ANNOUNCEMENT 10 Aug 2020In August 2020, the Federal Reserve purchased Glencore Funding LLC corporate bonds as part of the Secondary Market Corporate Credit Facility (SMCCF) scheme.
NUMBER OF INTERVENTIONS
The Federal Reserve, Monetary Policy Tools, "Secondary Market Corporate Credit Facility".
The Federal Reserve Bank of New York, "Secondary Market Corporate Credit Facility".
Prior to this action, the total value of bonds purchased from this company by the Federal Reserve was USD 3 million.
The SMCCF is considered as a special purpose vehicle (SPV), whose aim is to support market liquidity by purchasing U.S. eligible assets. The scheme was launched in March 2020 with a total of USD 25 billion.
Notably, the program was launched as part of the economic response to the COVID-19 pandemic.
Between 10 August 2020 and 13 July 2021, the Federal Reserve purchased new corporate bonds from Glencore Funding LLC. The total value of the transactions was USD 8 million.