Fed opens up TALF to legacy CMBS

The Federal Reserve’s controversial expansion of the Term Asset Backed Securities Lending Facility (TALF) to include outstanding securitisations was formally launched on Tuesday. The Fed will now accept senior, triple-A rated US CMBS, subject to eligibility criteria, in a move which supporters hope will clear the balance sheet backlog and eventually restart the new issuance market. EuroWeek explains which deals will qualify and asks if this initiative will finally provide the market with the support it needs.