We are analysing the USD denominated Commercial Paper market in the United States and outside the US up until April 30th, 2026. The data for the US market is sourced from the Federal Reserve commercial paper release whilst USD-denominated CP issued abroad is sourced from CMDportal's ISIN-by-ISIN database. See the 'Where is this Data Coming from?' below to understand the exact filters we used.
Quick Take:
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Offshore Liquidity Surpasses Onshore: Non-US issuers are increasingly pivoting toward the international market, where USD outstandings surged 23.5% YoY to USD 575.4bn. Consequently, offshore outstanding diverged from onshore, creating a USD 127.2bn divergence between venues.
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Maturity Differences Drive Issuance Strategy: The US onshore market serves as a high-frequency hub for ultra-short liquidity with a WAOTM of just 23.2 days, anchored by SEC Rule 2a–7 constraints on money market funds. Conversely, the offshore market provides term duration with an average maturity of 106.8 days, driven by LCR requirements that incentivise banks to lock in stable funding beyond the 30-day stress window.
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Systemic Reliance on Foreign Financials: The US domestic market remains deeply internationalised, with Foreign FIG outstandings (USD 360.2bn) significantly eclipsing their Domestic counterparts (USD 248.5bn). When accounting for US branches of foreign banks, only USD 98.6bn of financial issuance is entirely disconnected from international activity, underscoring a persistent global dependency on US onshore liquidity.
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ABS and Corporate Segments Drive Onshore Growth: Market growth is being heavily buoyed by the Asset-backed (ABCP) segment, which climbed to USD 454.6bn (+19.7% YoY), and a sharp rebalancing toward real-economy borrowers. Foreign Corporate demand jumped 24.1% MoM in April, signaling that non-financial entities are increasingly utilizing the USD CP market as a primary venue for short-term operational cash.
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