On Monday, March 23, 2020, in response to the evolving economic crisis created by the COVID-19 pandemic, U.S. Treasury and the Federal Reserve authorized the establishment of two new facilities to support credit for large employers: the Primary Market Corporate Credit Facility (PMCCF), which will provide credit for new bond and loan issuance by directly purchasing eligible corporate bonds from investment grade issuers, and the Secondary Market Corporate Credit Facility (SMCCF), which will provide liquidity for outstanding corporate bonds and eligible exchange-traded funds (ETFs) by buying corporate bonds and ETFs in the secondary market. This Legal Update provides further detail on both vehicles.
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March 25 2020
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This Mayer Brown article provides information and comments on legal issues and developments of interest. The foregoing is not a comprehensive treatment of the subject matter covered and is not intended to provide legal advice. Readers should seek specific legal advice before taking any action with respect to the matters discussed herein.