to our public mission. we are committed to using our full range of tools to support the economy and to help assure that the recovery from this difficult period will be as robust as possible on behalf of communities, families, and businesses across the country. thank you. i look forward to your questions. summary of section 13 ( 3 ) facilities using cares act funding the municipal liquidity facility the municipal liquidity facility ( mlf ) helps state and local governments better manage the extraordinary cash flow pressures associated with the pandemic, in which expenses, often for critical services, are temporarily higher than normal and tax revenues are delayed or temporarily lower than normal. this facility addresses these liquidity needs by purchasing the short - term notes typically used by these governments, along with other eligible public entities, to manage their cash flows. by addressing the cash management needs of eligible issuers, the mlf was also intended to encourage private investors to reengage in the municipal securities market, including across longer maturities, thus supporting overall municipal market functioning. under the mlf, the federal reserve bank of new york lends to a special purpose vehicle ( spv ) that will directly purchase up to $ 500 billion of short - term notes issued by a range of eligible state and local government entities. generally speaking, eligible issuers include all u. s. states, counties with a population of at least 500, 000 residents, cities with a population of at least 250, 000 residents, certain multistate entities, and revenue - bond issuers designated as eligible issuers by their state governors. notes purchased by the facility carry yields designed to promote private market participation — that is, they carry fixed spreads based on the long - term rating of the issuer that are generally larger than those seen in normal times. with funding from the coronavirus aid, relief, and economic security act ( cares act ), the department of the treasury has committed to make a $ 35 billion equity investment in the spv. 2 / 5 bis central bankers'speeches the mlf was announced on april 9, 2020, and closed its first transaction on june 5. as of november 25, the facility had purchased two issues for a total outstanding amount of $ 1. 7 billion. the mlf has contributed to a strong recovery in municipal securities markets, which has facilitated a historic issuance of approximately $ 275 billion of bonds since late march. state and local governments and other municipal bond issuers of a wide spectrum of types, sizes, and

##ccf purchases etf shares and corporate bonds at fair market value in the secondary market and avoids purchasing shares of etfs when they trade at prices that materially exceed the estimated net asset value of the underlying portfolio. the pace of purchases is a function of the condition of the u. s. corporate bond markets. with funding from the cares act, the department of the treasury has committed to make a $ 75 billion equity investment in the spv for the pmccf and smccf, with a $ 25 billion allocation toward the smccf. the smccf staggered its launch of etf and bond purchases in order to act as quickly and effectively as possible. through etf purchases beginning on may 12, 2020, the smccf provided liquidity to the corporate bond market relatively quickly. the federal reserve began direct corporate bond purchases under the broad market index purchase program on june 16. in its first week of bond purchases, the smccf was purchasing about $ 370 million per day. as of november 25, purchases have been slowed to a current daily pace of approximately $ 20 million of bonds and no etfs, and the total smccf outstanding value has reached $ 13. 6 billion. the smccf ’ s announcement effect was strong, quickly improving market functioning and unlocking the supply of hundreds of billions of dollars of private credit. since late march, more than $ 1. 6 trillion in corporate bonds have been issued without direct government or taxpayer involvement. the smccf has materially reduced its pace of purchases over the past few months as a result of the substantial improvements in the functioning of the u. s. corporate bond markets. the pace of purchases going forward will continue to be guided by measures of market functioning, increasing when conditions deteriorate and decreasing when conditions improve. the primary market corporate credit facility the primary market corporate credit facility ( pmccf ) is designed to work alongside the secondary market corporate credit facility ( smccf ) to support the ﬂow of credit to large investment - grade u. s. companies so that they can maintain business operations and capacity during the period of dislocation related to covid - 19. the pmccf supports market liquidity by serving as a funding backstop for corporate debt. under the pmccf, the federal reserve bank of new york lends to an spv. the spv will purchase qualifying bonds and syndicated loans with maturities up to four years. with funding from the cares act,