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Federal Reserve Collateralized Loan Obligations Asset-Backed Securities

Dechert LLP

Why Are We So Calm?

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This is just a short note, with little actual utility, but it’s about something that’s really bothering me.  Why are we so calm?  What has anesthetized us?...more

Dechert LLP

Welcome to the New Normal – Funny Times Revisited

Dechert LLP on

Several weeks ago, I wrote a commentary called Funny Times in which I bemoaned the complete lack of coherent data, making the process of predicting the course of interest rates, cap rates and transactional velocity over the...more

Dechert LLP

Fix the CRE CLO, Mr. Market:  Tear Down This Wall!

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CRE CLO technology is languishing in the toolbox.  A combination of high interest rates, a mispriced legacy book, an anxious investor base and no real need to refresh capital until borrowers start borrowing again is largely...more

Dechert LLP

The CRE CLO Unleashed

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Our fine little CRE CLO business has exploded over the past couple of years, hasn’t it?  Last year, around this time, I recklessly predicted for my friends at Commercial Mortgage Alert that we might hit $30 billion of...more

Dechert LLP

A Modest Proposal: Why Can’t CRE CLOs Be More Like Corporate CLOs?

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Here at Dechert, we have market-leading practices in CRE CLO as well as corporate CLOs, including broadly syndicated and middle market structures.  So, every day that I peer into these two alternate universes, I’m astonished...more

Morgan Lewis

Updated Guide to the 2020 Term Asset-backed Securities Loan Facility (TALF) Program (UPDATED)

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The US Treasury Department and the Federal Reserve Bank of New York (the New York Fed) have announced the complete terms of a new Term Asset-Backed Securities Loan Facility (TALF) program, which is intended to address the...more

Latham & Watkins LLP

TALF Program Update: Federal Reserve Releases Form of Agreed-Upon Procedures Report for CLOs

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The form of agreed-upon procedures report provides additional clarity regarding certain TALF-required CLO report requirements. On September 1, 2020, the Federal Reserve released a form of agreed-upon procedures report...more

Dechert LLP

FRBNY, Yet Again, Revises the TALF 2.0 Frequently Asked Questions

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Introduction - As the reinstated Term Asset-Backed Securities Loan Facility program (“TALF 2.0”) opened, the Federal Reserve Bank of New York (the “FRBNY”) continues to revise the TALF 2.0 program details, changing the...more

Dechert LLP

The TALF CLO Trilogy Concludes: Too Little, Too Late

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The Fed throws a bone to the CLO market by reducing the non-call period from three years to one year, but this small victory will likely have little impact given the numerous obstacles which remain unaddressed....more

Proskauer Rose LLP

TALF Program Update: Master Loan and Security Agreement and Updated FAQs

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On May 20, 2020, the Federal Reserve Bank of New York (the "New York Fed") released the form of Master Loan and Security Agreement ("MLSA") that will govern loans issued under its Term Asset-Backed Loan Facility ("TALF") and...more

Morgan Lewis

Guide To The 2020 Term Asset-backed Securities Loan Facility (TALF) Program (UPDATED)

Morgan Lewis on

As of May 28, 2020 - The US Treasury Department and the Federal Reserve Bank of New York (the New York Fed) have announced the complete terms of a new Term Asset-Backed Securities Loan Facility (TALF) program, which is...more

Cadwalader, Wickersham & Taft LLP

COVID-19 Update: Updated FAQs and MLSA Released by the Federal Reserve Provides Additional Details on Eligible ABS, Eligible...

