Primary Market Corporate Credit Facility

The Federal Reserve established the Primary Market Corporate Credit Facility (PMCCF) on March 23, 2020, to support credit to employers through bond and loan issuances.

The PMCCF will provide 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. This facility is open to investment grade companies, as well as certain companies that were investment grade as of March 22, 2020. The Federal Reserve will establish a special purpose vehicle (SPV) through which the PMCCF will make loans and purchase bonds. The Treasury, using funds appropriated to the ESF through the CARES Act, will make an equity investment in the SPV. The SPV will be used for the PMCCF and the Secondary Market Corporate Credit Facility.

The PMCCF is established by the Federal Reserve under the authority of Section 13(3) of the Federal Reserve Act, with approval of the Treasury Secretary.

Letter from Chair Powell to Secretary Mnuchin regarding emergency lending facilities (November 20, 2020)

Reports to Congress

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Last Update: January 11, 2021