Commercial Paper Rates and Outstanding Summary

Volume Statistics for Commercial Paper Issuance RSS Data Download FRED

Derived from data supplied by The Depository Trust & Clearing Corporation
Data as of July 16, 2025Posted July 17, 2025

Volume statistics for daily commercial paper issuance are provided for each of the commercial paper rate categories: AA nonfinancial, A2/P2 nonfinancial, AA financial, and AA asset-backed; as well as for the total market. Total market is not the sum of the four rate categories as there is additional issuance that does not fall in any of the rate categories. The criteria that determine which issues are included in the rate categories are detailed in the Rate Calculations section of the About page of this release. The market statistics reflect all sales of commercial paper to investors by dealers or direct issuers, excluding secondary issues and repurchase agreement and financing issues.

AA nonfinancial
Period Amount 1 Number of issues
Total Days to maturity Total Days to maturity
1 - 4 days 5 - 9 days 10 - 20 days 21 - 40 days 41 - 80 days 81+ days 1 - 4 days 5 - 9 days 10 - 20 days 21 - 40 days 41 - 80 days 81+ days
Annual average
2023 3,510 2,629 291 186 213 106 85 122 88 9 8 9 4 4
2024 3,646 2,214 709 291 232 141 59 129 77 22 11 9 6 4
2025* 4,082 2,234 656 290 454 258 189 138 71 19 11 18 10 8
Monthly average
2025-Feb. 4,147 2,170 765 351 440 243 179 137 72 22 13 15 8 6
Mar. 3,900 1,904 497 352 612 208 327 135 59 15 14 24 9 15
Apr. 3,576 1,542 464 231 472 576 292 128 51 15 7 21 22 11
May 4,627 2,733 891 298 371 224 109 148 82 23 12 15 10 5
June 4,994 3,074 519 421 621 113 245 165 95 14 18 24 5 10
July* 3,796 2,174 535 157 601 225 106 144 80 17 8 26 9 5
Weekly (Friday) average
June 20 6,868 3,262 1,273 665 1,063 119 487 220 94 36 24 42 7 18
June 27 4,567 3,062 93 450 416 155 392 165 99 3 19 20 7 17
July 4 4,381 1,661 1,313 65 921 264 156 161 65 38 3 38 11 6
July 11 3,413 2,496 97 108 427 251 34 127 87 3 5 18 12 1
July 18* 4,407 3,338 49 314 397 139 169 182 124 5 18 21 5 10
Daily
July 10 1,456 465 237 295 247 212 0 88 36 8 16 17 11 0
July 11 1,153 309 50 55 412 322 5 65 28 1 2 23 10 1
July 14 2,843 1,752 0 150 754 86 100 105 49 0 3 46 3 4
July 15 6,065 4,633 95 521 367 178 271 264 167 13 45 14 6 19
July 16 4,311 3,628 53 270 69 154 137 177 155 2 7 2 5 6
* Data through July 16.
A2/P2 nonfinancial
Period Amount 1 Number of issues
Total Days to maturity Total Days to maturity
1 - 4 days 5 - 9 days 10 - 20 days 21 - 40 days 41 - 80 days 81+ days 1 - 4 days 5 - 9 days 10 - 20 days 21 - 40 days 41 - 80 days 81+ days
Annual average
2023 10,274 6,688 1,183 921 1,060 241 181 838 471 93 91 140 31 12
2024 10,068 6,639 1,251 805 782 438 154 674 410 82 65 74 35 8
2025* 10,150 6,554 1,213 839 883 377 285 638 370 80 62 76 39 10
Monthly average
2025-Feb. 11,464 7,200 1,611 1,002 890 389 373 738 420 105 70 84 43 14
Mar. 10,650 7,295 1,108 810 837 288 313 675 405 89 67 75 26 13
