In an indication that issuers might no longer need the Federal Reserve's Term Asset-Backed Securities Loan Facility, issuers this month sold more asset-backed bonds without the program than they did with it. However, issuers have not completely abandoned the 8-month-old program. "Issuance will continue to come in the form of both TALF and non-TALF deals," said Giuseppe Pagano, managing director of Barclays Capital's asset-securitization group. "Some asset classes still need TALF to get deals done, but even for those that don't need it, the backstop it provides is beneficial."
Published in Brief: