June 4, 2019
Announcing the Expansion of the SOFR-Linked Adjustable Rate Credit Advance Program
Notice: Please refer to the SOFR-Linked Adjustable Rate Credit Advance Program page for the latest product updates.
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.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.
SOFR-Linked ARC Advance Attributes
|Terms||3 months up to 3 years|
|Coupon Payment Lockout||1 Business Day|
|Accrual Method (Day count)||Actual/360|
|Maximum Advance Size||$1 Billion*|
*Note: Advance requests with a notional amount above $1 billion will be reviewed to determine available liquidity.
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 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..
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