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

2000

2001

All U.S. corporations

210,895

235,486

267,501

287,323

302,102

388,729

420,566

446,440

479,177

Financial corporations

125,405

145,857

171,096

194,535

221,248

290,425

320,166

349,344

384,903

Finance companies
Auto
Other
Banking firms
Savings and loans
Securities brokers
Asset-backed
Other1

78,527
33,270
45,257
19,558
1,002
21,751
n.a.
4,567

91,439
33,753
57,686
21,468
1,250
26,944
n.a.
4,756

107,618
37,076
70,542
27,964
2,255
27,176
n.a.
6,083

115,738
37,541
78,197
33,569
2,670
34,556
n.a.
8,002

121,370
38,496
82,874
35,666
600
56,692
81
6,838

150,041
45,794
104,247
52,201
340
74,105
3,668
10,069

164,238
57,016
107,222
63,333
840
75,717
4,965
11,072

167,616
48,017
119,599
61,200
265
94,379
9,951
15,933

192,739
58,333
134,406
54,693
165
95,807
20,351
21,148

85,490

89,629

96,405

92,788

80,855

98,305

100,400

97,096

94,274

28,178
30,885
6,182

28,771
31,959
7,453

29,658
33,945
10,091

28,288
34,204
10,944

21,979
21,941
12,009

24,464
29,734
14,382

23,972
30,143
15,494

26,877
27,291
13,171

27,543
27,792
12,958

5,841

6,731

7,414

5,538

13,367

15,951

16,165

15,365

11,575

6,482
7,922

6,233
8,482

6,094
9,203

5,713
8,101

3,887
7,672

5,232
8,542

6,088
8,538

5,945
8,446

6,129
8,278

Nonfinancial corporations
Electric, gas, and water
Manufacturing
Services
Telephone and
communication
Transportation, mining, and
construction
Wholesale and retail trade

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 2: Number of Issuers of Medium-Term Notes Outstanding
(End of period)

Issuer

1993

1994

1995

1996

1997

1998

1999

2000

2001

All U.S. corporations

367

376

401

411

435

460

456

460

461

Financial corporations

115

114

121

126

156

167

170

177

176

Finance companies
Auto
Other
Banking firms
Savings and loans
Securities brokers
Asset-backed
Other1

50
3
47
32
9
7
n.a.
17

51
3
48
30
5
10
n.a.
18

50
3
47
31
6
10
n.a.
24

49
3
46
32
6
10
n.a.
29

59
7
52
36
4
18
2
37

63
7
56
37
3
19
3
42

62
6
56
38
4
18
4
44

64
6
58
40
3
17
7
46

61
6
55
39
3
17
8
48

252

262

280

285

279

293

286

283

285

83
104
13

83
111
13

90
117
14

91
117
14

87
91
25

92
98
25

91
95
24

94
90
25

98
92
23

16

17

17

18

26

25

24

22

22

19
17

19
19

21
21

23
22

21
29

24
29

23
29

21
31

22
28

Nonfinancial corporations
Electric, gas, and water
Manufacturing
Services
Telephone and
communication
Transportation, mining, and
construction
Wholesale and retail trade

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 Issuer
(Millions of dollars, end of period)

Issuer

All U.S. corporations
AAA
AA
A
BBB
BB
B
Other1
Financial corporations
AAA
AA
A
BBB
BB
B
Other1
Nonfinancial corporations
AAA
AA
A
BBB
BB
B
Other1

