Bulletins

November 19, 2018

Announcing the SOFR-Linked Adjustable Rate Credit Advance

The Federal Home Loan Bank of New York (FHLBNY) is pleased to announce the launch of the Secured Overnight Financing Rate (SOFR)-Linked Adjustable Rate Credit (ARC) Advance. This Advance will permit members to transact floating-rate advances using the new SOFR index.

Why use a SOFR-Linked Adjustable Rate Credit Advance?

As markets evolve, and LIBOR transitions to alternative indices, the FHLBNY is expanding its existing advance offering to now allow members to select a SOFR-Linked Adjustable Rate Credit Advance. This Advance will assist members in meeting their funding and Asset/Liability management needs.

Advance Description

*Note: Program and Member Caps are temporary for this program. The parameters of the program have been changed since rollout. See the updated bulletin.

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..