the borrower expects to deliver and pledge to the New York Fed and the prospectuses and/or offering documents of the ABS expected to be pledged. On the subscription date, each primary dealer will submit this information to the New York Fed’s custodial agent for review and will also submit to the New York Fed the aggregate loans request amount for all its customers by rate type and asset class.
Prior to each subscription date, each primary dealer will collect from prospective eligible borrowers the amount of each borrower’s loan request(s), the interest rate format corresponding to the type of collateral pledged (that is, fixed or floating), the CUSIPs of the ABS the borrower expects to deliver and pledge to the New York Fed, and the prospectuses and/or offering documents of the ABS expected to be pledged. On the subscription date, each primary dealer will submit this information to the New York Fed’s custodial agent for review and will also submit to the New York Fed the aggregate loans request amount for all its customers by rate type and asset class.
Prior to each subscription date, each primary dealer will collect from prospective eligible borrowers the amount of each borrower’s loan request, the interest rate format desired by the borrower (that is, fixed or floating; borrowers may request one of each), the CUSIPs of the ABS the borrower expects to deliver and pledge to the New York Fed, and the prospectuses and/or offering documents of the ABS expected to be pledged. On the subscription date each primary dealer will submit this information to the New York Fed’s custodial agent for review and will also submit to the New York Fed an aggregate loan request amount for all its customers that seek a fixed-rate TALF loan, and an aggregate loan request amount for all its customers that seek a floating-rate TALF loan.
