Corporate Medium-Term Notes, 2001 

The 2001 survey of corporate medium-term notes (MTNs) incorporates significant revisions of data 

going back to 1997. The revisions are based on improved procedures for the collection of data, 

which have enhanced both the coverage and accuracy of the survey. In general, the data revisions 

have resulted in sizable increases in the measured level of MTNs outstanding and in the gross 

issuance of MTNs, particularly for financial corporations. 

MTNs outstanding at the end of 2001 totaled $479 billion (table 1), up from $446 billion in 2000. 

The bulk of outstanding MTNs are issued by financial firms, which accounted for $385 billion of 

the total, up from $349 billion in 2000. MTNs issued by nonfinancial firms have declined steadily 

since the end of 1999 and totaled $94 billion in 2001. 

Outstandings at non-auto finance companies grew rapidly in 2001, to $134 billion. Asset-backed 

MTNs outstanding rose to $20 billion in 2001, double the level at the end of 2000. Within the 

nonfinancial sector, issuance among half of the subsectors (electric, gas, and water; manufacturing; 

transportation, mining, and construction) registered weak growth in 2001. Issuance declined in the 

other half of the nonfinancial subsectors, especially in the telephone and communications group, 

where MTNs outstanding fell to $12 billion in 2001 from $15 billion in 2000. 

The number of firms with MTNs outstanding has been stable in recent years (table 2). In 2001, the 

financial firms with MTNs outstanding numbered 176, compared with 285 nonfinancial firms; in 

dollar terms, however, the bulk of outstanding MTNs is from financial firms. 

The vast majority of firms with MTNs outstanding enjoy investment-grade credit ratings. Of the 

$479 billion in MTNs outstanding at the end of 2001 (table 3), just $13 billion were issued by firms 

with BB or lower long-term bond ratings (including firms in the "Other" category). The bulk of 

outstanding investment-grade MTNs were issued by firms with an "A" rating at the end of 2001, 

although outstanding MTNs issued by these firms fell to $194 billion in 2001 from $248 billion in 

2000. The outstanding MTNs issued by firms with BBB, AA, and AAA ratings grew in 2001, a 

movement reflecting credit rating changes of the issuing firms. 
As suggested by the modest rise in outstanding MTNs, issuance activity rose only moderately, to 

$223 billion in 2001 from $210 billion in 2000 (table 4). Issuance by financial corporations rose to 

$206 billion in 2001 from $190 billion in 2000, while issuance by nonfinancial corporations 

declined. The number of firms issuing MTNs declined from 145 firms in 2000 to 122 firms in 

2001 (table 5), a decline that was about evenly split between the financial and nonfinancial sectors. 

In the financial sector, the declines were concentrated among finance companies, while in the 

nonfinancial sector they were concentrated in the electric, gas, and water grouping. Across the 

credit rating spectrum, issuance patterns were largely in line with the patterns for outstanding 

MTNs (table 6). 
Table 1: Dollar Volume of Medium-Term Notes Outstanding

(Millions of dollars, end of period)

Issuer 1993 1994 1995 1996 1997 1998 1999 2All U.S. corporations 210,895 235,486 267,501 287,323 302,102 388,729 420,566 446Financial corporations 125,405 145,857 171,096 194,535 221,248 290,425 320,166 349

Finance companies 78,527 91,439 107,618 115,738 121,370 150,041 164,238 167

Auto 33,270 33,753 37,076 37,541 38,496 45,794 57,016 48Other 45,257 57,686 70,542 78,197 82,874 104,247 107,222 119

Banking firms 19,558 21,468 27,964 33,569 35,666 52,201 63,333 61Savings and loans 1,002 1,250 2,255 2,670 600 340 840 Securities brokers 21,751 26,944 27,176 34,556 56,692 74,105 75,717 94Asset-backed n.a. n.a. n.a. n.a. 81 3,668 4,965 9Other1 4,567 4,756 6,083 8,002 6,838 10,069 11,072 15

