![](http://investorshub.advfn.com/images/default_ih_profile2_4848.jpg?cb=0)
Wednesday, October 29, 2008 2:05:58 PM
10/29 09:59 AM
NEW YORK (Dow Jones)--For the second day running, commercial paper borrowing for debt maturing past 81 days showed an increase Tuesday, though the pace slowed from Monday, according to data released by the U.S. Federal Reserve on Wednesday.
On Tuesday, companies borrowed $41.6 billion versus $67.1 billion on Monday, the first day that the Fed's backstop facility to tide over companies unable to get debt maturing past just a few days became operational.
The asset-backed segment comprised $14.8 billion of the borrowing, versus $ 27.68 billion on Monday.
"The facility has given a boost to this market," said a trader at a primary dealer, who said the flurry continued Wednesday morning. "If it continues for a week, we can say the program has had a solid impact in the market."
He has processed orders for a little over $5 billion so far. Of this, 40% is for debt that matures in 30 days or more.
Companies rely on the commercial paper market to fund their everyday needs like paying employees and landlords and for rent and supplies.
The number of issues that came to market Tuesday fell to 954 from 1,511 on Monday. On Friday, that number was 623.
-By Anusha Shrivastava, Dow Jones Newswires; 201-938-2371; anusha.shrivastava@dowjones.com
Click here to go to Dow Jones NewsPlus, a web front page of today's most important business and market news, analysis and commentary: http:// www.djnewsplus.com/al?rnd=nmC%2FAKYmgJGLUOTz%2FlV6rA%3D%3D. You can use this link on the day this article is published and the following day.
(END) Dow Jones Newswires
10-29-080959ET
Copyright (c) 2008 Dow Jones & Company, Inc.
Last Shot Hydration Drink Announced as Official Sponsor of Red River Athletic Conference • EQLB • Jun 20, 2024 2:38 PM
ATWEC Announces Major Acquisition and Lays Out Strategic Growth Plans • ATWT • Jun 20, 2024 7:09 AM
North Bay Resources Announces Composite Assays of 0.53 and 0.44 Troy Ounces per Ton Gold in Trenches B + C at Fran Gold, British Columbia • NBRI • Jun 18, 2024 9:18 AM
VAYK Assembling New Management Team for $64 Billion Domestic Market • VAYK • Jun 18, 2024 9:00 AM
Fifty 1 Labs, Inc Announces Acquisition of Drago Knives, LLC • CAFI • Jun 18, 2024 8:45 AM
Hydromer Announces Attainment of ISO 13485 Certification • HYDI • Jun 17, 2024 9:22 AM