On May 5, the Federal Reserve Bank of New York announced that on the May subscription date prospective borrowers requested $10.6 billion in TALF loans. That marks a significant increase from the April subscription, for which there were only $1.7 billion in TALF loan requests.
The types of asset-backed securities (ABS) collateralizing the loan requests also increased. In April, the loan requests were limited to $811 million of auto ABS and $896 million of credit card ABS. In May, however, there were loan requests related to $2.1 billion of auto ABS, $5.5 billion of credit card ABS, $2.3 billion of student loan ABS, $456 million of equipment ABS and $86 million of Small Business Administration loan ABS.