NEW YORK, Nov 12 (Reuters) - U.S. mall owner Developers Diversified Realty Corp (DDR.N: Quote, Profile, Research) may sell most of its planned $400 million commercial mortgage bond at a yield as low as 1.6 percentage points over an interest rate benchmark, according to Thomson IFR on Thursday.

The issue, the first U.S. commercial mortgage-backed bond since mid-2008, is being made possible by the Federal Reserve's emergency lending program, the Term Asset-Backed Securities Loan Facility. (Reporting by Al Yoon; Editing by James Dalgleish)