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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.

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.

Facility Agreements

Administration Agreement
Control Agreement
Credit Agreement
Custodian Agreement
Investment Management Agreement
Investment Memorandum of Understanding
Legal Services Engagement Letter
Limited Liability Company Agreement
Preferred Equity Account Agreement
Preferred Equity Investments Agreement
Security Agreement
State Street Fee Letter

Announcements

Federal Reserve Board Announces an Extension through December 31 of its Lending Facilities that were Scheduled to Expire on or around September 30

July 28, 2020

Technical Briefing about the Primary Market Corporate Credit Facility on July 31

July 21, 2020

New York Fed Announces Primary Market Corporate Credit Facility Launches on June 29

June 29, 2020

Federal Reserve Board Releases New Term Sheet for the Primary Market Corporate Credit Facility, Adding Pricing and Other Information

June 29, 2020

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

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

April 9, 2020

Federal Reserve Announces Extensive New Measures to Support the Economy

March 23, 2020

Reporting

Aggregated Weekly Reporting
H.4.1 Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks.

Detailed Monthly Reporting
Reports filed by the Federal Reserve with Congress pursuant to section 13(3) of the Federal Reserve Act concerning the lending facilities.

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