|
As of December 31, 2020, the PMCCF is no longer authorized to purchase eligible assets. The materials and information on the web pages associated with this facility will remain available.
|
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.
- Program Terms and Conditions
- Frequently Asked Questions
- Issuer Certification Forms and Other Documents
- Competitive Procurement Process for Certain Vendor Roles Supporting Emergency Lending Facilities and Programs
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 January 6, 2021, the New York Fed notified BlackRock that it was terminating this relationship, effective February 5, 2021.
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.
Quarterly reports on the costs associated with the vendors supporting this facility are available in Vendor Information.
- Administration Agreement
- Control Agreement
- Credit Agreement
- Custodian Agreement
- Investment Management Agreement
(Updated January 8, 2021) - Investment Memorandum of Understanding
- Law Firm Panel Agreement for Sole Investor Transactions
- Legal Services Engagement Letter
- Limited Liability Company Agreement
(Updated January 7, 2021) - Preferred Equity Account Agreement
- Preferred Equity Investments Agreement
- Security Agreement
- State Street Fee Letter
