Bulletins

November 6, 2019

Announcing the Callable Adjustable Rate Credit Advance Pilot Program

The Federal Home Loan Bank of New York (FHLBNY) is pleased to announce the pilot* launch of the Callable Adjustable Rate Credit Advance (Callable ARC).

The Callable ARC offers two distinct option structures that give members the flexibility to meet the demands of a fluctuating balance sheet.  Members can use the call feature to strategically extinguish (and potentially rebook) the advance when the remaining term reaches either a 1-month-left-to-maturity or 1-year-left-to-maturity window, affording greater control in managing liquidity needs with no additional prepayment fees.

The Callable ARC will be available with either 1-month LIBOR or  Secured Overnight Financing Rate (SOFR) indices with the following product structures:

 

Callable ARC Advance: 1-Month Call at the End

 

Terms

7-month minimum term with a 1-month-left-to-maturity call option

Available Indices 1-month LIBOR or SOFR
Maturities 1-month LIBOR maturities not available beyond 12/31/2021; 3-year maximum term for advances tied to SOFR
Option Structure One time European (Euro) call option
Example 7 month Non-Call 6 month
7mNC6m (Euro)

 

Callable ARC Advance: 1-Year Call at the End

 

Terms

3-year minimum term with a 1-year-left-to-maturity call option

Available Index SOFR
Maturity 3-year is the maximum term (at this time)
Option Structure One time European (Euro) call option
Example 3 year Non-Call 2 year
3yNC2y (Euro)

 

*Please note: Due to limited amounts available at this time, funds will be distributed on a first-come, first-served basis.

 

 

Advantages of the Callable ARC Advance:

 

 

An advance with a call option that can help members flexibly manage their liquidity needs

 

Affords members the ability to manage their balance sheet and capital levels more tightly

 

Can be tailored to meet specific financing needs

 

Allows members to take advantage of potential changes to ARC rates, should the rate on the ARC advance improve or worsen with market volatility

 

No prepayment fees when the call option is exercised on the pre-determined date, adding flexibility to extinguish or rebook the advance

 

Can be linked to either 1-month LIBOR or SOFR indices, enabling members to match the interest rate characteristics of adjustable-rate assets

 

If you would like additional information, please 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.

11/06/2019

Announcing the Callable Adjustable Rate Credit Advance Pilot Program

09/27/2019

FHLBank System Regulator Provides LIBOR Transition Guidance.

06/04/2019

SOFR-Linked Adjustable Rate Credit Advance: The Federal Home Loan Bank of New York is pleased to announce the expansion of the SOFR-Linked ARC Advance Program. Members can transact floating-rate advances using the new SOFR index without overall program or per member limits.

03/26/2019

Notice of FHLB Members Selected for Community Review: The Federal Housing Finance Agency has issued a final rule amending its community support regulation, 12 CFR Part 1290. This regulation requires that Federal Home Loan Bank members meet certain standards of community investment or service to maintain continued access to long-term (greater than one year) advances from the Federal Home Loan Banks.

01/31/2019

Introducing the Homebuyer Dream Program: The Homebuyer Dream ProgramTM (HDP) is a a new first-time homeowner grant program coming in mid-2019.

01/24/2019

Update to MPG & CSM: The Federal Home Loan Bank of New York (FHLBNY) has updated its Member Products Guide (Guide) and the Correspondent Services Manual (Manual).

01/04/2019

Fannie Mae and Freddie Mac Uniform Mortgage-Backed Security: Effective June 3, 2019, Fannie Mae and Freddie Mac will begin to issue a new, common security (UMBS) and will replace the current offerings of Freddie Mac 45 day Gold securities.

11/28/2018

Updates to the 2019 Fee Schedules: In our continued effort to provide excellent service to our Members and maintain our focus on the core business of providing liquidity we are pleased to announce further streamlining of ancillary fees.

11/19/2018

The SOFR-Linked Adjustable Rate Credit Advance: The Federal Home Loan Bank of New York is pleased to announce the launch of the Secured Overnight Financing Rate (SOFR)-Linked Adjustable Rate Credit (ARC) Advance.

10/10/2018

Nominations for AHAC: The Federal Home Loan Bank of New York (FHLBNY) is now accepting nominations for the FHLBNY’s Affordable Housing Advisory Council.

