The Primary and Secondary Corporate Credit Facilities

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. Nina Boyarchenko provides an overview of the CCFs, including detailing the facilities’ design, documenting their operations and usage, and describing their impact on corporate bond markets.

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Image courtesy of interviewee. February 16, 2022

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