May 12, 2020 - The LSTA today commented on the announcement today by the Federal Reserve regarding updates to the term sheet for the Term Asset-Backed Securities Loan Facility (“TALF”).
Lee Shaiman, the executive director of the LSTA said, “The LSTA recognizes the enormity of the ongoing task by the Federal Reserve to quickly and equitably roll out the emergency assistance programs as part of the TALF facilities. A number of the suggestions communicated to the Fed have been incorporated; we hope that these refinements to the TALF program permit CLOs to indirectly provide financing to the companies that need them. As we have communicated, in order for the programs to be effective, they should both meet the objectives of the Fed and work for CLO investors and rating agencies”.
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