Level from FR Board, Capital Markets Section, Commercial Paper statistical release, table Commercial Paper Outstanding: Level and Changes, Not Seasonally Adjusted Data. Series is calculated as Asset-backed column multiplied by a Capital Markets estimate from Moody's of the proportion backed by trade credit. Series is compiled by FR Board from data obtained from DTCC. Unadjusted flow is the change in the level; data for the most recent ten years show no significant seasonality.