The Primary and Secondary Market Corporate Credit Facilities — Nina Boyarchenko, Richard Crump, Anna Kovner, Or Shachar, and Peter Van Tassel

Summary:
On April 9, the Federal Reserve announced that it would take additional actions to provide up to .3 trillion in loans to support the economy in response to the coronavirus pandemic. Among the initiatives are the Primary Market and Secondary Market Corporate Credit Facilities (PMCCF and SMCCF), whose intent is to provide support for large U.S. businesses that typically finance themselves by issuing debt in capital markets.... Creditor of last resort. FRBNY — Liberty Street EconomicsThe Primary and Secondary Market Corporate Credit Facilities Nina Boyarchenko, Richard Crump, Anna Kovner, Or Shachar, and Peter Van Tassel

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