Primary Market Corporate Credit Facility

The Primary Market Corporate Credit Facility (PMCCF) was established to support credit to large employers for bond and syndicated loan issuance. The PMCCF will allow companies access to credit so that they are better able to maintain business operations and capacity during the period of dislocations related to the pandemic.

The PMCCF will be open to companies that meet the eligibility criteria specified in the PMCCF term sheet (including the issuer ratings criterion).

The Federal Reserve Bank of New York will finance a special purpose vehicle (SPV) for the SPV to (i) purchase qualifying bonds as the sole investor in a bond issuance and (ii) purchase portions (up to 25%) of a syndicated loan or bond at issuance. The Department of the Treasury will make a $75 billion equity investment in the SPV to support the PMCCF and the Secondary Market Corporate Credit Facility. The PMCCF was established by the Federal Reserve under the authority of Section 13(3) of the Federal Reserve Act, with approval of the Treasury Secretary.

Additional information will be published before the facility is launched.



Vendors

On March 24, 2020, the New York Fed retained BlackRock Financial Markets Advisory as a third-party vendor to serve as the investment manager for this facility. BlackRock was selected for this role after considering their expertise with purchasing large amounts of all relevant types of corporate debt issuance and corporate bonds in the secondary market, deep knowledge and substantial experience in the corporate debt markets, and robust operational and technological capabilities.

On April 15, 2020, the New York Fed retained State Street Bank & Trust Company (State Street) as a third-party vendor to serve as the custodian and administrator for this facility. State Street was selected for this role after evaluating its response to a request for proposals (RFP), which considered implementation and operational capabilities, as well as overall qualifications needed to support the facility.

Announcements
New York Fed Releases Additional Information on Primary Market and Secondary Market Corporate Credit Facilities in Preparation for Series of May Launches
May 4, 2020

New York Fed Releases Frequently Asked Questions on the Primary Market and Secondary Market Corporate Credit Facilities
April 17, 2020

Updated Program Terms and Conditions
April 9, 2020

Federal Reserve Takes Additional Actions to Provide Up to $2.3 Trillion in Loans to Support the Economy
April 9, 2020

Program Terms and Conditions
March 23, 2020

Federal Reserve Announces Extensive New Measures to Support the Economy
March 23, 2020
Contacts

Contact for General Inquiries
pmccf@ny.frb.org

Contacts for Media Inquiries
Suzanne Elio
suzanne.elio@ny.frb.org

Betsy Bourassa
betsy.bourassa@ny.frb.org