Morgan Stanley Launches TALF Fund (MS)
The original target was $500 million and the strategy is for investing in securities eligible to serve as collateral under the Term Asset-Backed Securities Loan Facility, a.k.a. ‘the TALF,’ offered by the Federal Reserve Bank of New York.
The New York Fed and the Treasury Department announced the creation of the $200 billion TALF in late 2008 and launched it earlier this year. This will facilitate new issues of asset-backed securities. The fund’s TALF strategy is to capitalize on market disruptions by sourcing undervalued credits and attractive cash flows in TALF-eligible securities. The will mainly be AAA-rated by two agencies in auto, credit card, small business and student loans.
How this program will pan out has yet to be seen.
Jon C. Ogg
July 17, 2009
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