SMCF Participant Update! The following have been added to the list of Secondary Market Corporate Credit Facility counterparties, effective July 26, 2021: 1. Bancroft Capital, LLC 2. Cabrera Capital Markets, LLC 3.Raymond James & Associates, Inc., and 4.St
https://www.investopedia.com/secondary-market-corporate-credit-facility-smccf-4800900
Remember, these are non-investment grade bonds now yielding even less because of inflation.
On March 24, 2020, the New York Fed retained BlackRock Financial Markets Advisory as a third-party vendor to serve as the investment manager for this facility. BlackRock was selected for this role after considering its expertise with purchasing large amounts of all relevant types of corporate debt issuance and corporate bonds in the secondary market, deep knowledge and substantial experience in the corporate debt markets, and robust operational and technological capabilities. On February 4, 2021, the New York Fed notified BlackRock that it would be replacing BlackRock as the cash investment manager and had identified a new vendor to perform that role going forward.
On April 15, 2020, the New York Fed retained State Street Bank & Trust Company (State Street) as a third-party vendor to serve as the custodian and administrator for this facility. State Street was selected for this role after evaluating its response to a request for proposals (RFP), which considered implementation and operational capabilities, as well as overall qualifications needed to support the facility.
On February 8, 2021, the New York Fed announced it had engaged Payden & Rygel as a third party vendor to serve as cash investment manager for this facility. Payden & Rygel was selected following the completion of a previously announced competitive procurement process.
Quarterly reports on the costs associated with the vendors supporting this facility are available in Vendor Information.
I wonder why these 4 added to the list are eligible to sell this stuff now?
