Further information on Covid Corporate Financing Facility operations
Issuer and security eligibility for commercial paper purchases
Information on the eligibility criteria for issuers and securities is available in the CCFF Operating Procedures. Dealers or issuers can confirm the eligibility of securities by submitting the Issuer Eligibility form to CCFF-Applications@bankofengland.co.uk.
Dealers can offer eligible securities for purchase to the Bank’s Sterling desk from Monday to Friday 10am to 11am. Issuers may use only one dealer each day to offer their commercial paper to the Bank.
Eligibility of a new issuer or commercial paper programme must be confirmed by 4pm, in order to be offered for sale to the Bank on the following day.
If a counterparty is signed up to the scheme and has confirmed commercial paper that is eligible please contact the Sterling desk either direct line, on 0203 461 5000.
For primary market purchases the Bank will purchase securities at a spread above a reference rate, based on the current sterling overnight index swap (OIS) rate. The respective reference OIS rate will be determined at 09:45 on the day of the operation.
For secondary market purchases the Bank will purchase CP at the lower of amortised cost from the issue price and the price as given by the method used for primary market purchases as set out above. The Bank will apply an additional small fee (currently set at 5bps and subject to review) for use of the secondary facility, payable separately.
The respective spreads are subject to review, as at 23 March 2020 these are:
|Rating||Spread to OIS|