Underwriters are marketing a $562 million Harley-Davidson Motorcycle Trust asset-backed sale to investors on Monday to be sold under the Federal Reserve’s emergency loan program, market sources said.
The securities backed by motorcycle loans will be sold under the Fed’s Term Asset-Backed Securities Loan Facility, known as TALF, under its next loan subscription round scheduled for Dec. 3.
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A senior Federal Reserve official said on Sunday the central bank should keep alive a mortgage-backed securities buying program beyond a planned end-date to give policy-makers more flexibility as they help the economy recover from a painful recession.
“I have advocated to keep the asset purchase program open but at a very low level, and wait and see what happens, and as information comes in about the economy we can adjust that program while the federal funds rate remains at zero,” St. Louis Federal Reserve bank James Bullard said in an interview with Dow Jones newswire.
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