10/09/2018

A New Housing Program: A new first-time homeowner grant program is coming in mid-2019.

07/27/2018

D&I Status Report Highlights: In 2017, the FHLBNY made significant achievements in diversity and inclusion. These achievements are captured in our 2017 Diversity & Inclusion Status Report.

05/07/2018

AHP Proposed Rule: The FHFA has issued a Proposed Rule that calls for a number of changes to the AHP. We believe that many of these proposed changes will present significant challenges to our members, housing partners and other community stakeholders, and could impact how affordable housing is funded across our region.

04/20/2018

Member Products Guide & Correspondent Services Manual Update: The FHLBNY has updated its Member Products Guide and the Correspondent Services Manual. The Guide and Manual detail the FHLBNY’s credit, collateral and correspondent services standards and can assist members in finding helpful information on the FHLBNY's Business Lines.

04/05/2018

Affordable Housing Program 2018: The Federal Home Loan Bank of New York is pleased to announce that approximately $45 million in housing grants will be available for the Affordable Housing Program 2018 Competitive Round.

07/14/2017

FHLBNY Capital Plan Revisions: On August 1, 2017, revisions to the FHLBNY Capital Plan will become effective. : RE: FHLBNY Capital Plan Revisions - Effective August 1, 2017

07/12/2017

Announcement Regarding Overnight Advance Processing: Members may now process their Overnight Advances by calling the Member Services Desk for the same low rate as processing this transaction on 1Link.

06/21/2017

Update to Member Products Guide & Correspondent Services Manual: The Federal Home Loan Bank of New York (FHLBNY) has updated its Member Products Guide and the Correspondent Services Manual.

05/31/2017

2016 Annual Report to Members: Our members drive our franchise. In this Annual Report, we have included testimonials from a diverse range of members, all of whom share their thoughts on the value and importance of their membership in our cooperative.

05/22/2017

A New Home for FHLBNY: The Federal Home Loan Bank of New York is pleased to inform you that our New York office has moved to a more modern and open space on the sixth and seventh floors of the 101 Park Avenue location.

05/11/2017

Affordable Housing Program 2017: The Federal Home Loan Bank of New York is pleased to announce that approximately $33.2 million in housing grants is available for the Affordable Housing Program 2017 Competitive Round.

04/03/2017

Affordable Housing Program 2017: The Federal Home Loan Bank of New York is pleased to announce that approximately $33.2 million in housing grants will be available for the upcoming Affordable Housing Program 2017 Competitive Round.

02/15/2017

FHLBNY Bulletin No. 027: The Federal Housing Finance Agency (“FHFA”) has issued a final rule amending its community support regulation, 12 CFR Part 1290

01/11/2017

FHLBNY Bulletin No. 026: To 1LinkSM and 1LinkSKSM Users

12/01/2016

FHLBNY Bulletin No. 025: Update to the 2017 Fee Schedules

05/31/2016

FHLBNY Bulletin No. 024: Updates to the 2016 Fee Schedules

04/06/2016

FHLBNY Bulletin No. 023: Announcing the New Symmetrical Prepayment Advance (SPA) Feature; Why Use a SPA Feature?; Available SPA Advance Structures

03/01/2016

FHLBNY Bulletin No. 022: Updates to the 2016 Fee Schedules

12/18/2015

FHLBNY Bulletin No. 021: The Federal Home Loan Bank of New York (“FHLBNY”) is pleased to announce an advance prepayment Rebate Program : FHLBNY Announces Rebate Program for Advances

09/29/2015

FHLBNY Bulletin No. 020: Putable Advance Modification Program has expanded: previously modified Putable Advances can now be re-modified : Update to the Putable Advance Modification Program

09/22/2015

FHLBNY Bulletin No. 019: The FHLBNY Will Accept Split-rated, Private Label Commercial Mortgage Backed Securities as Collateral to Secure All Extensions of Credit

04/27/2015

FHLBNY Bulletin No. 017: Update to the Member Products Guide & Correspondent Services Manual

04/15/2014

FHLBNY Bulletin No. 014: Heartbleed Open SSL Security Vulnerability

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