The Term Asset-Backed Securities Loan Facility (TALF) has kick-started U.S. primary market issuance, but the flurry of activity won't tempt European governments to follow with a European version of TALF. Market analysts said that governments, in particular the U.K., have worked on several initiatives that separately touch upon many similar points housed under TALF.

According to figures reported by Merrill Lynch, the Federal Reserve completed its second TALF funding with $1.71 billion of loans in April versus $4.71 billion of loans in the March funding.

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