Authors: Nina Boyarchenko, Caren Cox, Richard K. Crump, Andrew Danzig, Anna Kovner, Or Shachar, and Patrick Steiner
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Economic Policy Review
The Primary and Secondary Corporate Credit Facilities
Volume 28, Number 1
June 2022
June 2022
JEL classification: G12, G18, G19
The Federal Reserve introduced the Primary Market Corporate Credit Facility (PMCCF) and the Secondary Market Corporate Credit Facility (SMCCF) in response to the severe disruptions in corporate bond markets triggered by the COVID-19 pandemic and subsequent economic shutdowns. The Corporate Credit Facilities (CCFs) were designed to work together to restore functioning of credit markets, with an overarching goal of facilitating credit provision to the nonfinancial corporate sector of the U.S. economy. This article provides an overview of the CCFs, detailing the facilities’ design, documenting their operations and usage, and describing their impact on corporate bond markets.
Author Disclosure Statement(s)
Nina Boyarchenko
I declare that I have no relevant or material financial interests that relate to the research described in my paper entitled “The Primary and Secondary Corporate Credit Facilities,” joint with Caren Cox, Richard Crump, Andrew Danzig, Anna Kovner, Or Shachar, and Patrick Steiner.
Caren Cox
I declare that I have no relevant or material financial interests that relate to the research described in my paper entitled “The Primary and Secondary Corporate Credit Facilities,” joint with Nina Boyarchenko, Richard Crump, Andrew Danzig, Anna Kovner, Or Shachar, and Patrick Steiner.
Richard K. Crump
I declare that I have no relevant or material financial interests that relate to the research described in my paper entitled “The Primary and Secondary Corporate Credit Facilities,” joint with Nina Boyarchenko, Caren Cox, Andrew Danzig, Anna Kovner, Or Shachar, and Patrick Steiner.
Andrew Danzig
I declare that I have no relevant or material financial interests that relate to the research described in my paper entitled “The Primary and Secondary Corporate Credit Facilities,” joint with Nina Boyarchenko, Caren Cox, Richard Crump, Anna Kovner, Or Shachar, and Patrick Steiner.
Anna Kovner
I declare that I have no relevant or material financial interests that relate to the research described in my paper entitled “The Primary and Secondary Corporate Credit Facilities,” joint with Nina Boyarchenko, Caren Cox, Richard Crump, Andrew Danzig, Or Shachar, and Patrick Steiner.
Or Shachar
I declare that I have no relevant or material financial interests that relate to the research described in my paper entitled “The Primary and Secondary Corporate Credit Facilities,” joint with Nina Boyarchenko, Caren Cox, Richard Crump, Andrew Danzig, Anna Kovner, and Patrick Steiner.
Patrick Steiner
I declare that I have no relevant or material financial interests that relate to the research described in my paper entitled “The Primary and Secondary Corporate Credit Facilities,” joint with Nina Boyarchenko, Caren Cox, Richard Crump, Andrew Danzig, Anna Kovner, and Or Shachar.
I declare that I have no relevant or material financial interests that relate to the research described in my paper entitled “The Primary and Secondary Corporate Credit Facilities,” joint with Caren Cox, Richard Crump, Andrew Danzig, Anna Kovner, Or Shachar, and Patrick Steiner.
Caren Cox
I declare that I have no relevant or material financial interests that relate to the research described in my paper entitled “The Primary and Secondary Corporate Credit Facilities,” joint with Nina Boyarchenko, Richard Crump, Andrew Danzig, Anna Kovner, Or Shachar, and Patrick Steiner.
Richard K. Crump
I declare that I have no relevant or material financial interests that relate to the research described in my paper entitled “The Primary and Secondary Corporate Credit Facilities,” joint with Nina Boyarchenko, Caren Cox, Andrew Danzig, Anna Kovner, Or Shachar, and Patrick Steiner.
Andrew Danzig
I declare that I have no relevant or material financial interests that relate to the research described in my paper entitled “The Primary and Secondary Corporate Credit Facilities,” joint with Nina Boyarchenko, Caren Cox, Richard Crump, Anna Kovner, Or Shachar, and Patrick Steiner.
Anna Kovner
I declare that I have no relevant or material financial interests that relate to the research described in my paper entitled “The Primary and Secondary Corporate Credit Facilities,” joint with Nina Boyarchenko, Caren Cox, Richard Crump, Andrew Danzig, Or Shachar, and Patrick Steiner.
Or Shachar
I declare that I have no relevant or material financial interests that relate to the research described in my paper entitled “The Primary and Secondary Corporate Credit Facilities,” joint with Nina Boyarchenko, Caren Cox, Richard Crump, Andrew Danzig, Anna Kovner, and Patrick Steiner.
Patrick Steiner
I declare that I have no relevant or material financial interests that relate to the research described in my paper entitled “The Primary and Secondary Corporate Credit Facilities,” joint with Nina Boyarchenko, Caren Cox, Richard Crump, Andrew Danzig, Anna Kovner, and Or Shachar.
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