Nonfinancial corporations 85,490 89,629 96,405 92,788 80,855 98,305 100,400 97

Electric, gas, and water 28,178 28,771 29,658 28,288 21,979 24,464 23,972 26Manufacturing 30,885 31,959 33,945 34,204 21,941 29,734 30,143 27Services 6,182 7,453 10,091 10,944 12,009 14,382 15,494 13Telephone and

communication 5,841 6,731 7,414 5,538 13,367 15,951 16,165 15

Transportation, mining, and

construction 6,482 6,233 6,094 5,713 3,887 5,232 6,088 5

Wholesale and retail trade 7,922 8,482 9,203 8,101 7,672 8,542 8,538 8

Note. Components may not sum to totals because of rounding. Data source changed between 1996 and 1997. Da

through 2001 were significantly revised in 2002. 1“Other” financial corporations consist of insurance, real estate, and miscellaneous investing institutions.

n.a. Not available.
Table 2: Number of Issuers of Medium-Term Notes Outstanding

(End of period)

Issuer 1993 1994 1995 1996 1997 1998 1999 2000 200All U.S. corporations 367 376 401 411 435 460 456 460 46Financial corporations 115 114 121 126 156 167 170 177 17

Finance companies 50 51 50 49 59 63 62 64 6

Auto 3 3 3 3 7 7 6 6 6Other 47 48 47 46 52 56 56 58 55

Banking firms 32 30 31 32 36 37 38 40 39Savings and loans 9 5 6 6 4 3 4 3 3Securities brokers 7 10 10 10 18 19 18 17 17Asset-backed n.a. n.a. n.a. n.a. 2 3 4 7 8Other1 17 18 24 29 37 42 44 46 48

Nonfinancial corporations 252 262 280 285 279 293 286 283 285

Electric, gas, and water 83 83 90 91 87 92 91 94 98Manufacturing 104 111 117 117 91 98 95 90 9Services 13 13 14 14 25 25 24 25 2Telephone and

communication 16 17 17 18 26 25 24 22 22

Transportation, mining, and

construction 19 19 21 23 21 24 23 21 22

Wholesale and retail trade 17 19 21 22 29 29 29 31 28

Note. Components may not sum to totals because of rounding. Data source changed between

1996 and 1997. Data from 1997 through 2001 were significantly revised in 2002. 1“Other” financial corporations consist of insurance, real estate, and miscellaneous investing

institutions.

n.a. Not available.
Table 3: Dollar Volume of Medium-Term Notes Outstanding, by Rating Category of Issu

(Millions of dollars, end of period)

Issuer 1993 1994 1995 1996 1997 1998 1999 2All U.S. corporations 210,894 235,486 267,501 287,323 302,102 388,729 420,566 446

AAA 8,799 12,725 17,021 13,599 11,470 16,779 25,620 38AA 12,860 15,686 22,984 38,027 48,541 51,318 50,110 98A 122,544 142,543 161,758 168,488 197,197 266,444 283,925 248BBB 62,232 59,603 61,040 61,449 37,515 43,563 49,610 45BB 3,637 4,136 3,723 4,638 5,166 5,989 6,200 7B 373 343 500 635 884 898 403 4Other1 450 451 475 488 1,331 3,740 4,698 3

Financial corporations 125,404 145,857 171,096 194,535 221,248 290,425 320,166 349

AAA 7,570 12,130 16,621 13,045 10,013 15,562 24,505 38AA 4,853 9,747 16,185 30,771 34,180 34,492 30,757 81A 81,172 96,964 107,662 119,131 157,758 214,799 234,069 204BBB 30,596 25,839 29,410 30,337 16,142 20,098 25,199 15BB 1,213 1,177 1,218 1,251 1,346 1,263 938 1B 0 0 0 0 704 718 243 4Other1 0 0 0 0 1,105 3,492 4,455 3

Nonfinancial corporations 85,490 89,629 96,405 92,788 80,855 98,305 100,400 97

AAA 1,229 595 400 554 1,456 1,217 1,115 AA 8,007 5,939 6,799 7,256 14,361 16,826 19,353 16A 41,371 45,579 54,095 49,357 39,440 51,644 49,857 43BBB 31,636 33,763 31,630 31,111 21,372 23,464 24,411 29BB 2,424 2,959 2,506 3,387 3,819 4,726 5,262 5B 373 343 500 635 180 180 160 Other1 450 451 475 488 226 248 243 

Note. Components may not sum to totals because of rounding. Data source changed between 1996 and 1997. Da

through 2001 were significantly revised in 2002. 1“Other” consists of firms rated less than B and those not rated by S&P or Moody’s.

n.a. Not available.
Table 4: Dollar Volume of Gross Issuance of Medium-Term Notes

(Millions of dollars)

