Primary Market Corporate Credit Facility (PMCCF)
The PMCCF will initially have $500 billion in capital available to make purchases of eligible corporate debt and syndicated loans directly from eligible investment-grade issuers, either as the sole investor or as a member of a syndicate.
Secondary Market Corporate Credit Facility (SMCCF)
The SMCCF will initially have $250 billion in capital available to purchase in the secondary market portions of bonds or exchange-traded funds (ETFs) whose investment objective is to provide broad exposure to the market for U.S. corporate bonds. The preponderance of ETF holdings will be of ETFs whose primary investment objective is exposure to U.S. investment-grade corporate bonds, and the remainder will be in ETFs whose primary investment objective is exposure to U.S. high-yield corporate bonds.