Board of Governors of the Federal Reserve System

Secondary Market Corporate Credit Facility

The Federal Reserve established the Secondary Market Corporate Credit Facility (SMCCF) on March 23, 2020, to support credit to employers by providing liquidity to the market for outstanding corporate bonds.

The SMCCF supports market liquidity by purchasing in the secondary market corporate bonds issued by investment grade U.S. companies or certain U.S. companies that were investment grade as of March 22, 2020, as well as U.S.-listed exchange-traded funds whose investment objective is to provide broad exposure to the market for U.S. corporate bonds. The SMCCF's purchases of corporate bonds will create a portfolio that tracks a broad, diversified market index of U.S. corporate bonds. The Treasury, using funds appropriated to the ESF through the CARES Act, will make an equity investment in an SPV established by the Federal Reserve for the SMCCF and the Primary Market Corporate Credit Facility.

The SMCCF is established by the Federal Reserve under the authority of Section 13(3) of the Federal Reserve Act, with approval of the Treasury Secretary.

• Term Sheet (June 28, 2020) (PDF)
• FAQs

Letter from Chair Powell to Secretary Mnuchin regarding emergency lending facilities (November 20, 2020)

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)
  • SMCCF Transaction-specific disclosures (XLSX) (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)
  • SMCCF Transaction-specific disclosures (XLSX) (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)
  • SMCCF Transaction-specific disclosures (XLSX) (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)
  • SMCCF Transaction-specific disclosures (XLSX) (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)
  • SMCCF Transaction-specific disclosures (XLSX) (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)
  • SMCCF Transaction-specific Disclosures (XLSX) (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)
  • SMCCF Transaction-specific Disclosures (XLSX) (July 10, 2020)
• Report to Congress Pursuant to Section 13(3) of the Federal Reserve Act: Secondary Market Corporate Credit Facility (PDF) (June 28, 2020)
  • SMCCF Transaction-specific Disclosures (XLSX) (June 28, 2020)
• Report to Congress Pursuant to Section 13(3) of the Federal Reserve Act: Secondary Market Corporate Credit Facility (PDF) (May 29, 2020)
  • SMCCF Transaction-specific Disclosures (XLSX) (May 29, 2020)
• Report to Congress Pursuant to Section 13(3) of the Federal Reserve Act: Secondary Market Corporate Credit Facility (PDF) (April 29, 2020)
• Report to Congress Pursuant to Section 13(3) of the Federal Reserve Act: Secondary 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 announces expansion of counterparties in the Term Asset-Backed Securities Loan Facility, Secondary Market Corporate Credit Facility, and Commercial Paper Funding Facility
  (July 23, 2020)
• Federal Reserve Board announces updates to Secondary Market Corporate Credit Facility (SMCCF), which will begin buying a broad and diversified portfolio of corporate bonds to support market liquidity and the availability of credit for large employers (June 15, 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)