Authors: Nina Boyarchenko, Caren Cox, Richard K. Crump, Andrew Danzig, Anna Kovner, Or Shachar, and Patrick Steiner
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Staff Reports
COVID Response: The Primary and Secondary Corporate Credit Facilities
Number 986
September 2021
September 2021
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 non-financial corporate sector of the U.S. economy. This paper provides an overview of the CCFs, including detailing the facilities’ design, documenting their operations and usage, and describing their impact on corporate bond markets.
This paper was prepared for an upcoming issue of the Economic Policy Review and a related New York Fed conference, “Implications of Federal Reserve Actions in Response to the COVID-19 Pandemic.”
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. Prior to circulation, this paper was reviewed in accordance with the Federal Reserve Bank of New York review policy, available at https://www.newyorkfed.org/research/staff_reports/index.html.
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. Prior to circulation, this paper was reviewed in accordance with the Federal Reserve Bank of New York review policy, available at https://www.newyorkfed.org/research/staff_reports/index.html.
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. Prior to circulation, this paper was reviewed in accordance with the Federal Reserve Bank of New York review policy, available at https://www.newyorkfed.org/research/staff_reports/index.html.
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. Prior to circulation, this paper was reviewed in accordance with the Federal Reserve Bank of New York review policy, available at https://www.newyorkfed.org/research/staff_reports/index.html.
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. Prior to circulation, this paper was reviewed in accordance with the Federal Reserve Bank of New York review policy, available at https://www.newyorkfed.org/research/staff_reports/index.html.
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. Prior to circulation, this paper was reviewed in accordance with the Federal Reserve Bank of New York review policy, available at https://www.newyorkfed.org/research/staff_reports/index.html.
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. Prior to circulation, this paper was reviewed in accordance with the Federal Reserve Bank of New York review policy, available at https://www.newyorkfed.org/research/staff_reports/index.html.
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. Prior to circulation, this paper was reviewed in accordance with the Federal Reserve Bank of New York review policy, available at https://www.newyorkfed.org/research/staff_reports/index.html.
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. Prior to circulation, this paper was reviewed in accordance with the Federal Reserve Bank of New York review policy, available at https://www.newyorkfed.org/research/staff_reports/index.html.
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. Prior to circulation, this paper was reviewed in accordance with the Federal Reserve Bank of New York review policy, available at https://www.newyorkfed.org/research/staff_reports/index.html.
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. Prior to circulation, this paper was reviewed in accordance with the Federal Reserve Bank of New York review policy, available at https://www.newyorkfed.org/research/staff_reports/index.html.
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. Prior to circulation, this paper was reviewed in accordance with the Federal Reserve Bank of New York review policy, available at https://www.newyorkfed.org/research/staff_reports/index.html.
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. Prior to circulation, this paper was reviewed in accordance with the Federal Reserve Bank of New York review policy, available at https://www.newyorkfed.org/research/staff_reports/index.html.
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. Prior to circulation, this paper was reviewed in accordance with the Federal Reserve Bank of New York review policy, available at https://www.newyorkfed.org/research/staff_reports/index.html.
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