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 31, 2025Posted January 2, 2026

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* 4,343 2,408 790 382 403 220 140 155 83 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.* 4,446 2,714 578 489 341 281 43 157 92 18 19 16 10 2
Weekly (Friday) average
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 5,935 4,169 233 208 878 425 22 199 128 6 7 40 17 1
Dec. 26 1,655 1,270 155 126 56 11 38 67 56 4 5 1 0 1
Jan. 2* 398 115 56 91 78 58 0 15 4 2 5 2 2 0
Daily
Dec. 26 2,820 2,410 0 310 100 0 0 115 106 0 7 2 0 0
Dec. 29 225 175 0 0 50 0 0 6 5 0 0 1 0 0
Dec. 30 431 0 60 13 185 173 0 14 0 2 1 5 6 0
Dec. 31 537 169 108 260 0 0 0 26 8 3 15 0 0 0
Jan. 1 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a.
* Data through December 31.
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* 9,753 6,135 1,164 919 870 366 298 640 378 75 66 73 36 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.* 8,494 4,795 1,090 874 1,052 286 398 561 318 62 56 84 25 15
Weekly (Friday) average
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 10,832 5,255 928 981 1,681 446 1,541 624 327 44 58 111 39 44
Dec. 26 4,995 2,595 1,343 537 412 80 28 369 204 76 46 29 11 2
Jan. 2* 7,347 3,987 1,402 739 981 179 58 501 288 94 42 62 12 4
Daily
Dec. 26 2,855 2,145 404 211 33 0 62 229 174 26 22 5 0 2
Dec. 29 8,097 4,754 1,135 1,073 754 270 111 486 297 77 48 48 12 4
Dec. 30 6,759 3,902 974 499 1,158 172 54 532 319 76 40 74 19 4
Dec. 31 7,184 3,305 2,097 646 1,031 96 8 486 247 128 38 63 5 5
Jan. 1 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a.
* Data through December 31.
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* 4,188 3,834 186 54 39 16 59 114 103 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.* 4,611 4,359 85 49 55 5 58 133 124 3 2 2 0 3
Weekly (Friday) average
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 5,041 4,948 27 0 5 19 42 150 147 1 0 0 1 1
Dec. 26 4,787 4,499 156 0 100 0 31 136 128 5 0 2 0 1
Jan. 2* 2,927 2,866 45 0 0 0 16 83 81 1 0 0 0 1
Daily
Dec. 26 4,396 4,396 0 0 0 0 0 134 134 0 0 0 0 0
Dec. 29 4,362 4,362 0 0 0 0 0 125 125 0 0 0 0 0
Dec. 30 4,134 4,085 0 0 0 0 49 116 114 0 0 0 0 2
Dec. 31 285 150 135 0 0 0 0 8 4 4 0 0 0 0
Jan. 1 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a.
* Data through December 31.
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* 20,791 13,932 3,757 416 643 426 1,616 608 402 102 13 22 14 56
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.* 19,832 12,776 3,446 478 634 456 2,043 594 377 92 16 23 16 69
Weekly (Friday) average
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 19,938 13,317 2,630 604 612 299 2,476 577 368 70 25 25 9 80
Dec. 26 18,090 11,820 4,153 383 765 164 806 525 357 106 10 26 4 22
Jan. 2* 17,704 11,673 4,534 246 326 58 867 525 346 118 17 13 2 29
Daily
Dec. 26 10,310 9,071 833 135 172 1 98 349 296 30 4 8 1 10
Dec. 29 18,007 13,078 3,270 312 687 45 616 549 390 85 28 19 1 26
Dec. 30 24,198 14,305 7,621 377 245 130 1,520 687 408 196 20 16 6 41
Dec. 31 10,907 7,636 2,711 50 46 0 463 339 241 73 2 3 0 20
Jan. 1 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a.
* Data through December 31.
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* 122,146 80,064 17,192 4,952 6,646 3,325 9,968 4,727 2,820 590 286 405 193 433
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.* 101,253 60,963 15,294 5,504 6,398 3,134 9,960 4,142 2,384 533 285 372 164 404
Weekly (Friday) average
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. 19 108,659 66,725 10,632 7,689 9,826 3,108 10,679 4,442 2,541 355 368 570 177 431
Dec. 26 79,930 50,272 17,305 3,688 3,545 794 4,326 3,090 1,930 572 173 182 50 183
Jan. 2* 80,446 49,000 17,591 3,111 4,239 1,174 5,331 3,247 2,007 584 192 203 62 200
Daily
Dec. 26 48,765 38,469 5,536 1,586 1,328 277 1,569 2,045 1,607 187 77 56 18 100
Dec. 29 88,605 58,926 15,285 3,963 4,066 1,021 5,345 3,514 2,333 479 267 190 50 195
Dec. 30 98,120 56,150 24,175 2,928 5,382 1,843 7,642 3,842 2,307 774 163 250 88 260
Dec. 31 54,612 31,923 13,314 2,441 3,269 658 3,007 2,386 1,380 499 147 169 47 144
Jan. 1 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a.
* Data through December 31.

Footnotes

1. Millions of dollars.

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Last Update: January 2, 2026