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 provided companies access to credit so that they were better able to maintain business operations and capacity during the period of dislocations related to the pandemic. This facility was open to investment grade companies, as well as certain companies that were investment grade as of March 22, 2020. The Federal Reserve established a special purpose vehicle (SPV) through which the PMCCF was able to make loans and purchase bonds. The Treasury, using funds appropriated to the ESF through the CARES Act, made an equity investment in the SPV. The SPV will be used for the PMCCF and the Secondary Market Corporate Credit Facility.
The PMCCF was established by the Federal Reserve under the authority of Section 13(3) of the Federal Reserve Act, with approval of the Treasury Secretary. The PMCCF ceased purchasing eligible assets on December 31, 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) (October 13, 2021)
- Periodic Report: Update on Outstanding Lending Facilities Authorized by the Board under Section 13(3) of the Federal Reserve Act (PDF) (September 13, 2021)
- Periodic Report: Update on Outstanding Lending Facilities Authorized by the Board under Section 13(3) of the Federal Reserve Act (PDF) (August 11, 2021)
- Periodic Report: Update on Outstanding Lending Facilities Authorized by the Board under Section 13(3) of the Federal Reserve Act (PDF) (July 13, 2021)
- Periodic Report: Update on Outstanding Lending Facilities Authorized by the Board under Section 13(3) of the Federal Reserve Act (PDF) (June 11, 2021)
- Periodic Report: Update on Outstanding Lending Facilities Authorized by the Board under Section 13(3) of the Federal Reserve Act (PDF) (May 10, 2021)
- Periodic Report: Update on Outstanding Lending Facilities Authorized by the Board under Section 13(3) of the Federal Reserve Act (PDF) (April 12, 2021)
- Periodic Report: Update on Outstanding Lending Facilities Authorized by the Board under Section 13(3) of the Federal Reserve Act (PDF) (March 11, 2021)
- Periodic Report: Update on Outstanding Lending Facilities Authorized by the Board under Section 13(3) of the Federal Reserve Act (PDF) (February 9, 2021)
- Periodic Report: Update on Outstanding Lending Facilities Authorized by the Board under Section 13(3) of the Federal Reserve Act (PDF) (January 11, 2021)
Archive:
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)