April 11. 2020

TALF 2020 and CLOs

Authors:

Ryan Suda,
J. Paul Forrester,
Keith F. Oberkfell,
Sagi Tamir,
Joanna C. Nicholas

On April 9, 2020, the U.S. Federal Reserve announced revised preliminary terms for the Term Asset-Backed Securities Loan Facility (“TALF 2020”). Certain CLO securities that are rated AAA by at least two rating agencies and are not rated below AAA by any other rating agency will be eligible collateral for loans under this program. In this Legal Update, we highlight several aspects of the preliminary terms of TALF 2020 with particular relevance to CLOs.

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