On April 9, 2020, the U.S. Federal Reserve announced revised preliminary terms for the Term Asset-Backed Securities Loan Facility ("TALF 2020"). Certain CLO securities that are rated AAA by at least two rating agencies and are not rated below AAA by any other rating agency will be eligible collateral for loans under the TALF 2020 program. In order to be eligible, the AAA CLO securities must be collateralized by static pools of leveraged loans and all or substantially all of these leveraged loans must be "newly issued."