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 provided companies access to credit so that they were better able to maintain business operations and capacity during the period of dislocations related to the pandemic. This facility was open to investment grade companies, as well as certain companies that were investment grade as of March 22, 2020. The Federal Reserve established a special purpose vehicle (SPV) through which the PMCCF was able to make loans and purchase bonds. The Treasury, using funds appropriated to the ESF through the CARES Act, made an equity investment in the SPV. The SPV will be used for the PMCCF and the Secondary Market Corporate Credit Facility.

The PMCCF was established by the Federal Reserve under the authority of Section 13(3) of the Federal Reserve Act, with approval of the Treasury Secretary. The PMCCF ceased purchasing eligible assets on December 31, 2020.

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

Reports to Congress

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Last Update: April 12, 2021