Select Page

Bulletins

July 28, 2021

An Enhancement to our Callable Adjustable Rate Credit Advance (Callable ARC)

The FHLBNY is pleased to announce an enhancement to our Callable Adjustable Rate Credit Advance (Callable ARC). The Callable ARC features a one-time call option to extinguish funding early through two distinct option structures, giving members the flexibility to meet the demands of a fluctuating balance sheet. Given the shorter-term nature of the current borrowing environment, the minimum term for the Callable ARC has been lowered to 4 months (from the previous 7-month term) for our 1-month-left-to-maturity call option to better meet our members’ needs.

The Callable ARC gives members the latitude to either keep the advance funding to full contractual life or terminate it earlier on the predetermined call date. 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.

Some key benefits of the Callable ARC advance are:

  • Respond to changes in liquidity profile: If you no longer require floating-rate funding, the Callable ARC provides the flexibility to extinguish the advance at no cost on its call date. Should you require liquidity of a longer-term, you can extinguish at the call date and rebook an advance of a longer tenor.
  • Manage Balance Sheet and Capital Levels: Affords you with the ability to manage your balance sheet and capital levels more tightly.
  • Match Fund Floating Rate Assets: The Callable ARC can be linked to 1-Month LIBOR or SOFR indices, which can enable you to match the interest rate characteristics of floating-rate assets. Note, 1-month LIBOR ARCs will not be available with maturities that span beyond 12/31/21.
  • Capitalize on Market Volatility: Should the rate on the ARC advance improve or worsen with market volatility, members have the flexibility of either extinguishing the advance and rebooking at more advantageous levels or maintaining the advance to its original contractual maturity.

 

Callable ARC Advance: 1-Month Call at the End

Terms

7-month 4-month minimum term
with a 1-month-left-to-maturity call option

Available Indices 1-month LIBOR and SOFR
Maturities 1-month LIBOR maturities not available beyond 12/31/2021; 3-year maximum term for Callable advances tied to SOFR
Option Structure One time European (Euro) call option
Example 4 months Non-Call 3 months
(4mNC3m) (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.

11/16/2022

Prepare for the 1Link Migration in December 2022

09/28/2022

2022 Update to MPG & CSM: Member Products Guide & Correspondent Services Manual

09/23/2022

Reintroducing Putable Advances, Fixed-Rate Advances with SOFR Cap and ARC Advances with Cap/Floor

07/05/2022

FHLBNY Affordable Housing Advisory Council Open Nomination Period

06/24/2022

Amendment to the FHLBNY Capital Plan Appendix Effective August 1, 2022

04/07/2022

Wire Transfers Migration to 1Link-IPR

01/24/2022

FHLBNY Announces Enhancements to the Rebate Program for Advances

01/03/2022

2022 Update to MPG & CSM: Member Products Guide and the Correspondent Services Manual

12/03/2021

Updates to the 2022 Fee Schedules

08/24/2021

Important Announcement for Community Lending Programs Users

07/28/2021

An Enhancement to our Callable Adjustable Rate Credit Advance (Callable ARC)

07/20/2021

RSA SecurID® for 1Link-IPR Coming Soon

07/14/2021

Important Announcement Regarding the Upcoming FHLBNY Homepage Update

07/02/2021

FHLBNY CICA Disaster Relief Funding Update

04/14/2021

Enhancements to the Refundable Municipal Letter of Credit for Members Participating in the New Jersey Department of Banking and Insurance GUDPA Program

03/01/2021

Notice of FHLB Members Selected For Community Review (Effective March 1, 2021)

02/10/2021

FHLBNY Capital Stock Purchase Requirement for Letters of Credit (Effective March 1, 2021)

02/10/2021

2021 Update to MPG & CSM: Member Products Guide and the Correspondent Services Manual

12/03/2020

2020 Update to MPG & CSM: Member Products Guide and the Correspondent Services Manual

09/02/2020

Amendments to the FHLBNY Capital Plan (Effective October 2, 2020)

07/30/2020

FHLBNY CICA Disaster Relief Funding: Eligibility Expansion

05/15/2020

Update to the Member Products Guide

06/01/2020

Enhancements to the Refundable MULOC Product

04/23/2020

FHFA Provides Guidance on PPP Loans

01/03/2020

1Link® Migration: Phase I - Interim Portal Roll-out

12/31/2019

2019 Update to MPG & CSM: Member Products Guide and the Correspondent Services Manual (for Jan 2020)

12/17/2019

1Link® Migration: Phase I – Interim Access Portal

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 ARC: FHLBNY is pleased to announce the expansion of the SOFR-Linked ARC Advance Program

03/26/2019

Notice of Federal Home Loan Bank Members Selected For Community Review (March 26, 2019)

01/31/2019

Introducing the Homebuyer Dream Program: A New First-Time Homeowner Grant Program

01/24/2019

2019 Update to MPG & CSM: Member Products Guide and the Correspondent Services Manual

01/04/2019

Announcement of Fannie Mae and Freddie Mac Uniform Mortgage-Backed Security (UMBS)

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.

No post

Latest News

11/23/2022

FHLBNY Announces Results of 2022 Board of Director Elections

11/17/2022

Dividend Announcement 3Q22: The FHLBNY Declares a 6.75% Dividend for the Third Quarter of 2022

11/16/2022

Prepare for the 1Link Migration in December 2022

12/31/2019

2019 Update to MPG & CSM: Member Products Guide and the Correspondent Services Manual (for Jan 2020)

12/11/2019

A Review of Housing Statistics at the End of 2019