skip to main navigation skip to secondary navigation skip to content
Board of Governors of the Federal Reserve System
skip to content

New Security Issues, U.S. Corporations

Current Release About Release Dates Technical Q&As

Technical Q&As

This page provides additional information about data in the Board of Governors' statistical release on New Security Issues, U.S. Corporations. Most of the information is of a technical nature and represents answers to questions that may be of interest to a range of analysts and researchers. The page will be updated as such questions arise.

Documentation for the statistics in the New Security Issues, U.S. Corporations release is available on the About page.

Q: Does financial issuance include asset-backed securities?

A: Yes, the financial issuance totals do include asset-backed securities.

Back to top

Q: Are medium-term notes included in the issuance numbers?

A: Medium term notes (MTNs) are included in the issuance numbers.

Back to top

Q: What raw data sources do you use?

A: We use two different data sources for non-MTN and MTN issuance.  Non-MTN issuance data comes from Securities Data Company (now part of Thomson Financial) while MTN issuance data is collected from the Depository Trust & Clearing Corporation.

Back to top

Q: What are all the filters that are applied to the raw data sources?

A: We only report bonds issued by U.S. firms in domestic and foreign markets.  In addition, we exclude bonds with a public status of government or agency and bank notes.  We also exclude certain erroneous observations (e.g., observations that mistakenly report short-term ratings instead of long-term ratings).

Back to top

Q: Is issuance by U.S. firms in foreign markets reported?

A: Yes, issuance by U.S. firms in foreign markets is included in the nonfinancial and financial aggregates.  Issuance amounts are tracked in dollars.

Back to top

Q: Is issuance by foreign firms in U.S. markets reported?

A: No, issuance by foreign firms in U.S. markets is not reported.

Back to top

Q: How is the domicile of an issue determined?

A: The domicile refers to the nation of the issuing firm, not the parent firm.  Thus, if a foreign company’s U.S. subsidiary issues a bond, the domicile is designated as U.S.

Back to top

Have a Question about this

  • Submit your question and contact information here:

Last update: July 25, 2017