We analyse the USD-denominated Commercial Paper market in the United States and outside the US up to 31 October 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 lead narrows. Non-US borrowers had USD 581.2bn outstanding offshore, down 4.7% MoM, while their US onshore CP rose 0.4% to USD 422.6bn. The offshore lead narrowed USD 30.3bn to USD 158.7bn, but remained 47.1% wider YoY.
- The short end drove the offshore decline. Offshore outstandings below 270 days fell USD 29.0bn MoM, while outstandings above 270 days edged up USD 0.4bn. The longer-dated segment grew 40.6% YoY, more than accounting for the offshore market’s 7.5% annual growth.
- US onshore CP rose to USD 1.44tn. A USD 36.8bn rebound in nonfinancial CP drove the 2.3% MoM increase. ABCP accounted for around 81% of the market’s annual growth.
- Foreign issuers still lead onshore financial CP. Their outstandings fell to USD 349.6bn, equivalent to 58.1% of the segment, while domestic financial CP rose to USD 252.0bn.
- Offshore issuance averaged 89.7 days to maturity, around 4.6 times the onshore VWAM of 19.3 days.