AgdaPkt 2020-04-13 Joint SA PFA - Laserfiche WebLink

Browse Search

5.B. - Page 52 of 59 Federal Reserve Pulls Out All the Stops with New Liquidity Programs Date Program Program.. DescriptionAcronym 3/17/2020 CPFF Commercial Paper Backstop Commercial • SPV purchases A -1/P -1/F-1 rated paper* Funding Facility Paper market • Pricing based on 3 -month OIS + 110 bps** • Program runs through 3/17/2021 3/17/2020 PDCF Primary Dealer Enhance market liquidity • Eligible collateral: Investment grade corporate debt, Credit Facility by allowing Primary international agencies, CP, munis, MBS, AAA -rated Dealers to post ABS, equities collateral with Fed for • Rate: equal to primary credit rate offered to depository loans institutions via the Discount Window • Program runs for 6 -months or longer 3/18/2020 MMLF Money Market Provide liquidity to prime • Eligible collateral: Treasuries, agencies, CP, negotiable Mutual Fund money funds by CDs, munis <12m, VRDN*** <12m, Non-TSY/AGY repo Liquidity Facility allowing prime funds to • Rate: primary credit rate + 0-100 bps based on collateral post collateral with Fed • Program runs through 9/30/2020 and receive advances 3/19/2020 FX Swap Central Bank Reduce strains in dollar • Fed provides U.S. dollars to a foreign central bank who Lines Liquidity Swap funding markets provides the same amount of funds in its currency to the Lines Fed, based on market exchange rate • The central banks agreed to swap back these funds at a later date using the same exchange rate as in the first transaction • The foreign central bank determines the terms on which it will lend the dollars to institutions in its jurisdiction Source: Federal Reserve. *A -2/P -2/F-2 rated paper that was rated A -1/P -1/F-1 on March 17, 2020 also eligible.**A-2/P-2/F-2 rated paper priced at 3 -month OIS + 200 bps. ***VRDN — variable rate demand note © PFM 7 61