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Commercial Paper Market Erases Previous Week’s Decline, Fed Says

April 11 (Bloomberg) -- The market for corporate borrowing through commercial paper erased last week’s decline, led by a surge in issuance from financial institutions.

The seasonally adjusted amount of U.S. commercial paper rose $19.5 billion to $1.022 trillion outstanding in the week ended yesterday, the Federal Reserve said today on its website. The market, which contracted by that amount the previous week, has climbed from $924.4 billion in the week ended Oct. 24, the lowest level since January 2011.

Commercial paper sold by non-U.S. financial institutions rose for a fifth week, increasing $9 billion to $236.8 billion outstanding, while the amount issued by U.S.-based banks rose $3.6 billion to $301.6 billion, the first increase in six weeks, according to the Fed.

Corporations sell commercial paper, typically maturing in 270 days or less, to fund everyday activities such as rent and salaries.

To contact the reporter on this story: John Parry in New York at jparry5@bloomberg.net

To contact the editor responsible for this story: Alan Goldstein at agoldstein5@bloomberg.net

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