Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/247909 
Year of Publication: 
2021
Series/Report no.: 
Staff Report No. 986
Publisher: 
Federal Reserve Bank of New York, New York, NY
Abstract: 
The Federal Reserve introduced the Primary Market Corporate Credit Facility (PMCCF) and the Secondary Market Corporate Credit Facility (SMCCF) in response to the severe disruptions in corporate bond markets triggered by the COVID-19 pandemic and subsequent economic shutdowns. The Corporate Credit Facilities (CCFs) were designed to work together to restore functioning of credit markets, with an overarching goal of facilitating credit provision to the non-financial corporate sector of the U.S. economy. This paper provides an overview of the CCFs, including detailing the facilities' design, documenting their operations and usage, and describing their impact on corporate bond markets.
Subjects: 
Federal Reserve
corporate bond markets
corporate credit facilities
PMCCF
SMCCF
Federal Reserve lending facilities
JEL: 
G12
G18
G19
Document Type: 
Working Paper

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