The July 7 TALF offering saw a 14.4% decline in demand. Demand had been rising steeply since April.
According to data from the Federal Reserve Bank of New York
, about $2.83 billion of auto ABS found buyers in the July 7 offering. That was down from more than $3.3 billion at the June 2 sale.
The TALF has been a major source of liquidity for auto finance companies without deposit funds. What follows is the TALF demand on auto securitizations for each of the five TALF offerings:
3/17/09: $1.9 billion
4/7/09: $811 million
5/5/09: $2.2 billion
6/2/09: $3.3 billion
7/7/09: $2.8 billion