The disruptions in economic conditions caused by COVID-19 are reaching the commercial paper and longer term debt capital markets. The Board of Governors of the US Federal Reserve System has already set into motion three separate facilities as part of its effort to facilitate credit and help alleviate collateral volatility that are expressly available to different participants in such. On March 17, 2020, the Federal Reserve reestablished a dealer credit facility last operated during the 2008 credit crisis. The Primary Dealer Credit Facility (“PDCF2020”) is a loan facility that provides credit to primary dealers, secured by certain highly rated fixed income collateral.  The Commercial Paper Funding Facility also was reintroduced on March 17, 2020 (“CPFF2020”).

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