Commercial Paper Rates and Outstanding Summary

Volume Statistics for Commercial Paper Issuance RSS Data Download FRED

Derived from data supplied by The Depository Trust & Clearing Corporation
Data as of December 16, 2025Posted December 17, 2025

Volume statistics for daily commercial paper issuance are provided for each of the commercial paper rate categories: AA nonfinancial, A2/P2 nonfinancial, AA financial, and AA asset-backed; as well as for the total market. Total market is not the sum of the four rate categories as there is additional issuance that does not fall in any of the rate categories. The criteria that determine which issues are included in the rate categories are detailed in the Rate Calculations section of the About page of this release. The market statistics reflect all sales of commercial paper to investors by dealers or direct issuers, excluding secondary issues and repurchase agreement and financing issues.

AA nonfinancial
Period Amount 1 Number of issues
Total Days to maturity Total Days to maturity
1 - 4 days 5 - 9 days 10 - 20 days 21 - 40 days 41 - 80 days 81+ days 1 - 4 days 5 - 9 days 10 - 20 days 21 - 40 days 41 - 80 days 81+ days
Annual average
2023 3,510 2,629 291 186 213 106 85 122 88 9 8 9 4 4
2024 3,646 2,214 709 291 232 141 59 129 77 22 11 9 6 4
2025* 4,440 2,460 815 391 403 225 145 158 85 25 16 17 9 6
Monthly average
2025-July 3,986 2,366 610 297 408 182 123 143 80 19 13 18 8 6
Aug. 4,300 2,103 1,441 475 164 84 33 165 86 47 20 7 4 1
Sept. 5,470 3,198 824 610 422 231 185 218 128 30 25 17 10 8
Oct. 4,506 2,483 999 423 340 150 110 180 103 35 18 14 5 5
Nov. 4,818 2,592 1,065 481 542 136 2 173 85 31 22 27 9 0
Dec.* 6,459 4,009 901 760 294 437 58 224 134 29 30 14 14 3
Weekly (Friday) average
Nov. 21 5,273 3,594 202 1,017 326 133 0 182 113 8 44 13 4 0
Nov. 28 3,143 1,365 1,427 163 55 123 11 120 58 45 5 2 9 1
Dec. 5 7,469 3,699 1,601 1,336 363 430 40 268 134 49 55 16 13 1
Dec. 12 4,596 2,987 554 450 169 337 99 158 95 20 15 11 11 7
Dec. 19* 8,589 7,337 20 92 433 706 0 278 229 1 3 20 25 0
Daily
Dec. 10 7,431 4,995 1,010 711 155 410 150 225 125 45 27 7 18 3
Dec. 11 3,736 1,660 153 1,410 176 337 0 124 54 5 39 16 10 0
Dec. 12 877 194 119 27 165 373 0 49 13 5 3 16 12 0
Dec. 15 10,086 8,843 26 100 454 662 0 326 270 1 4 24 27 0
Dec. 16 7,092 5,832 14 85 412 750 0 230 188 1 2 16 23 0
* Data through December 16.
A2/P2 nonfinancial
Period Amount 1 Number of issues
Total Days to maturity Total Days to maturity
1 - 4 days 5 - 9 days 10 - 20 days 21 - 40 days 41 - 80 days 81+ days 1 - 4 days 5 - 9 days 10 - 20 days 21 - 40 days 41 - 80 days 81+ days
Annual average
2023 10,274 6,688 1,183 921 1,060 241 181 838 471 93 91 140 31 12
2024 10,068 6,639 1,251 805 782 438 154 674 410 82 65 74 35 8
2025* 9,860 6,237 1,163 926 866 375 293 647 383 75 67 74 37 12
Monthly average
2025-July 8,628 5,208 1,078 796 1,008 309 229 589 319 70 62 94 34 10
Aug. 9,373 5,780 987 1,073 870 303 361 667 389 69 81 76 37 16