Issuer 1993 1994 1995 1996 1997 1998 1999 200All U.S. corporations 86,061 88,144 98,916 93,677 114,436 149,219 170,753 210,18Financial corporations 57,841 70,374 79,461 81,954 98,878 128,524 149,290 190,48

Finance companies 30,060 41,605 45,648 41,590 44,045 63,125 70,570 74,12

Auto 10,755 11,219 11,631 8,642 12,076 19,732 26,909 17,53Other 19,305 30,386 34,017 32,948 31,969 43,393 43,661 56,58

Banking firms 7,561 8,103 13,945 12,136 14,815 19,057 24,038 22,19Savings and loans 861 500 1,285 1,518 180 100 500 Securities brokers 17,937 19,320 16,912 24,319 36,192 40,759 46,275 78,76Asset-backed n.a. n.a. n.a. n.a. n.a. n.a. 5,438 8,46Other1 1,422 846 1,671 2,391 3,646 5,483 2,470 6,93

Nonfinancial corporations 28,220 17,770 19,455 11,723 15,558 20,695 21,463 19,69

Electric, gas, and water 10,858 2,523 2,732 1,877 2,765 3,198 2,493 5,58Manufacturing 8,394 6,817 7,531 5,221 6,321 9,213 7,023 5,69Services 3,079 3,529 4,691 3,144 4,187 6,837 5,012 1,94Telephone and

communication 2,729 1,492 1,493 831 838 395 4,292 3,78

Transportation, mining, and

construction 1,740 920 612 405 177 111 1,558 1,08

Wholesale and retail trade 1,420 2,489 2,396 245 1,270 941 1,084 1,59

Note. Components may not sum to totals because of rounding. Data source changed between 1996 and 1997. 

1999 through 2001 were significantly revised in 2002. 1“Other” financial corporations consist of insurance, real estate, and miscellaneous investing institutions.

n.a. Not available.
Table 5: Number of Issuers of Medium-Term Notes

Issuer 1993 1994 1995 1996 1997 1998 1999 2000 200All U.S. corporations 210 171 195 165 158 145 150 145 12Financial corporations 71 68 78 87 84 71 77 80 67

Finance companies 31 30 34 36 38 29 29 34 27

Auto 3 3 3 3 5 6 5 5 4Other 28 27 31 33 33 23 24 29 23

Banking firms 19 16 19 21 20 14 16 13 1Savings and loans 2 1 3 2 1 1 1 0 0Securities brokers 7 10 8 10 11 9 11 11 9Asset-backed n.a. n.a. n.a. n.a. n.a. n.a. 4 6 8Other1 12 11 14 18 14 18 16 16 12

Nonfinancial corporations 139 103 117 78 74 74 73 65 55

Electric, gas, and water 60 37 42 31 32 31 22 25 20Manufacturing 47 39 46 29 20 26 24 18 1Services 7 8 7 7 6 7 10 9 6Telephone and

communication 8 6 8 5 4 2 5 4 

Transportation, mining, and

construction 9 7 7 3 4 3 6 4 

Wholesale and retail trade 8 6 7 3 8 5 6 5 4

Note. Components may not sum to totals because of rounding. Data source changed between

1996 and 1997. Data from 1999 through 2001 were significantly revised in 2002. 1“Other” financial corporations consist of insurance, real estate, and miscellaneous investing

institutions.

n.a. Not available.
Table 6: Dollar Volume of Gross Issuance of Medium-Term Notes, by Rating Category of I

(Millions of dollars)

Issuer 1993 1994 1995 1996 1997 1998 1999 200All U.S. Corporations 86,063 87,844 98,916 93,675 114,470 149,269 170,753 210,18

AAA 4,091 9,274 10,358 4,740 2,065 10,021 15,832 25,73AA 4,840 5,292 7,965 12,011 28,688 37,148 15,277 49,54A 57,800 58,600 65,440 60,910 68,080 86,054 124,568 122,55BBB 17,759 13,926 14,452 15,126 14,361 15,887 10,289 9,71BB 1,573 618 573 757 266 159 478 45B 0 134 128 131 1,010 0 100 5Other1 n.a. n.a. n.a. n.a. n.a. n.a. 4,209 2,14

Note. Components may not sum to totals because of rounding. Data source changed between 1996 and 1997. 

1999 through 2001 were significantly revised in 2002. 1“Other” consists of firms rated less than B and those not rated by S&P or Moody’s.

n.a. Not available.