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 22, 2025Posted December 23, 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* 4,428 2,454 807 388 411 224 144 158 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.* 5,779 3,521 759 627 441 372 59 202 117 24 25 21 13 3
Weekly (Friday) average
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 5,935 4,169 233 208 878 425 22 199 128 6 7 40 17 1
Dec. 26* 2,468 2,055 200 63 0 0 150 106 94 4 5 0 0 3
Daily
Dec. 16 7,092 5,832 14 85 412 750 0 230 188 1 2 16 23 0
Dec. 17 2,615 67 500 274 1,444 323 8 130 9 11 10 83 16 1
Dec. 18 2,969 505 590 279 1,194 300 100 108 20 16 8 46 16 2
Dec. 19 6,911 5,598 32 304 887 89 0 203 154 3 12 29 5 0
Dec. 22 2,468 2,055 200 63 0 0 150 106 94 4 5 0 0 3
* Data through December 22.
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* 9,850 6,211 1,160 926 876 372 304 646 381 75 67 74 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.* 9,497 5,448 1,002 960 1,207 348 532 616 352 54 59 100 31 20
Weekly (Friday) average
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 10,832 5,255 928 981 1,681 446 1,541 624 327 44 58 111 39 44
Dec. 26* 7,109 4,028 1,636 494 758 151 41 504 301 87 34 58 18 6
Daily
Dec. 16 14,796 5,439 1,124 1,218 2,153 1,017 3,845 806 385 65 64 118 77 97
Dec. 17 12,845 5,177 758 959 1,998 382 3,571 705 363 40 43 134 32 93
Dec. 18 8,339 4,689 792 948 1,459 261 190 541 283 24 66 112 34 22
Dec. 19 8,676 4,718 831 1,313 1,638 102 74 515 253 30 89 121 14 8
Dec. 22 7,109 4,028 1,636 494 758 151 41 504 301 87 34 58 18 6
* Data through December 22.
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* 4,198 3,840 188 56 38 16 60 114 103 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.* 4,915 4,650 69 68 51 7 70 143 132 2 2 2 0 4
Weekly (Friday) average
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 5,041 4,948 27 0 5 19 42 150 147 1 0 0 1 1
Dec. 26* 5,125 5,100 0 0 0 0 25 146 145 0 0 0 0 1
Daily
Dec. 16 4,791 4,716 0 0 0 0 75 140 138 0 0 0 0 2
Dec. 17 4,961 4,750 136 0 0 0 75 125 118 5 0 0 0 2
Dec. 18 5,540 5,457 0 0 25 0 58 172 168 0 0 1 0 3
Dec. 19 4,768 4,672 0 1 0 95 0 146 140 0 1 0 5 0
Dec. 22 5,125 5,100 0 0 0 0 25 146 145 0 0 0 0 1
* Data through December 22.
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 3,740 418 648 433 1,640 611 403 101 12 23 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.* 20,681 13,237 3,067 535 698 583 2,561 624 390 84 17 26 21 86
Weekly (Friday) average
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 19,938 13,317 2,630 604 612 299 2,476 577 368 70 25 25 9 80
Dec. 26* 20,049 13,017 3,474 317 1,262 112 1,866 600 406 90 9 48 4 43
Daily
Dec. 16 17,529 11,823 2,724 63 563 350 2,006 507 334 70 7 17 7 72
Dec. 17 22,685 12,663 6,145 640 715 128 2,394 671 355 154 35 31 6 90
Dec. 18 22,340 16,701 1,784 819 441 67 2,529 615 440 51 24 25 5 70
Dec. 19 18,333 13,470 348 1,290 563 679 1,984 525 367 11 51 24 15 57
Dec. 22 20,049 13,017 3,474 317 1,262 112 1,866 600 406 90 9 48 4 43
* Data through December 22.
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* 123,249 80,862 17,181 4,997 6,719 3,384 10,106 4,769 2,843 590 289 411 197 439
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.* 110,242 65,968 14,415 6,395 7,431 3,964 12,069 4,558 2,573 517 326 446 206 490
Weekly (Friday) average
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. 19 108,659 66,725 10,632 7,689 9,826 3,108 10,679 4,442 2,541 355 368 570 177 431
Dec. 26* 97,371 62,404 16,158 5,315 5,044 1,169 7,280 3,897 2,450 576 214 290 86 281
Daily
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
Dec. 17 113,189 60,448 20,125 5,907 10,531 2,862 13,317 4,714 2,409 625 292 689 185 514
Dec. 18 107,814 70,149 10,309 9,147 8,400 1,811 7,997 4,397 2,524 299 456 596 129 393
Dec. 19 107,396 72,414 3,363 12,673 7,078 2,391 9,478 4,203 2,638 111 568 376 121 389
Dec. 22 97,371 62,404 16,158 5,315 5,044 1,169 7,280 3,897 2,450 576 214 290 86 281
* Data through December 22.

Footnotes

1. Millions of dollars.

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Last Update: December 23, 2025