COVID-19: Supporting Consumers & Businesses

SFA’s Research Corner is where we track the performance on the consumer and business lending that our market finances and the economic impact of the structured finance industry, including market movements and macro signals that impact our members.

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The outbreak of COVID-19 has resulted in supply and demand shocks never before known to the world economy. Social distancing and shelter in place directives arising from the COVID-19 outbreak have begun to weigh heavily on consumer demand as businesses, both large and small, close for extended periods of time. As the number of confirmed cases in the U.S. continues to rise, the full impact of this outbreak on the U.S. economy remains uncertain. Businesses and consumers will face increasing pressures during these challenging times. We encourage you to explore our members’ extensive coverage of COVID-19 and its impact on the securitization markets.

The outbreak of COVID-19 has resulted in supply and demand shocks never before known to the world economy. CLOs with meaningful exposure to impacted sectors will be most vulnerable to the COVID-19 outbreak. SFA strives to support the real economy in times of both crisis and growth by safely enabling greater credit access to industry, consumers, and investors. We encourage you to explore our members’ extensive coverage of COVID-19 and its impact on the securitization markets. Links may be found below.

SFA Research: Triple-A CLOs Weather COVID-Induced Credit Storm

Going into the COVID-19 crisis, our households and businesses were supported by strong wages, low unemployment rates and low interest rates. While this will provide some support to our economy, the COVID-19 pandemic has resulted in supply and demand shocks never before known to the world economy. As governments discuss and implement exit strategies, the full impact of this outbreak on the U.S. economy still remains uncertain. SFA strives to support the real economy in times of both crisis and growth by safely enabling greater credit access to industry, consumers, and investors. We encourage you to explore our members’ extensive coverage of COVID-19 and its impact on the securitization markets. Links may be found below.

SFA Research: Triple-A CLOs Weather COVID-Induced Credit Storm

COVID-19 United States Cases by County, April 2020

Source: Johns Hopkins University of Medicine Coronavirus Resource Center

Fed Facilities/Programs Summary

SFA has put together a summary table of all the facilities and programs announced by the Fed to-date in response to the COVID-19 crisis.

Read the summary table here.

TALF 2008 vs TALF 2020

SFA has put together a matrix comparing the 2008 TALF program criteria, as well as the asset and loan criteria, to that of 2020 TALF.

Read more here.

Main St. Lending Programs Borrower/Participant Criteria

SFA has put together a summary of the borrower/participant criteria for all of the Main Street Lending Programs.

Read more here.

TALF 2020 Deliverables Timeline

A quick reference guide to the required deliverables and related timing associated with TALF borrowing, issuers, sponsors and TALF Agents requirements can be found here. (Source: Mayer Brown)

Guide to the 2020 TALF Program

A guide to the most important features of the 2020 TALF program including eligibility requirements, loan terms, issuer/sponsor requirements, TALF Agent considerations, and a detailed TALF borrowing timeline may be found here. (Source: Morgan Lewis)

Federal Statutory Consumer Relief under the CARES Act

A chart summarizing key provisions of the CARES Act can be found here.  (Source: Mayer Brown)