The Primary and Secondary Corporate Credit Facilities

Nina Boyarchenko, Caren Cox, Richard Crump, Andrew Danzig, Anna Kovner, Or Shachar and Patrick Steiner

Economic Policy Review, 2022, vol. 28, issue 1

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 nonfinancial corporate sector of the U.S. economy. This article provides an overview of the CCFs, detailing the facilities’ design, documenting their operations and usage, and describing their impact on corporate bond markets.

Keywords: corporate bond markets; corporate credit facilities; Primary Market Corporate Credit Facility; Secondary Market Corporate Credit Facility (search for similar items in EconPapers)
JEL-codes: G12 G18 G19 (search for similar items in EconPapers)
Date: 2022
Note: This volume is a special issue titled “Policy Actions in Response to the COVID-19 Pandemic,” and features ten articles by New York Fed economists and coauthors from Markets, Supervision, the Board of Governors, and the Boston Fed.
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