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2001
Complete report (74 KB PDF)
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).

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Last update: August 20, 2002 | The report, with tables, is available in  Acrobat (PDF) format.
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|The report, with tables, is available in  Acrobat (PDF) format.
         Obtaining the Acrobat Reader