S&P rolls out Commercial Paper index

  • Story by: Daniel McAllister
  • Magazine: InvestmentAdviser
  • Published Monday , October 06, 2008

Standard & Poor’s has rolled out the S&P US Commercial Paper index, designed to provide a benchmark for the country’s commercial paper market.

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The index, part of S&P’s family of fixed income indices, will consist of commercial paper with one to three-month maturities issued by both financial and non-financial corporate issuers with a commercial paper programme of at least $2bn (£1.1bn).

The S&P Commercial Paper index includes 1205 constituents from more than 190 issuers and consists of 77 per cent financial issuers and 23 per cent financial issuers.

The index will comprise 77 per cent financial issuers and 23 per cent non-financial issuers. Index constituents will be tier-weighted, based on the maximum programme size.

James Rieger, vice president of fixed income indices at S&P: “Commercial paper is a critical component of the capital markets and a widely held investment among money market funds and other short-term investors seeking higher yields and greater diversification than Treasury bills."

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