2008-10-29

Credit markets


Credit markets are showing signs of revival. Yesterday, companies sold $232 billion of commercial paper - the most in five years - of which roughly 29% will mature in more than 80 days. In this particular medium term debt segment, the Federal Reserve was the main buyer. The U.S. central bank bought $60 billion of the $67 billion worth medium term commercial debt issued by private companies. The rate set by the Federal Reserve for 90 day unsecured commercial paper is 2.89%. And for 90 day secured asset backed comercial paper it's 3.89%.

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