We are analysing the USD denominated Commercial Paper market in the United States and outside the US up until June 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:
- Offshore USD CP extends its lead: Offshore USD outstandings from non-US entities reached USD 625.6bn in June 2026, up 18.0% YoY, while onshore non-US issuer outstandings fell 7.7% YoY to USD 420.3bn. The offshore lead widened to USD 205.3bn, up USD 130.4bn YoY.
-
Regulation reinforces the maturity split: Non-US issuers continue to use the US onshore market for very short-dated dollar liquidity, where WAOTM is just 20.7 days. Offshore markets provide longer-tenor funding, with WAOTM at 107 days and USD 217.9bn now issued beyond 270 days.
-
Foreign banks remain central to onshore USD funding: Foreign financial CP stood at USD 357.1bn, still well above domestic financial CP at USD 238.8bn. This confirms the continuing reliance of global banks on the US domestic CP market for short-term dollar liquidity.
-
ABCP is the main onshore growth engine: Asset-backed CP rose USD 84.4bn (+21.1%) YoY to USD 485.0bn, offsetting weakness in unsecured financial and nonfinancial CP. By contrast, financial CP fell 4.7% YoY and nonfinancial CP was broadly flat.
-
USCP remains a hub of global USD interdependence: The dollar’s reserve-currency role pulls non-US borrowers into both onshore and offshore USD CP markets. This creates a deeply interconnected funding system in which foreign banks, offshore term issuance and domestic money-fund demand all shape market conditions.
-
Federal Reserve CP data leave a global blind spot: Fed statistics provide high-frequency visibility on the onshore CP market, but do not capture offshore USD CP/CD activity. This omits USD 625.6bn of non-US offshore dollar issuance, limiting visibility over global USD funding risk.
To view the full research, click here for a free trial.