The CPFF provides a liquidity backstop to U.S. issuers of commercial paper through a dedicated funding vehicle that will purchase eligible three-month unsecured and asset-backed commercial paper from eligible issuers using financing provided by the Federal Reserve Bank of New York. The vehicle will hold the commercial paper until maturity and will use the proceeds from maturing commercial paper and other assets of the vehicle to repay its loan from the New York Fed.
The vehicle will cease purchasing commercial paper on March 17, 2021, unless the Federal Reserve Board of Governors extends the facility.
On March 22, 2020, the New York Fed retained Pacific Investment Management Company, LLC (PIMCO) as a third-party vendor to serve as investment manager for this facility. PIMCO was selected on a short-term basis for this role after considering its knowledge and experience in the commercial paper market and in credit risk management and its operational and technological capabilities.
On March 25, 2020, the New York Fed retained State Street Bank & Trust Company (State Street) as a third-party vendor to serve as the custodian and accounting administrator for this facility. State Street was selected on a short-term basis for this role after considering its operational capabilities, as well as operational synergies stemming from its preexisting relationship with PIMCO.
- Administration Agreement
- Control Agreement
- Credit Agreement
- Custodian Agreement
- Investment Management Agreement
(Updated September 8, 2020) - Investment Memorandum of Understanding
- Legal Services Engagement Letter
- Legal Services Engagement Letter
- Limited Liability Company Agreement
- Preferred Equity Investments Agreement
- Security Agreement
- State Street Fee Letter
