On Tuesday, the Federal Reserve started its corporate bond buying program. Under the program, the Federal Reserve will buy both newly issued debt on the primary market and debt that is already being traded on a secondary market. Wasting no time, LiveNation announced plans to sell $800 million in bonds for “general corporate purposes.” This essentially means that public funds are being used to support LiveNation during the current Covid economic downturn. Other companies that have utilized the program include Disney and Viacom.
by John Gentile