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Credit Products

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

Payment Frequency Quarterly
Reset Frequency Daily
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.

Key Contacts

Relationship Managers:
(212) 441-6700
[email protected]