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Federal Reserve Bank of New York Releases Updated FAQs on Primary Market Corporate Credit Facility and Secondary Market Corporate Credit Facility

May 4, 2020, Covington Alert

On May 4, 2020, the Federal Reserve Bank of New York (the “FRBNY”) released an updated series of Frequently Asked Questions (“FAQs”) regarding two of the Federal Reserve’s liquidity facilities established to provide financial assistance to businesses impacted by the COVID-19 pandemic: the Primary Market Corporate Credit Facility (“PMCCF”) and the Secondary Market Corporate Credit Facility (“SMCCF”).

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