On April 9, the U.S. Federal Reserve followed up on its March 23 statement with a series of unprecedented measures to support market liquidity. The two announcements have brought U.S. capital markets back from the brink through a series of increasingly bold and unprecedented steps.
The measures extend to multiple asset classes, many previously outside the scope of Fed liquidity support. Here we address questions about the new Primary Market Corporate Credit Facility (PMCCF) and the Secondary Market Corporate Credit Facility (SMCCF), which are targeted at supporting larger corporate borrowers, and about the impact of the Fed's announcements on corporate funding markets.
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