and where it it tells Blackrock to close the market, the only thing that matters for traders is how to frontrun the Fed, so to make sure that the Fed's helicopter paradrop is utilized by everyone in the most efficient way, here is a breakdown of everything the Fed will be buying to make sure the bond prices of fallen angels - firms which spent trillions on stock buybacks instead of even considering a downside case - trade near par even as the underlying cash flows drop near zero.

But first some background: the Fed's revised, and massively expanded, Secondary Market Corporate Credit Facility - which now can purchase 'fallen angel' junk bonds - will now be funded with $25 billion of equity capital from the Treasury as opposed to $10 billion previously. The leverage on the equity will be 10x for IG-rated bonds, 7x for bonds below IG, and in a range of 3x to 7x for any other eligible asset. The scope of the facility was also expanded, and in what was the biggest news of Thursday, while it was originally targeted toward IG bonds from US issuers and US-listed IG ETFs, the facility can now also purchase:

BB-rated bonds of recent "fallen angels" so long as they were IG rated as of March 22, 2020, and

HY ETFs, although the "preponderance" of ETF holdings are expected to be IG.