ENSHORT-TERM FUNDING & CREDIT MARKETS · OCTOBER 9, 2026
Commercial-Paper Outstanding Rises as Credit Spreads Remain Visible
Federal Reserve data posted October 8 show seasonally adjusted commercial paper outstanding at $1.4856 trillion on October 7, while 30-day nonfinancial rates were 3.94% for AA issuers and 4.16% for A2/P2 issuers.
What the Federal Reserve posted on October 8
Source publication date: October 8, 2026; rate and weekly outstanding data are as of October 7. The Federal Reserve reported AA nonfinancial commercial-paper rates of 3.94% at 30 days and 4.09% at 90 days. A2/P2 nonfinancial rates were 4.16% at 30 days and 4.31% at 90 days. The data are derived from transactions supplied by The Depository Trust & Clearing Corporation and may show unavailable rates when trading is insufficient.
- 01AA 30-day nonfinancial: 3.94%
- 02A2/P2 30-day nonfinancial: 4.16%
- 03Commercial-paper access is issuer-specific
Outstanding volume increased in the latest weekly reading
Seasonally adjusted commercial paper outstanding was $1.4856 trillion on October 7, compared with $1.4067 trillion on September 30. Nonfinancial outstanding rose to $372.7 billion from $324.2 billion; financial outstanding was $606.9 billion and asset-backed outstanding was $505.9 billion. A one-week change can reflect issuance, maturity, seasonal funding, and market timing and does not establish a durable trend.
The market primarily describes institutional short-term funding
Commercial paper is generally short-term unsecured or asset-backed funding used by qualifying issuers and conduits. The reported rates are not directly comparable to a small-business line, commercial mortgage, equipment note, SBA-supported loan, or private-credit facility. Credit quality, dealer access, maturity, liquidity backstops, market conditions, transaction size, and documentation affect whether an issuer can use the market and at what cost.
Practical borrower takeaway
List each operating and transaction-related cash need by amount, date, expected repayment source, and acceptable maturity. Compare available bank revolvers, term debt, asset-based lending, receivables finance, private credit, cash reserves, and capital-market options on an all-in basis that includes spreads, floors, fees, collateral, reporting, covenants, unused-line cost, prepayment terms, and rollover risk. Use the commercial-paper release as a funding-market signal, not as evidence of eligibility or expected pricing.
Borrowers should treat commercial-paper data as market context—not a loan quote—and compare their actual revolver, term-loan, private-credit, receivables, and cash-reserve alternatives using all-in cost, maturity, rollover risk, covenants, and liquidity.
Discuss a financing need →This independent summary is based on the cited source and is provided for general educational purposes only. Terms and program requirements may change.