Press Release

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

May 04, 2020

The Federal Reserve Bank of New York today released an expanded set of Frequently Asked Questions regarding the Primary Market and Secondary Market Corporate Credit Facilities.

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 Secondary Market Corporate Credit Facility (SMCCF) was established to support credit to large employers by providing liquidity for outstanding corporate bonds.

As detailed in the FAQs released today, the SMCCF is expected to begin purchasing eligible ETFs in early May. The PMCCF is expected to become operational and the SMCCF is expected to begin purchasing eligible corporate bonds soon thereafter. Additional details provided in these FAQs include information on eligibility of issues and issuers, guidance on compliance with CARES Act requirements, and terms applicable to underwriting for new issue syndications.

More information on the CCFs is forthcoming, including specific start dates of the facilities, issuer certification requirements and more detailed instructions, more details on pricing, among other operational details.

Sign up to receive email alerts for the PMCCF and alerts for the SMCCF.

For more information, see:
PMCCF Website
SMCCF Website
Frequently Asked Questions

Contact for General Inquiries
pmccf@ny.frb.org
smccf@ny.frb.org

Contacts for Media Inquiries
Suzanne Elio
(212) 720-6449
suzanne.elio@ny.frb.org

Betsy Bourassa
(212) 720-6885
betsy.bourassa@ny.frb.org