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Commercial Paper Hits Lowest Level since July

Total down for third week in a row as financial issuance declines.

By John Parry, Bloomberg | Updated on September 20, 2012

The market for corporate borrowing via commercial paper contracted to the least in almost two months as financial issuers relied more on central bank financing after monetary easing steps by the Federal Reserve and European Central Bank.

The seasonally adjusted amount of U.S. commercial paper fell $7.2 billion to $1.008 trillion outstanding in the week ended yesterday, the third consecutive decrease, the Federal Reserve said today on its website. It’s the longest stretch of declines since the period ended June 20 and the lowest level since the market touched $1.003 trillion in the period ended July 25, according to Fed data compiled by Bloomberg.

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