Credit Markets #primers

When a company or some kind of institution is looking for funding options, they can either go towards banks or the private market. In these clips, we'll explain the latter - the private credit markets:

> Credit Market Overview
> Corporate Bonds
> Municipal Securities
> Asset Backed Securities
> Credit Market Illiquidity
> Credit Spread
> Ratings Agencies
> Credit Default Swaps (CDS) & Credit Derivatives
> "Fed Put" Emergency Credit Facility
> Case Studies:
> Fallen Angels
> Fed 2020 Rescue
> Private Label MBS

For those who prefer text, here is the slideshow PDF. In addition, all of this is available as text in Central Banking 101.

Additional reading:
• "Securing Secured Finance: The Term Asset-Backed Securities Loan Facility." FRBNY Liberty Street Economics blog.
• "The Primary and Secondary Market Corporate Credit Facilities." FRBNY Liberty Street Economics blog.
• "Helping State and Local Governments Stay Liquid." FRBNY Liberty Street Economics blog.
• “What is Securitization.” IMF Back to Basics.
• “Guide to Credit Rating Essentials.” S&P Ratings.
• Bomfin. “Credit Default Swaps.” Federal Reserve Board Finance and Economics Discussion Series.
• “What Are Corporate Bonds?” SEC Investor Bulletin.
• “The Making of Fallen Angels—and What QE and Credit Rating Agencies Have to Do with It.” FRBNY Liberty Street Economics blog.