1993

1994

1995

1996

1997

1998

1999

2000

2001

210,894

235,486

267,501

287,323

302,102

388,729

420,566

446,440

479,177

8,799
12,860
122,544
62,232
3,637
373
450

12,725
15,686
142,543
59,603
4,136
343
451

17,021
22,984
161,758
61,040
3,723
500
475

13,599
38,027
168,488
61,449
4,638
635
488

11,470
48,541
197,197
37,515
5,166
884
1,331

16,779
51,318
266,444
43,563
5,989
898
3,740

25,620
50,110
283,925
49,610
6,200
403
4,698

38,901
98,170
248,306
45,399
7,268
4,712
3,684

69,613
107,747
193,948
95,088
7,422
520
4,839

125,404

145,857

171,096

194,535

221,248

290,425

320,166

349,344

384,903

7,570
4,853
81,172
30,596
1,213
0
0

12,130
9,747
96,964
25,839
1,177
0
0

16,621
16,185
107,662
29,410
1,218
0
0

13,045
30,771
119,131
30,337
1,251
0
0

10,013
34,180
157,758
16,142
1,346
704
1,105

15,562
34,492
214,799
20,098
1,263
718
3,492

24,505
30,757
234,069
25,199
938
243
4,455

38,230
81,514
204,320
15,426
1,795
4,546
3,513

67,431
91,406
154,586
66,858
714
440
3,468

85,490

89,629

96,405

92,788

80,855

98,305

100,400

97,096

94,274

1,229
8,007
41,371
31,636
2,424
373
450

595
5,939
45,579
33,763
2,959
343
451

400
6,799
54,095
31,630
2,506
500
475

554
7,256
49,357
31,111
3,387
635
488

1,456
14,361
39,440
21,372
3,819
180
226

1,217
16,826
51,644
23,464
4,726
180
248

1,115
19,353
49,857
24,411
5,262
160
243

671
16,656
43,985
29,973
5,473
166
171

2,181
16,341
39,363
28,230
6,708
80
1,371

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” 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

2000

2001

All U.S. corporations

86,061

88,144

98,916

93,677

114,436

149,219

170,753

210,182

222,932

Financial corporations

57,841

70,374

79,461

81,954

98,878

128,524

149,290

190,487

205,827

Finance companies
Auto
Other
Banking firms
Savings and loans
Securities brokers
Asset-backed
Other1

30,060
10,755
19,305
7,561
861
17,937
n.a.
1,422

41,605
11,219
30,386
8,103
500
19,320
n.a.
846

45,648
11,631
34,017
13,945
1,285
16,912
n.a.
1,671

41,590
8,642
32,948
12,136
1,518
24,319
n.a.
2,391

44,045
12,076
31,969
14,815
180
36,192
n.a.
3,646

63,125
19,732
43,393
19,057
100
40,759
n.a.
5,483

70,570
26,909
43,661
24,038
500
46,275
5,438
2,470

74,122
17,534
56,588
22,199
0
78,761
8,469
6,936

89,988
28,945
61,043
18,128
0
70,875
14,929
11,907

28,220

17,770

19,455

11,723

15,558

20,695

21,463

19,695

17,104

10,858
8,394
3,079

2,523
6,817
3,529

2,732
7,531
4,691

1,877
5,221
3,144

2,765
6,321
4,187

3,198
9,213
6,837

2,493
7,023
5,012

5,586
5,699
1,941

3,716
5,726
3,843

2,729

1,492

1,493

831

838

395

4,292

3,788

1,580

1,740
1,420

920
2,489

612
2,396

405
245

177
1,270

111
941

1,558
1,084

1,088
1,594

1,304
935

Nonfinancial corporations
Electric, gas, and water
Manufacturing
Services
Telephone and
communication
Transportation, mining, and
construction
Wholesale and retail trade

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 5: Number of Issuers of Medium-Term Notes

Issuer

1993

1994

1995

1996

1997

1998

1999

2000

2001

All U.S. corporations

210

171

195

165

158

145

150

145

122

Financial corporations

71

68

78

87

84

71

77

80

67

31
3
28
19
2
7
n.a.
12

30
3
27
16
1
10
n.a.
11

34
3
31
19
3
8
n.a.
14

36
3
33
21
2
10
n.a.
18

38
5
33
20
1
11
n.a.
14

29
6
23
14
1
9
n.a.
18

29
5
24
16
1
11
4
16

34
5
29
13
0
11
6
16

27
4
23
11
0
9
8
12

139

103

117

78

74

74

73

65

55

60
47
7

37
39
8

42
46
7

31
29
7

32
20
6

31
26
7

22
24
10

25
18
9

20
18
6

8

6

8

5

4

2

5

4

2

9
8

7
6

7
7

3
3

4
8

3
5

6
6

4
5

5
4

Finance companies
Auto
Other
Banking firms
Savings and loans
Securities brokers
Asset-backed
Other1
Nonfinancial corporations
Electric, gas, and water
Manufacturing
Services
Telephone and
communication
Transportation, mining, and
construction
Wholesale and retail trade

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 Issuer
(Millions of dollars)

Issuer

All U.S. Corporations
AAA
AA
A
BBB
BB
B
Other1

1993

1994

1995

1996

1997

1998

1999

2000

2001

86,063

87,844

98,916

93,675

114,470

149,269

170,753

210,182

222,932

4,091
4,840
57,800
17,759
1,573
0
n.a.

9,274
5,292
58,600
13,926
618
134
n.a.

10,358
7,965
65,440
14,452
573
128
n.a.

4,740
12,011
60,910
15,126
757
131
n.a.

2,065
28,688
68,080
14,361
266
1,010
n.a.

10,021
37,148
86,054
15,887
159
0
n.a.

15,832
15,277
124,568
10,289
478
100
4,209

25,730
49,541
122,556
9,713
451
50
2,140

38,811
49,183
102,860
29,392
526
0
2,160

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” consists of firms rated less than B and those not rated by S&P or Moody’s.
n.a. Not available.