Apr. 9,322 6,350 1,001 614 797 350 210 593 359 68 54 69 34 10
May 9,946 6,222 1,245 871 826 419 363 604 350 74 58 63 45 14
June 10,140 6,508 1,085 860 917 411 358 611 356 64 58 77 48 9
July* 8,425 5,110 930 784 1,109 421 71 545 290 57 56 96 41 5
Weekly (Friday) average
June 20 10,220 6,558 1,542 611 932 556 22 676 368 91 45 97 73 2
June 27 9,101 6,020 834 985 956 303 2 559 333 48 68 75 34 1
July 4 8,692 4,694 1,248 652 1,274 642 183 550 268 74 45 88 65 11
July 11 8,076 5,381 794 713 904 282 3 506 292 48 54 86 26 1
July 18* 8,217 5,097 756 980 1,070 302 13 570 313 51 66 104 34 1
Daily
July 10 8,231 5,055 1,056 580 1,089 450 0 520 255 52 42 130 41 0
July 11 7,541 5,327 506 566 965 178 0 526 324 32 66 83 21 0
July 14 7,637 4,629 704 882 1,127 274 21 522 292 37 62 99 30 2
July 15 9,352 5,291 999 1,580 1,269 197 15 586 313 77 92 84 19 1
July 16 7,663 5,370 564 477 814 436 3 603 335 39 45 129 54 1
* Data through July 16.
AA financial
Period Amount 1 Number of issues
Total Days to maturity Total Days to maturity
1 - 4 days 5 - 9 days 10 - 20 days 21 - 40 days 41 - 80 days 81+ days 1 - 4 days 5 - 9 days 10 - 20 days 21 - 40 days 41 - 80 days 81+ days
Annual average
2023 7,628 6,657 581 102 130 82 76 209 178 18 3 3 2 5
2024 4,778 4,427 189 38 64 10 50 127 116 6 1 2 0 2
2025* 3,649 3,297 223 51 21 10 46 93 82 6 1 1 0 3
Monthly average
2025-Feb. 3,657 3,144 333 113 26 4 36 88 75 8 3 1 0 2
Mar. 3,468 3,307 64 22 7 8 61 80 74 2 0 0 0 3
Apr. 3,406 3,135 153 49 13 13 43 82 74 4 1 0 0 2
May 3,677 3,265 315 28 13 9 48 100 87 8 1 1 0 3
June 3,601 3,403 125 18 26 4 25 97 91 3 0 1 0 1
July* 5,100 4,643 305 53 41 18 39 142 125 9 1 2 1 4
Weekly (Friday) average
June 20 4,157 3,699 444 0 0 0 14 110 99 11 0 0 0 0
June 27 3,634 3,555 35 24 0 5 15 94 92 1 1 0 0 0
July 4 3,970 3,577 250 46 75 5 17 113 98 8 2 3 1 2
July 11 5,282 4,716 433 60 23 18 32 142 124 12 1 1 1 2
July 18* 4,644 4,422 80 33 11 30 68 134 120 3 1 1 1 9
Daily
July 10 5,020 4,870 100 0 0 25 25 139 134 2 0 0 1 2
July 11 6,204 4,450 1,715 0 0 15 25 174 125 47 0 0 1 1
July 14 4,553 4,293 106 99 19 36 0 127 117 5 2 2 1 0
July 15 4,475 4,402 0 0 0 0 73 153 129 0 0 0 0 24
July 16 4,902 4,570 135 0 14 53 130 123 113 4 0 1 2 3
* Data through July 16.
AA asset-backed
Period Amount 1 Number of issues
Total Days to maturity Total Days to maturity
1 - 4 days 5 - 9 days 10 - 20 days 21 - 40 days 41 - 80 days 81+ days 1 - 4 days 5 - 9 days 10 - 20 days 21 - 40 days 41 - 80 days 81+ days
Annual average
2023 16,214 9,705 3,223 487 860 509 1,431 506 300 89 16 28 16 56
2024 22,542 15,680 3,545 517 713 466 1,621 660 449 96 15 24 15 60
2025* 21,173 14,378 3,739 396 622 440 1,598 608 406 101 11 21 14 56
Monthly average
2025-Feb. 21,590 14,871 3,474 404 625 403 1,813 613 412 94 11 20 13 63
Mar. 20,043 13,918 3,351 353 524 534 1,362 572 390 92 11 18 15 47
Apr. 20,670 14,075 3,852 224 693 572 1,254 584 394 102 6 22 17 43
May 21,596 14,716 3,698 473 650 265 1,794 621 413 99 13 23 11 63
