TALF soon to expire after CLO disappointment

By Paola Aurisicchio
01 Dec 2020

The Term Asset Backed Securities Loan Facility (TALF) program will expire at the end of the year, but, despite claiming to target the CLO market, it has proved disappointing, with only Golub Capital issuing a deal which could be bought by the program.

Golub Capital priced a $678m static transaction arranged by Société Générale backed by a pool of mostly middle market loans in October.

Speakers at IMN's ABS East 2020 virtual conference remained highly skeptical about the Fed scheme, and argued that the limitations of the TALF program outweighed the benefits. ...

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