The Federal Reserve began purchasing corporate bonds at issuance on June 29 in the last of the “Cares Act” lending facilities to go live.

The Primary Market Corporate Credit Facility (PMCCF), first announced in on March 23, will purchase corporate bonds at issuance and syndicated loans via a special purpose vehicle managed by the New York Fed.

“By standing ready to provide credit to qualifying issuers of corporate bonds in periods of stress, the PMCCF serves as a funding backstop, supporting

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