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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 up to 3 years.

SOFR-Linked ARC Advance Attributes

Terms

3 months up to 3 years

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: Advance requests with a notional amount above $1 billion will be reviewed to determine available liquidity.

 

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.

Disclaimer: Notwithstanding any language to the contrary, nothing contained in these disclosures is intended to constitute an offer, inducement, promise, or contract of any kind. Any product descriptions and pricing may be subject to change without notice.

The content provided in these disclosures is presented as a courtesy to be used only for informational purposes and is not represented to be error free. The 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, the FHLBNY does not represent or warrant that the content of these disclosures 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. The 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, the FHLBNY is not endorsing or recommending the use of the means or methods contained in or through these disclosures 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.

Key Contacts

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