Further information on Covid Corporate Financing Facility operations
For general information on the Covid Corporate Financing Facility (CCFF), please visit the CCFF page.
Please note, the CCFF closed to new applicants on 31 December 2020.
Please note, the CCFF closed to new purchases on 23 March 2021.
The CCFF continues to allow early repayment of funds borrowed via a sell-back window between 10am-11am on the first business day of each week.
Bank counterparties should submit requests to repay early by buying back existing commercial paper (CP), using the transaction template provided. Completed templates should be emailed to CCFFTransactions@bankofengland.co.uk (or as advised on the Bank’s wire services page).
Such requests should be made with sufficient notice in advance of the requested re-sale date and, in any event, must be received by at least 11am on the business day prior to the requested re-sale date.
For re-sale transactions for the purpose of early repayment, we will offer to sell CP at the higher of either (a) the amortised cost from the price at which the CCFF purchased the CP, or (b) the current price as given by the method detailed below used for primary market purchases of equivalent maturity from the same firm. Since 1 July 2020, we have applied an additional fee of 5 basis points (to be kept under review), which will be deducted from the yield offered in the re-sale transaction before calculating the final price and cash proceeds.
For primary market purchases we purchased securities at a spread above a reference rate, based on the current sterling overnight index swap (OIS) rate. The respective reference OIS rate was determined at 09:45 on the day of each operation.
The respective spreads were:
|Rating||Spread to OIS|
||20 basis points|
||40 basis points|
||60 basis points|