Client Alert
The Federal Reserve Bank of New York has posted the attached FAQs for the Commercial Paper Funding Facility described in our March 19, 2020, client alert, Federal Reserve Establishes Special Commercial Paper Backstop and Primary Dealer Funding Facilities and amended as described in our March 24, 2020, client alert, Federal Reserve Amends Pricing, Adds Municipal Issuers, and Makes Other Changes for Recently Established Commercial Paper Funding Facility.
The FAQs is also available at this link: https://www.newyorkfed.org/markets/commercial-paper-funding-facility/commercial-paper-funding-facility-faq
Along with specifying procedures under the facility, such as that the SPV purchases commercial paper through primary dealers, and answering other questions, the FAQs explains that registration for the program begins today (April 6, 2020) and that purchases will begin April 14, 2020.
