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Commercial Paper Sees Fourth Consecutive Decline

Market at lowest level since July as financial borrowers retreat.

By John Parry, Bloomberg | Updated on September 27, 2012

The market for corporate borrowing via commercial paper contracted to the lowest level in more than two months as U.S. financial institutions turned more to central banks for funding.

The seasonally adjusted amount of U.S. commercial paper dropped $18.1 billion to $990.1 billion outstanding in the week ended yesterday, the fourth straight decrease, the Federal Reserve said today on its website. It’s the longest stretch of declines since the period ended March 7 and the least since the market touched $982.5 billion in the period ended July 18, according to Fed data compiled by Bloomberg.

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