Trillion Dollar Corporate Credit Facilities Prevented Mass Layoffs and Defaults
American companies have borrowed nearly $1 trillion in corporate bonds since March. If they couldn't refinance, they might have defaulted, causing a chain reaction of defaults and job losses. Without access to bond markets, over 16 million jobs could have been at risk. The Primary Market and Secondary Market Corporate Credit Facilities helped keep the bond market stable. If the bond market had collapsed, it would have hurt employment and investment.