On Wednesday, May 20, 2020, the Federal Reserve announced the first loan subscription date for the Term Asset-Backed Securities Loan Facility (“TALF”) and published the Master Loan and Security Agreement (the “MLSA”) and an...more

White & Case LLP

Federal Reserve Releases New Details About TALF 2.0

White & Case LLP on

In response to the economic consequences of the measures being taken to contain the spread of the novel coronavirus (COVID-19), the Board of Governors of the Federal Reserve System (the "Federal Reserve") revived the Term...more

Dechert LLP

CLOs and Term Asset-Backed Securities Loan Facility (TALF)—We’re Not That Desperate (Yet)

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As revised, TALF may provide a safety net in the event of catastrophic CLO market conditions but is not likely to meet the goal of reviving the corporate loan market Introduction - On May 12, 2020, the Federal Reserve...more

Morgan Lewis

FAQs and Revised Term Sheet Released for Revived TALF Program

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The US Treasury Department and Federal Reserve Bank of New York recently released a new set of FAQs and a revised term sheet for the new Term Asset-Backed Securities Loan Facility (TALF) program, which is intended to address...more

Proskauer Rose LLP

TALF Update: New Federal Reserve Term Sheet and FAQ

Proskauer Rose LLP on

On May 12, 2020, the Federal Reserve published an updated Term Sheet and a set of Frequently Asked Questions (“FAQs”) for the Term Asset-Backed Securities Loan Facility ("TALF"). The TALF program, which was first announced on...more

Cadwalader, Wickersham & Taft LLP

COVID-19 Update: Federal Reserve Issues New TALF Term Sheet and Responses to Frequently Asked Questions

As part of a number of liquidity measures announced in response to the COVID-19 pandemic, the Federal Reserve re-established the Term Asset-Backed Securities Loan Facility (“TALF”) on March 23, 2020....more

Seyfarth Shaw LLP

The Federal Reserve Releases Revised Terms of the Term-Asset Backed Securities Loan Facility

Seyfarth Shaw LLP on

On May 12, 2020, the Board of Governors of Federal Reserve System (the “Fed”) published a revised term sheet for the Term-Asset Backed Securities Loan Facility (the “TALF”)...more

Proskauer Rose LLP

Federal Reserve Clarifies Terms of the TALF Program to Support the Securitization Market

Proskauer Rose LLP on

On April 9, 2020, the Federal Reserve released an updated term sheet for the Term Asset-Backed Securities Loan Facility ("TALF"). The TALF program, which was first announced on March 23, 2020, will provide a funding backstop...more

Dechert LLP

Federal Reserve Releases Updated Term Sheet on the Term Asset-Backed Securities Loan Facility (TALF)

Dechert LLP on

On April 9, 2020, the Federal Reserve Board of Governors (the “Fed”) released an updated term sheet (the “Updated Term Sheet”) for the Term Asset-Backed Securities Loan Facility (“TALF”) program.  While the Updated Term Sheet...more

Polsinelli

Federal Reserve Announces New Details for Term Asset-Backed Securities Loan Facility (TALF)

Polsinelli on

On March 23 the Federal Reserve announced the creation of the Term Asset-Backed Securities Loan Facility, or TALF to support the asset-backed securities (ABS) market.  The new facility (commonly referred to in the market as...more

Mayer Brown

Legacy CMBS Added as Eligible Collateral under TALF Program

Mayer Brown on

Last week, the Federal Reserve announced additional actions to support the U.S. economy, which included expanding its Term Asset-Backed Securities Loan Facility (“TALF 2020”) to include legacy commercial mortgage-backed...more

Cadwalader, Wickersham & Taft LLP

COVID-19 Update: Federal Reserve Broadens Range of Eligible Collateral for Term Asset-Backed Securities Loan Facility (TALF)

TALF Extended to Legacy CMBS and CLOs - On April 9, 2020, the Federal Reserve unveiled an array of additional programs to bolster the U.S. economy in response to the COVID-19 pandemic. One of those programs is aimed at...more

Orrick - Finance 20/20

Joint Federal Regulators Approve Final Risk Retention Rules

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On October 21 and 22, the Fed, HUD, FDIC, FHFA, OCC, and SEC jointly approved final risk retention rules. The final rules, which implement Section 941 of Dodd Frank, generally follow the re-proposed rules issued in August...more

Blank Rome LLP

U.S. Regulatory Update–Final Rules: Credit Risk Retention for CLOs

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Call to Action: The final risk retention rules will change the status quo for nearly all CLO managers beginning in the fourth quarter of 2016. All managers should begin assessing whether and how they will comply with the...more

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