This table shows credit market borrowing by all sectors, both financial and nonfinancial, by type of financial instrument. Credit market borrowing shown by sector appears on tables F.1 and L.1. Credit market instruments include open market paper, Treasury securities, agency- and GSE-backed securities, municipal securities, corporate and foreign bonds, depository institution loans not elsewhere classified, other loans and advances, mortgages, and consumer credit.
Also shown as memo items are total net issuance of corporate equities and total net issuance of mutual fund shares; neither corporate equities nor mutual fund shares are considered credit market instruments. However, for some firms, equity issuance is an alternative to credit market borrowing, and for many investors and lenders, purchasing mutual fund shares is an indirect means of investing in equities or credit market instruments.