June 29, 2020 / 5:34 PM / 5 days ago

Fed launches primary market corporate credit facility

June 29 (Reuters) - The Federal Reserve announced that the Primary Market Corporate Credit Facility, one of several new programs launched to stabilize financial markets in the wake of the coronavirus pandemic, is operational and available for use as of Monday.

The Fed released a new term sheet for the facility, adding that pricing on PMCCF will be issuer-specific and informed by market conditions. Through the program, the Fed will purchase corporate bonds directly from issuers.

Companies that want to participate must apply for certification. The relevant certification forms, other transaction documentation and related materials for the facility were released on Monday. (Reporting by Jonnelle Marte and Lindsay Dunsmuir, Editing by Franklin Paul)

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