November 19, 2018
Announcing the SOFR-Linked Adjustable Rate Credit Advance
Notice: Please refer to the SOFR-Linked Adjustable Rate Credit Advance Program page for the latest product updates.
The Federal Home Loan Bank of New York (FHLBNY) is pleased to announce the launch of the Secured Overnight Financing Rate (SOFR)-Linked Adjustable Rate Credit (ARC) Advance. This Advance will permit members to transact floating-rate advances using the new SOFR index.
Why use a SOFR-Linked Adjustable Rate Credit Advance?
As markets evolve, and LIBOR transitions to alternative indices, the FHLBNY is expanding its existing advance offering to now allow members to select a SOFR-Linked Adjustable Rate Credit Advance. This Advance will assist members in meeting their funding and Asset/Liability management needs.
SOFR-Linked ARC Advance Attributes
3 months up to 1 year
|Coupon Payment Lockout||1 Business Day|
|Accrual Method (Day count)||Actual/360|
|Program Cap*||$1 Billion|
|Member Cap*||$250 Million|
*Note: Program and Member Caps are temporary for this program. The parameters of the program have been changed since rollout. See the updated bulletin.
We have expanded the parameters for the SOFR-linked ARC Program.
View the updated bulletin from June 4, 2019.
If you would like more information on the SOFR-Linked ARC Advance, contact a Relationship Manager at (212) 441-6700 or a Member Services Desk Representative at 1-800-546-5101, option 1.
Disclaimer: Notwithstanding any language to the contrary, nothing contained in this disclosure is intended to constitute an offer, inducement, promise, or contract of any kind. This product description and pricing may be subject to change without notice.
The content provided in this disclosure is presented as a courtesy to be used only for informational purposes and is not represented to be error free. The Federal Home Loan Bank of New York (FHLBNY) makes no representations or warranties of any kind with respect to the content contained herein, such representations and warranties being expressly disclaimed. The FHLBNY is not a financial or investment advisor.
Moreover, FHLBNY does not represent or warrant that the content of this disclosure is accurate, complete or current for any specific or particular purpose or application. It is not intended to provide nor should anyone consider that it provides legal, accounting, tax or other advice. Such advice should only be rendered in reference to the particular facts and circumstances appropriate to each situation. FHLBNY encourages you to contact appropriate professional(s) and consultant(s) to assess your specific needs and circumstances and to render such advice accordingly. In addition, FHLBNY is not endorsing or recommending the use of the means or methods contained in or through this disclosure for any special or particular purpose.
It is solely your responsibility to evaluate the risks or merits of any funding or investment strategy. In no event will FHLBNY or any of its officers, directors or employees be liable for any damages – whether direct, indirect, special, general, consequential, for alleged lost profits, or otherwise – that might result from any use of or reliance on these materials..
Report from the President: A Vital Conversation
FHLBNY Commences 2020 Board Of Directors Election Process
Enhancements to the Refundable MULOC Product
A Review of Housing Statistics at the End of 2019
Five Ways to Manage Your Balance Sheet in a Volatile Rate Environment