June 22,549 14,947 4,021 443 649 541 1,947 652 425 109 14 23 18 62
July* 21,171 13,507 4,380 599 628 374 1,683 626 393 118 16 21 13 67
Weekly (Friday) average
June 20 25,026 15,236 5,102 425 700 763 2,800 714 422 135 13 32 26 85
June 27 21,816 14,846 3,685 537 768 509 1,473 637 427 103 16 23 18 49
July 4 21,314 12,813 4,558 802 737 724 1,680 629 378 124 24 25 20 58
July 11 20,178 13,520 3,713 345 545 339 1,716 607 390 103 9 15 14 76
July 18* 22,347 14,935 4,440 759 573 279 1,360 639 427 114 19 23 7 48
Daily
July 10 21,439 13,536 4,107 298 434 855 2,210 623 371 121 7 15 31 78
July 11 17,963 13,931 1,435 59 504 343 1,690 554 416 55 3 14 9 57
July 14 19,182 14,714 1,896 434 425 95 1,619 564 428 63 14 14 4 41
July 15 26,881 14,901 7,473 1,674 1,085 491 1,258 756 432 178 37 44 11 54
July 16 20,977 15,191 3,952 168 209 252 1,204 596 422 101 7 11 6 49
* Data through July 16.
Total market
Period Amount 1 Number of issues
Total Days to maturity Total Days to maturity
1 - 4 days 5 - 9 days 10 - 20 days 21 - 40 days 41 - 80 days 81+ days 1 - 4 days 5 - 9 days 10 - 20 days 21 - 40 days 41 - 80 days 81+ days
Annual average
2023 115,630 78,012 15,262 4,619 6,585 2,951 8,202 4,625 2,730 546 286 462 178 423
2024 122,433 82,773 16,602 4,734 6,418 3,107 8,798 4,617 2,777 576 273 379 185 427
2025* 127,969 85,375 17,972 4,458 6,601 3,539 10,023 4,717 2,816 595 258 406 203 438
Monthly average
2025-Feb. 124,227 81,885 18,187 4,263 5,968 3,336 10,588 4,623 2,720 600 241 396 185 481
Mar. 124,988 85,773 15,808 4,106 6,275 3,010 10,016 4,587 2,797 545 258 403 158 425
Apr. 120,323 79,846 17,414 3,991 6,332 4,398 8,342 4,444 2,635 576 236 399 225 372
May 138,105 92,407 19,409 5,002 6,307 3,565 11,415 4,954 2,986 633 275 378 199 482
June 137,469 94,055 17,481 5,153 7,324 3,102 10,353 5,067 3,102 586 290 419 225 445
July* 133,233 86,949 19,434 4,782 8,003 3,662 10,403 4,991 2,955 643 278 449 234 432
Weekly (Friday) average
June 20 146,302 95,636 23,639 4,345 7,061 3,117 12,505 5,332 3,155 789 237 445 210 495
June 27 135,639 97,518 14,527 6,413 6,514 2,743 7,926 5,082 3,271 471 359 426 189 367
July 4 124,513 76,902 20,176 4,736 8,530 5,079 9,091 4,694 2,639 645 236 472 318 384
July 11 134,999 89,498 17,175 4,591 8,236 3,555 11,943 5,012 2,992 584 295 418 218 505
July 18* 131,046 89,426 19,071 4,974 6,434 2,759 8,382 4,985 3,116 635 285 420 187 342
Daily
July 10 128,189 89,436 14,227 4,487 7,059 4,474 8,507 4,920 2,893 582 282 447 310 406
July 11 124,544 87,729 8,831 4,841 10,126 2,614 10,403 4,801 3,009 339 387 460 140 466
July 14 122,766 88,167 12,918 4,013 7,109 1,472 9,086 4,526 3,036 447 229 414 104 296
July 15 139,895 89,195 24,695 7,357 6,988 3,412 8,248 5,454 3,114 836 408 464 237 395
July 16 130,476 90,914 19,599 3,553 5,205 3,391 7,813 4,975 3,199 622 219 381 219 335
* Data through July 16.

Footnotes

1. Millions of dollars.

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Last Update: July 17, 2025