Sept. 9,644 5,996 1,260 939 707 634 108 681 414 83 70 60 42 13
Oct. 9,551 5,969 1,086 1,148 845 312 191 668 433 65 79 64 21 6
Nov. 9,698 5,923 1,048 1,156 752 319 500 646 403 61 74 55 38 15
Dec.* 9,583 5,713 1,002 970 1,122 390 386 633 369 57 60 98 33 15
Weekly (Friday) average
Nov. 21 10,934 6,352 544 1,288 776 334 1,640 705 435 33 88 66 42 40
Nov. 28 6,895 3,457 1,859 729 356 471 23 484 252 110 54 17 48 3
Dec. 5 9,167 5,935 895 1,024 855 370 89 634 384 47 67 97 32 8
Dec. 12 8,970 5,438 1,057 967 1,175 269 64 612 354 63 58 102 25 9
Dec. 19* 12,151 5,846 1,130 843 1,654 742 1,935 680 369 64 47 93 58 50
Daily
Dec. 10 7,817 5,130 1,276 315 722 284 90 445 249 97 19 48 20 12
Dec. 11 11,163 5,271 1,454 2,807 1,254 311 65 714 343 80 168 82 32 9
Dec. 12 9,225 5,148 1,225 711 1,888 197 56 654 356 66 32 176 18 6
Dec. 15 9,507 6,254 1,136 468 1,156 468 25 555 353 63 30 68 39 2
Dec. 16 14,796 5,439 1,124 1,218 2,153 1,017 3,845 806 385 65 64 118 77 97
* Data through December 16.
AA financial
Period Amount 1 Number of issues
Total Days to maturity Total Days to maturity
1 - 4 days 5 - 9 days 10 - 20 days 21 - 40 days 41 - 80 days 81+ days 1 - 4 days 5 - 9 days 10 - 20 days 21 - 40 days 41 - 80 days 81+ days
Annual average
2023 7,628 6,657 581 102 130 82 76 209 178 18 3 3 2 5
2024 4,778 4,427 189 38 64 10 50 127 116 6 1 2 0 2
2025* 4,183 3,820 190 57 39 16 60 114 102 5 1 1 1 3
Monthly average
2025-July 5,066 4,620 311 35 40 31 29 138 124 9 1 1 1 3
Aug. 5,173 4,861 206 12 41 4 49 142 131 6 0 1 0 4
Sept. 5,152 4,645 126 72 87 73 150 149 132 4 2 4 2 5
Oct. 4,478 4,082 115 121 92 14 54 137 123 4 3 3 1 2
Nov. 4,576 4,299 88 56 29 8 96 139 128 4 1 1 0 4
Dec.* 4,854 4,535 80 90 66 1 80 141 129 3 3 2 0 5
Weekly (Friday) average
Nov. 21 4,544 4,265 27 30 29 20 173 133 125 1 1 1 0 6
Nov. 28 4,159 3,836 165 100 0 3 54 123 110 8 2 0 0 3
Dec. 5 4,588 4,160 126 60 104 2 137 130 111 5 2 3 0 8
Dec. 12 5,075 4,753 67 157 55 1 41 147 136 2 4 2 0 3
Dec. 19* 4,967 4,930 0 0 0 0 38 154 154 0 0 0 0 1
Daily
Dec. 10 5,485 4,935 0 500 0 0 50 158 144 0 12 0 0 2
Dec. 11 5,611 5,086 185 275 65 0 0 173 156 5 9 3 0 0
Dec. 12 4,750 4,750 0 0 0 0 0 152 152 0 0 0 0 0
Dec. 15 5,143 5,143 0 0 0 0 0 169 169 0 0 0 0 0
Dec. 16 4,791 4,716 0 0 0 0 75 140 138 0 0 0 0 2
* Data through December 16.
AA asset-backed
Period Amount 1 Number of issues
Total Days to maturity Total Days to maturity
1 - 4 days 5 - 9 days 10 - 20 days 21 - 40 days 41 - 80 days 81+ days 1 - 4 days 5 - 9 days 10 - 20 days 21 - 40 days 41 - 80 days 81+ days
Annual average
2023 16,214 9,705 3,223 487 860 509 1,431 506 300 89 16 28 16 56
2024 22,542 15,680 3,545 517 713 466 1,621 660 449 96 15 24 15 60
2025* 20,870 13,991 3,753 413 646 436 1,631 611 403 102 12 22 14 57
Monthly average
2025-July 20,512 13,828 4,010 458 517 380 1,319 601 401 108 12 18 12 49
Aug. 20,993 14,148 3,802 378 670 366 1,629 633 419 104 12 27 13 58
Sept. 21,156 14,070 3,923 449 756 404 1,553 636 419 105 15 28 15 56
Oct. 20,338 13,448 3,827 497 897 323 1,346 610 403 107 15 31 11 43
