We analyse the USD-denominated Commercial Paper market in the United States and outside the US up to 30 September 2026. The US market data are sourced from the Federal Reserve commercial paper release, while offshore USD-denominated CP/CD issuance is sourced from CMDportal's ISIN-by-ISIN database. As in the underlying methodology, the offshore universe also includes negotiable CDs issued by financial institutions.
Quick Take
- Offshore USD funding continues growing, reaching USD 609.1bn in September, USD 188.3bn above the USD 420.8bn issued by non-US entities in the US onshore market. The gap to onshore widened USD 25.9bn (+16.0%) MoM and is USD 83.3bn (+79.4%) wider YoY.
- Longer-dated issuance continues to drive offshore growth: Offshore paper above 270 days rose to USD 231.6bn, up 47.2% YoY, while sub-270-day outstandings fell 4.3% YoY. The offshore market's 10.4% annual expansion remains entirely concentrated further out the maturity curve.
- Onshore foreign issuance reversed August's rebound: Non-US issuers reduced US-market CP outstandings by USD 17.4bn (-4.0%) MoM to USD 420.8bn, driven mainly by a sharp decline in foreign nonfinancial issuance. Volumes are now 5.8% below September 2025.
- ABCP accounts for almost all US CP growth: Total onshore CP stood at USD 1,411.8bn, up 7.7% YoY. Asset-backed CP alone increased USD 98.3bn (+24.3%), compared with a USD 101.0bn increase in the aggregate market.
- Foreign financial issuers remain dominant onshore: Foreign financial CP stood at USD 356.5bn, versus USD 245.4bn for domestic financial issuers, leaving foreign entities at around 59.2% of total onshore financial CP.
- The maturity divide remains pronounced: The supplied maturity distribution shows a 19.5-day VWAM onshore versus 100.1 days offshore, meaning offshore issuance matures on average more than five times later.