Bank unveils commercial paper facility

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The Bank of England on Thursday unveiled an extension to its quantitative easing programme to cover secured commercial paper.

The Secured Commercial Paper Facility will offer to buy securities backed by assets such as trade receivables consistent with the programme's aim to purchase high-quality assets of broadly investment grade. Any assets accepted would have to have ratings of at least A-1, P-1, or F- 1 from at least two of Standard & Poor's, Moody's and Fitch.

The Secured Commercial Paper Fa

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