Following the Federal Reserve Board’s recent announcement of the Primary Market and Secondary Market Corporate Credit Facilities (PMCCF and SMCCF), and the announcement of the updated terms and conditions, the Federal Reserve Bank of New York has released a set of Frequently Asked Questions to address programmatic inquiries about these facilities.
The 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 SMCCF was established to support credit to large employers by providing liquidity for outstanding corporate bonds.
Additional information about the PMCCF and SMCCF will be posted to each facility’s webpage as it becomes available.
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