By Robert Eisenbeis
On June 15, the Federal Reserve published revised terms and conditions for what it calls its Secondary market Corporate Credit Facility, which is a special-purpose vehicle ((SPV)) created to purchase in the secondary market corporate debt that meets certain eligibility requirements. See here. Included will be individual corporate bonds, certain exchange-traded funds (ETFs), and bond portfolios that track a broad market index. The US Treasury will contribute about $25 billion in capital to provide loss protection to this SPV; and it is anticipated that this vehicle and another SPV, the Primary