The households and nonprofit organizations sector is the residual holder of corporate and foreign bonds. That is, transactions, levels, and seasonal adjustment factors are calculated as total corporate and foreign bonds issued, less the holdings of all other sectors. The levels residual calculation also subtracts the corporate and foreign bond instrument discrepancy ( FOF series FL903063003), which accounts for valuation differences between issuance and holdings. Beginning 1996:Q4, revaluations are estimated based on the Merrill Lynch U.S. Corporate Master market price index. Other volume changes are calculated as the change in the level, less transactions and revaluations.
Last edited on: 04/29/2019