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Clifford Chance

Clifford Chance


ECB eligibility criteria – Liquidity for corporate bonds and CP during the coronavirus pandemic

12 May 2020

Expansion of the ECB’s Corporate Sector Purchase Programme (CSPP) to include non-financial commercial paper and the launch of the Pandemic Emergency Purchase Programme (PEPP) has focused attention on the ECB’s criteria for eligible collateral. This table illustrates key criteria to consider when assessing potential eligibility of corporate bonds and commercial paper as ECB collateral or under the CSPP or PEPP.

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