Policy Tools
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 will provide companies access to credit so that they are better able to maintain business operations and capacity during the period of dislocations related to the pandemic. This facility is open to investment grade companies, as well as certain companies that were investment grade as of March 22, 2020. The Federal Reserve will establish a special purpose vehicle (SPV) through which the PMCCF will make loans and purchase bonds. The Treasury, using funds appropriated to the ESF through the CARES Act, will make an equity investment in the SPV. The SPV will be used for the PMCCF and the Secondary Market Corporate Credit Facility.
The PMCCF is established by the Federal Reserve under the authority of Section 13(3) of the Federal Reserve Act, with approval of the Treasury Secretary.
Reports to Congress
- Periodic Report: Update on Outstanding Lending Facilities Authorized by the Board under Section 13(3) of the Federal Reserve Act (PDF) (December 11, 2020)
- Periodic Report: Update on Outstanding Lending Facilities Authorized by the Board under Section 13(3) of the Federal Reserve Act (PDF) (November 24, 2020)
- Periodic Report: Update on Outstanding Lending Facilities Authorized by the Board under Section 13(3) of the Federal Reserve Act (PDF) (November 9, 2020)
- Periodic Report: Update on Outstanding Lending Facilities Authorized by the Board under Section 13(3) of the Federal Reserve Act (PDF) (October 8, 2020)
- Periodic Report: Update on Outstanding Lending Facilities Authorized by the Board under Section 13(3) of the Federal Reserve Act (PDF) (September 8, 2020)
- Periodic Report: Update on Outstanding Lending Facilities Authorized by the Board under Section 13(3) of the Federal Reserve Act (PDF) (August 10, 2020)
- Report on Outstanding Lending Facilities Authorized by the Board under Section 13(3) of the Federal Reserve Act (PDF) (August 3, 2020)
- Periodic Report: Update on Outstanding Lending Facilities Authorized by the Board under Section 13(3) of the Federal Reserve Act (PDF) (July 10, 2020)
- Report to Congress Pursuant to Section 13(3) of the Federal Reserve Act: Primary Market Corporate Credit Facility (PDF) (June 28, 2020)
- Report to Congress Pursuant to Section 13(3) of the Federal Reserve Act: Primary Market Corporate Credit Facility (PDF) (May 29, 2020)
- Report to Congress Pursuant to Section 13(3) of the Federal Reserve Act: Primary Market Corporate Credit Facility (PDF) (April 29, 2020)
- Report to Congress Pursuant to Section 13(3) of the Federal Reserve Act: Primary Market Corporate Credit Facility (PDF) (March 30, 2020)
Related Press Releases
- Federal Reserve Board announces an extension through December 31 of its lending facilities that were scheduled to expire on or around September 30 (July 28, 2020)
- Federal Reserve Board releases new term sheet for the Primary Market Corporate Credit Facility, adding pricing and other information
(June 29, 2020) - Federal Reserve takes additional actions to provide up to $2.3 trillion in loans to support the economy
(April 9, 2020) - Federal Reserve announces extensive new measures to support the economy
(March 23, 2020)