Figure: Selected Components of Net Financing for Nonfinancial Corporate Businesses, 2003-07

Data are plotted as stacked bars and are expressed in billions of dollars at an annual rate. The bars are semiannual for 2003 through 2006 and quarterly for 2007. The stacked bars denote changes in net financing from commercial paper, bonds, and bank loans. Net financing from bonds is the largest of the three components in most years, followed by net financing from bank loans, and then commercial paper. The bond component is large in the first half of 2003, moderately positive over the next 2-½ years, and then large again for the remaining periods starting in the first half of 2006. Net financing from bank loans is moderately negative in the two halves of 2003, near zero in the two halves of 2004, and then moderately positive through the second quarter of 2007. It increases significantly in the third and fourth quarters of 2007, when it accounts for almost half of the total net financing. Net financing from commercial paper is very small or nonexistent in all periods. It fluctuates between positive and negative values until becoming virtually zero in the fourth quarter of 2007.