Nov. 19,565 12,046 4,014 463 488 523 2,031 587 358 111 14 17 16 72
Dec.* 20,624 12,995 3,110 457 682 695 2,684 631 389 86 13 24 26 93
Weekly (Friday) average
Nov. 21 19,600 12,249 3,251 374 452 725 2,549 608 365 91 12 16 25 100
Nov. 28 18,268 10,351 4,898 447 221 452 1,898 540 306 136 14 8 14 62
Dec. 5 20,489 12,868 3,372 502 531 611 2,606 665 397 98 15 18 31 106
Dec. 12 21,742 13,570 3,119 541 838 933 2,741 634 401 83 13 29 27 81
Dec. 19* 18,166 11,875 2,436 137 671 310 2,737 536 339 67 7 24 8 92
Daily
Dec. 10 24,704 12,840 6,980 747 744 816 2,577 728 400 177 19 22 32 78
Dec. 11 23,039 16,197 3,077 735 837 432 1,761 642 448 76 16 29 16 57
Dec. 12 19,645 12,778 1,465 194 1,351 497 3,360 572 374 48 6 48 12 84
Dec. 15 18,802 11,928 2,148 210 778 271 3,467 566 344 64 7 30 10 111
Dec. 16 17,529 11,823 2,724 63 563 350 2,006 507 334 70 7 17 7 72
* Data through December 16.
Total market
Period Amount 1 Number of issues
Total Days to maturity Total Days to maturity
1 - 4 days 5 - 9 days 10 - 20 days 21 - 40 days 41 - 80 days 81+ days 1 - 4 days 5 - 9 days 10 - 20 days 21 - 40 days 41 - 80 days 81+ days
Annual average
2023 115,630 78,012 15,262 4,619 6,585 2,951 8,202 4,625 2,730 546 286 462 178 423
2024 122,433 82,773 16,602 4,734 6,418 3,107 8,798 4,617 2,777 576 273 379 185 427
2025* 123,529 81,104 17,259 4,942 6,702 3,406 10,116 4,777 2,848 593 287 410 198 440
Monthly average
2025-July 130,528 88,832 18,082 4,393 6,713 3,490 9,018 4,967 3,057 624 272 408 216 390
Aug. 129,500 89,191 16,680 4,808 6,730 2,823 9,267 5,097 3,205 588 293 425 181 405
Sept. 122,891 80,035 16,965 5,543 7,016 3,031 10,301 5,059 3,065 629 325 404 176 462
Oct. 111,047 68,035 16,232 6,620 7,400 2,589 10,172 4,779 2,776 590 378 433 157 444
Nov. 104,655 61,154 15,975 5,999 6,578 3,785 11,165 4,507 2,490 567 346 407 229 467
Dec.* 111,509 65,840 15,057 5,773 7,321 4,599 12,919 4,643 2,595 555 307 432 231 522
Weekly (Friday) average
Nov. 21 110,712 67,397 12,291 7,674 6,352 4,096 12,902 4,804 2,727 423 441 467 220 527
Nov. 28 87,465 46,914 20,980 3,973 3,616 4,126 7,856 3,720 1,897 761 257 182 289 334
Dec. 5 111,500 62,213 17,652 6,369 5,833 5,102 14,332 4,772 2,518 643 379 372 248 612
Dec. 12 113,141 69,681 14,611 5,344 7,112 4,241 12,153 4,592 2,684 541 253 428 218 469
Dec. 19* 107,448 65,306 9,682 5,359 11,561 4,239 11,301 4,448 2,568 369 263 595 224 428
Daily
Dec. 10 126,606 78,360 22,818 5,161 5,765 4,091 10,412 4,652 2,793 828 179 274 180 398
Dec. 11 124,521 72,559 18,028 8,166 10,122 3,571 12,075 5,002 2,730 652 380 571 198 471
Dec. 12 101,009 62,037 11,266 5,233 8,105 3,768 10,600 4,369 2,511 424 236 556 244 398
Dec. 15 105,047 65,597 9,234 4,248 12,659 3,907 9,402 4,359 2,609 356 201 610 193 390
Dec. 16 109,849 65,015 10,130 6,471 10,463 4,571 13,199 4,537 2,527 382 325 580 256 467
* Data through December 16.

Footnotes

1. Millions of dollars.

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Last Update: December 17, 2025