July 30, 2020 - On Tuesday, the Federal Reserve extended its emergency lending programs until December 31, 2021. While this affects a number of programs, the Term Asset-Backed Securities Lending Facility (TALF) and Main Street Lending Programs (MSLP) were the key programs that directly targeted the leveraged loan and CLO markets. An extension to December 31, 2021 is good news – in fact, it is a specific request that the LSTA made in its original TALF comment letter – however, the programs continue to offer a number of challenges for the loan and CLO markets. We describe these programs (and discuss their challenges) in depth on pps. 72-76 of the summer 2020 edition of the LSTA Loans Magazine.

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