If the buying of credit ETFs and corporate bonds through the Fed's secondary market facility offended your sensibilities, I suppose you can feign even greater levels of incredulity on Monday.
To kick off the holiday-shortened week, the Fed said the primary market corporate facility is now operational. These would be direct purchases from eligible issuers who meet the conditions for the program.
For anyone who needs a refresher on that, here are the boxes you need to check if you want to sell to the Fed:
The issuer is a business that is created or organized in the United States or under the laws of the United States with significant operations in and a majority of its employees based in the United States.
The issuer was rated at least BBB-/Baa3 as of March 22, 2020, by a major nationally recognized statistical rating organization (“NRSRO”). If rated by multiple major NRSROs, the issuer must be rated at least BBB-/Baa3 by two or more NRSROs as of March 22, 2020.
An issuer that was rated at least BBB-/Baa3 as of March 22, 2020, but was subsequently downgraded, must be rated at least BB-/Ba3 as of the date on which the Facility makes a purchase. If rated by multipl
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