Statement from Treasury Secretary Steven.........>

US: Statement from Treasury Secretary Steven Mnuchin on the start of Secondary

Market Corporate Credit Facility Purchases: 

- "Since announcing the Primary and Secondary Market Corporate Credit Facilities

(PMCCF and SMCCF) on March 23, we have seen a dramatic improvement in liquidity

and credit market function. Today, the Federal Reserve Bank of New York will

begin purchasing shares of eligible U.S.-listed exchange-traded funds in the

secondary market through the SMCCF, and eligible corporate bonds shortly

thereafter. Once operational, the PMCCF will provide loan and bond financing to

U.S. companies with investment grade debt ratings. The SMCCF and PMCCF are

supported by a $75 billion equity investment using funds appropriated to the

Department of the Treasury under the CARES Act, $37.5 billion of which was

transmitted yesterday to the special purpose vehicle established in connection

with the SMCCF and PMCCF. Together, they will provide up to $750 billion in

liquidity and help ensure large employers have access to the credit they need to

maintain their business operations and payroll through this challenging period."