Fitch Publishes Presale Report on Times Square Funding, LLC.NEW YORK New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of -- Fitch Ratings Fitch Ratings An international rating agency for financial institutions, insurance companies, and corporate, sovereign, and municipal debt. Fitch Ratings has headquarters in New York and London and is wholly owned by FIMALAC of Paris. has published a presale report on the new $5.0 billion asset-backed short-term note program, Times Square Funding, LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control (TSF TSF Text Services Framework TSF TOE Security Functions TSF Télégraphie Sans Fil (French: former term for radio) TSF Twelve Step Facilitation (counseling intervention) ). TSF, sponsored by Eurohypo AG, New York Branch ('Eurohypo,' rated 'A/F1' by Fitch), is a bankruptcy-remote special purpose Delaware limited liability company established to issue up to $5.0 billion of 4(2) asset-backed commercial paper (CP) and extendable notes (EN). The proceeds will be used by TSF to advance loans to Eurohypo through repo Repo An agreement in which one party sells a security to another party and agrees to repurchase it on a specified date for a specified price. See: Repurchase agreement. repo See repurchase agreement (RP). transactions collateralized with financial assets that meet the programs investment criteria. Repo collateral may consist of rated securities and commercial real estate loans. Full credit and liquidity support for the notes will be provided through a tri-party repo with Eurohypo. It is expected that the repo and the notes will be matched so that the repurchase date under the repo is the same as the final maturity date of the related notes. However, the term of the notes and the repo is not required to be matched because the full and timely repayment of the notes are ensured by TSF's right to terminate a repo at any time and the repurchase price paid by Eurohypo must cover all interest accrued though the maturity date of the CP or the expected maturity date of ENs, as applicable. Should notes require any interim interest payments, Eurohypo must make corresponding interest payments under the repo. Each repo transaction is structured as a tri-party repo and will involve the Bank of New York The Bank of New York, abbrieviated to BNY, was a global financial services company that existed until its merger with the Mellon Financial Corporation on July 2, 2007.[1] The bank now continues under the new name of The Bank of New York Mellon Corporation. (BoNY), rated 'AA-/F1+' by Fitch, as the custodian. The repo collateral will be titled to, or be held by, the custodian for the benefit of TSF. The presale report is available to all investors on Fitch's corporate site, www.fitchratings.com. For more information about Fitch's comprehensive subscription service, 'Fitch Research,' which includes all presale reports, surveillance, and credit reports on more than 20 asset-backed securities (ABS) asset classes, including collateralized debt obligations (CDOs), contact product sales at +1-212-908-0800 or at webmaster@fitchratings.com. Fitch's rating definitions and the terms of use Terms of Use are rules set up by the owner of an intellectual property or service to govern how they may be legally used. In many cases, terms of service are used as a contractual agreement between a company and users of a service they provide. of such ratings are available on the agency's public site, www.fitchratings.com. Published ratings, criteria and methodologies are available from this site, at all times. Fitch's code of conduct, confidentiality, conflicts of interest, affiliate firewall, compliance and other relevant policies and procedures Policies and Procedures are a set of documents that describe an organization's policies for operation and the procedures necessary to fulfill the policies. They are often initiated because of some external requirement, such as environmental compliance or other governmental are also available from the 'Code of Conduct' section of this site. |
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