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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 with interest calculated on a simple averaging or compounding basis.

SOFR-Linked ARC Advance Attributes

Terms* 3 months and beyond
Payment Frequency Quarterly
Reset Frequency Daily
Accrual Method (Day count) Actual/360
Business Day Convention Next Business Day/Modified Following
Interest Calculation Simple Averaging / Compounding (New)

*Note: Availability beyond 10 years subject to market liquidity conditions and approval.

Note: The SOFR-Linked ARC Advance with compounding interest will have a $5 million minimum trade size – smaller trade exceptions can be made by consulting with the Member Services Desk.

 

UPDATE: As of January 19, 2021, SOFR-Linked Adjustable Rate Credit Advances are now available with the option to use Simple Averaging or Compounding interest calculations.

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]