From DTCC Connection:
In April, the National Securities Clearing Corporation (NSCC), a clearing agency subsidiary of DTCC, successfully completed its inaugural term debt issuance in the amount of $2 billion as part of its strategy to diversify its default liquidity resources. While NSCC issues commercial paper to raise default liquidity, this marks the first time in the firm’s history that NSCC has raised funds through a term debt issuance via an offering under Rule 144A. Lukas Morell, DTCC Managing Director and Treasurer, sat down with DTCC Connection to explain the reasons for taking this new approach, and how it will help mitigate risk and maintain stability in the financial marketplace.
The full interview is available at https://www.dtcc.com/dtcc-connection/articles/2020/may/08/nscc-breaks-new-ground-with-first-ever-term-debt-offering