• Federal Reserve Announces Commercial Paper Liquidity Program
  • October 25, 2008 | Author: Colleen Heather McDonald
  • Law Firm: Reed Smith LLP - San Francisco Office
  • The Federal Reserve announced on October 7, 2008, that it is creating the Commercial Paper Funding Facility ("CPFF") as a special purpose vehicle ("SPV") to buy three-month U.S. dollardenominated commercial paper at a spread over the three-month overnight index swap ("OIS") rate from eligible issuers. CPFF will be available to all domestic issuers (and U.S. issuers with foreign parents).of commercial paper, including non-financial institutions as well as banks.