Corporate Credit Facility Update: Latest New York Fed Guidance On CCF Programs

Originally published on May 6, 2020. Last updated as of June 22, 2020.

On June 15, 2020, the Federal Reserve Bank of New York (the "New York Fed") published an updated set of Frequently Asked Questions ("FAQs") concerning the Primary Market Corporate Credit Facility (the "PMCCF") and the Secondary Market Corporate Credit Facility (the "SMCCF," and together with the PMCCF, the "CCFs") established under the Coronavirus Aid, Relief, and Economic Security Act (the "CARES Act"). The New York Fed also published a revised term sheet for the SMCCF, which updates the previous SMCCF term sheet issued on April 9, 2020. Together, these documents clarify various terms of the CCFs, in particular, the strategy for purchasing corporate bonds under the SMCCF.