支持遭破壞的信貸市場
The Federal Reserve kicked off purchasing individual corporate bonds under its Secondary Market Corporate Credit Facility, which is one of the tools it created in March to shore up credit markets that were disrupted by the coronavirus pandemic.
美國聯準會透過次級市場企業信貸機制（SMCCF）開始購買個別公司債，這是聯準會3月份創建的工具之一，目的是支撐受新冠肺炎疫情破壞的信貸市場。
kick off=start=beginSecondary Market Corporate Credit Facility 次級市場企業信貸機制secondary market 二級市場，次級市場facility(n.)機制shore up=support支撐disrupt(v.)打斷;擾亂
The SMCCF is an emergency lending program, which had already begun buying corporate bonds in the form of exchange-traded funds, but took more than two months to roll out its direct purchases of individual bonds.
SMCCF是緊急貸款計畫，已經開始以ETF的形式購買公司債，但花了兩個多月時間才開始直接購買個別債券。
ETF=Exchange Traded Fund指數股票型基金roll out 推出;展開(新計畫、產品)
The purpose of the individual debt purchases will be “to create a corporate bond portfolio that is based on a broad, diversified market index of US corporate bonds,” the Fed said in a news release. The index is built internally by the Fed.
聯準會在新聞稿中表示，購買個別債券的目的是「依據廣泛、多元化的美國公司債市場指數，建立公司債券投資組合」。這個指數由聯準會內部建立。
diversify(v.)使⋯⋯多元化diversified(adj.)多元化的diversified portfolio 多元化投資組合
“This index is made up of all the bonds in the secondary market that have been issued by US companies that satisfy the facility’s minimum rating, maximum maturity and other criteria,” the Fed said in a statement. “This indexing approach will complement the facility’s current purchases of exchange-traded funds.”
聯準會在新聞稿中說：「這個指數由次級市場上美國公司發行的債券所組成，這些債券符合該機制最低評等、最高期限和其他標準。」「這種指數方法將與目前SMCCF購買ETF相輔相成。」
is made up of = is composed of 由所組成rating債券的評等maturity債券的期限criteria(n.)標準(複數)criterion(n.)標準(單數)complement(v.)補充;襯托出;與…相輔相成
The creation of the index removed a potential obstacle for companies that would have had to certify that they complied with restrictions outlined for the program.
建立指數消除了潛在的障礙，即公司本來必須證明遵守該計畫概括的限制。
obstacle(n.)障礙;阻礙;妨礙would have V-pp 本來要做，但是沒有做certify(v.)證明;證實comply with=abide by遵守outline(n.)輪廓(v.)描繪出輪廓、簡述、概括
“It’s a significant positive,” said Dominique Toublan, head of US credit strategy at BNP Paribas SA. “The main reason is that they removed the requirement that issuers certify their eligibility. Many investors were worried that this would impair the ability of the Fed to buy bonds.”
法國巴黎銀行美國信貸策略主管Dominique Toublan說：「這非常正面。」「主要原因是，他們取消發行人需證明合格的要求。許多投資人原本擔心這會損害聯準會購買債券的能力。」
eligibility(n.)有資格;合格eligible(adj.)符合某資格或條件的impair(v.)損害;削弱
Issuers need to have had an investment-grade credit rating as of March 22, just before the Fed announced its credit facilities. The bonds must have remaining maturities of five years or less.
截至3月22日，也就是在聯準會宣佈信貸機制前，債券發行人的信用評等必須是投資等級。債券剩餘期限必須為5年或更短。
as of…截至…為止investment-grade 投資等級credit rating 信用評等
The Fed said that the bond buying scheme will be adjusted if the market function improves.
聯準會表示，如果市場功能改善，將調整購債計畫。
scheme(n.)計畫;方案