We are analysing the USD denominated Commercial Paper market in the United States and outside the US up until May 31st, 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 USD CP extends its lead. Offshore outstandings are now ~USD 590bn, up 18% YoY, leaving onshore smaller by a record ~USD 150bn.
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Regulation pushes term risk offshore. Banks use offshore markets to lock in longer funding (average just over 100 days) while 2a 7 keeps US onshore money funds in short paper (on average low 20s days)
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Foreign banks still dominate onshore funding. Foreign FIG outstandings (~USD 350bn) remain larger than domestic peers (~USD 260bn), underlining their reliance on onshore dollars
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ABCP and foreign corporates lead onshore growth. Asset backed CP is up just over 20% YoY to about USD 460bn, while foreign corporates are growing faster than domestic non financials.
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USCP is a hub of global USD interdependence. The dollar’s reserve role forces non‑US banks and other borrowers into both US onshore and offshore CP markets for liquidity, causing onshore financial outstandings to be dominated by US branches of foreign banks.
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Federal Reserve Commercial Paper statistics leaves a major blind spot. Headline Federal Reserve CP statistics only capture onshore aggregate volumes and miss addressing the global size of USD denominated Commercial Paper markets and interdependencies.
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