Apply to take part in Covid Corporate Financing Facility (CCFF) operations
The Bank will purchase commercial paper that meets the eligible securities criteria outlined in the CCFF Operating Procedures. This can be issued in the primary market from dealers that have been admitted to the CCFF, acting as principal on behalf of eligible issuers. The Bank may also purchase CP in the secondary market from dealers that have been admitted to the CCFF.
The Bank will also provide a standing offer, on request, to sell back CP to the original issuer in advance of its agreed maturity date. Please refer to the Market Notice and Operating Procedures for more information on the process to be followed and the price at which the Bank would expect to sell CP.
Information for companies (issuers of Commercial Paper)
If you have spoken to you finance provider, this section is for you. If you have not spoken to your finance provider, please follow the steps in the CCFF Q&A.
After speaking with your bank, if you are unsure whether you are eligible, please contact us at CCFF-Applications@bankofengland.co.uk.
If, after speaking with your bank, you believe you are eligible then you will need to complete the following documents.
The CCFF will close to new applications from issuers looking to become eligible on 31 December 2020. At this time, applicants must have submitted all relevant documentation to the application, including executed CP programme documents.
If you are required to provide a guarantee, such guarantee must be provided in a form and substance satisfactory to the Bank. The Bank will generally accept:
- in respect of CP programmes established prior to the announcement of the CCFF on 17 March 2020 and for which a guarantee was already existing, a market standard CP programme guarantee which is governed by English law and subject to the jurisdiction of English courts, together with accompanying capacity and enforceability legal opinions and reliance letters on those legal opinions in favour of the Bank, CCFFL and HMT; and
- in all other cases, a guarantee and accompanying legal opinion in the Bank’s standard form as follows:
You will also need to provide evidence of authority to sign on behalf of your company.
Please send the completed documentation to CCFF-Applications@bankofengland.co.uk.
On 19 May 2020, HM Treasury announced that issuers participating in the CCFF may be required to commit to restraint on their capital distributions and on senior pay. Issuers will be required to provide a letter of commitment in relation to this if:
- an increase in an issuer’s CCFF limit, over and above that suggested by the issuer’s investment rating, is requested and approved; and/or
- a CCFF transaction is entered which involves CP maturing on or after 19 May 2021.
HM Treasury reserves the right to publish this letter, should HM Treasury become aware that the terms of the letter have not been complied with. Please see the CCFF guidance on the Bank’s website for further details.
The deadline for submitting a letter of commitment to the Bank for HM Treasury’s review is 31 December 2020.
Information for dealers
In order to be able to take part in the CCFF, in either the primary or secondary market, dealers will need to be appropriately authorised for the purposes of the Financial Services and Markets Act 200 (FSMA).
In order to apply, dealers must complete the CCFF Application Form. The form includes a section for Authorised Signatory Evidence (on page 6); guidance on completing this part of the form is provided below.
If you are admitted into the CCFF you will be asked to sign an Admission Letter agreeing to the CCFF Terms & Conditions. A copy of the CCFF terms and conditions can be found below.
If you wish to offer the bank commercial paper on the secondary market, you will also be required to complete an Issuer Eligibility Form for this commercial paper.
The CCFF will close to new applications from counterparties looking to become eligible on 31 December 2020.
This page provides details for firms seeking to apply for access to our facilities. Legal documentation can be found on the Documentation page.