The SOFR-Linked Adjustable Rate Credit Advance Program
The Federal Home Loan Bank of New York (FHLBNY) is pleased to announce the expansion of the Secured Overnight Financing Rate (SOFR)-Linked Adjustable Rate Credit (ARC) Advance Program.
Now members can transact floating-rate advances using the new SOFR index without overall Program or per-member limits. In addition, the Program now has maturities available from 3 months and beyond.
SOFR-Linked ARC Advance Attributes
3 months and beyond
|Coupon Payment Lockout||1 Business Day|
|Accrual Method (Day count)||Actual/360|
|Business Day Convention||Next Business Day or Modified Following (new)|
|Maximum Advance Size||$1 Billion*|
*Note: Availability beyond 10 years subject to market liquidity conditions and approval.
UPDATE: As of May 31, 2020, SOFR-Linked Adjustable Credit Rate Advances are now available with either the ‘Modified Following’ (new) or ‘Next Business Day’ conventions.
If you would like more information, contact a Relationship Manager at (212) 441-6700
or a Member Services Representative at 1-800-546-5101, option 1.