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S&P launches financial and non-financial versions of US commercial paper indices

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Standard & Poor’s has launched financial and non-financial commercial paper sub indices.

Standard & Poor’s has launched financial and non-financial commercial paper sub indices.

The headline S&P US Commercial Paper Index is a broad based index that measures the performance of the US commercial paper market, and is part of Standard & Poor’s growing family of fixed income indices.

The S&P US Commercial Paper Non-Financials Index consists of commercial paper from issuers classified by Standard & Poor’s as being from non-financial institutions. The S&P US Commercial Paper Financials Index consists of commercial paper from issuers classified by Standard & Poor’s as being financial institutions. The indices are the first of their type to be offered by a major index provider.

‘There are three key segments to the commercial paper market: non-financial issuers, financial issuers and asset backed commercial paper,’ says JR Rieger, vice president of fixed income indices at Standard & Poor’s. ‘With the launch of our two sub indices today, Standard & Poor’s has captured two areas of this critical component of the capital markets, bringing greater transparency into the commercial paper market for non-financial and financial issuers.’

The headline S&P US Commercial Paper Index consists of commercial paper with one-to-three month maturities issued by corporate issuers, both financial and non-financial. Asset-backed commercial paper issues are excluded. Issuers included in the index must have a commercial paper program of at least USD2bn.  Index constituents are weighted on a tiered basis based on the maximum program size. The index is rules based, although the S&P US Commercial Paper Index Committee reserves the right to exercise discretion, when necessary. The index includes 901 constituents from more than 160 issuers. It consists of 60 per cent financial issuers and 40 per cent non-financial issuers.

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