CP support leaves gaps but banks ‘playing ball’

Bank of England 230
By Jon Hay, Owen Sanderson
23 Mar 2020

Three UK companies have already flagged their interest in the Bank of England’s emergency commercial paper funding scheme for large businesses, announced on March 20. The big three rating agencies will help fast-track unrated investment grade issuers into the scheme, but the strict eligibility limits leave leveraged and smaller companies out in the cold.

The Bank announced the Covid Corporate Financing Facility on Friday March 20, and by Monday morning, market updates from generator rental firm Aggreko, drinks company Britvic and transport group FirstGroup had announced they would be exploring using the new facility as part of measures to show the market ...

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