Global ABCP market expands as non-bank programs drive growth

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Global ABCP market growth 2026

Highlights

Global ABCP outstandings rise to $636.2 billion in July 2026 from $557.6 billion at end-2025, marking a 56% expansion since 2023.
Alternative non-bank-sponsored programs surge 178% since 2023 to $278.9 billion, reflecting increased demand for flexible funding and fintech-driven innovation.
Multiseller programs reach $284.6 billion with 5% growth, maintaining a 45% share of total global ABCP alongside rapidly expanding alternative programs.

Program growth reshapes ABCP market

As reported by S&P Global, citing S&P Global Ratings, global ABCP outstandings increase to $636.2 billion as of July 2026 from $557.6 billion at the end of 2025, extending an upward trend that has been in place since 2023. Over that period, the global ABCP market grows by about 56%, showing sustained expansion in short-term structured funding.

Alternative non-bank-sponsored programs lead that growth, expanding 178% since 2023 to $278.9 billion. S&P Global Ratings says the increase reflects evolving funding, capital efficiency and balance sheet management needs among financial institutions, alongside structural innovation and fintech-driven advances in asset optimization.

Alternative bank-sponsored programs also post strong growth, rising about 100% since 2023 to $72.8 billion. By contrast, multiseller programs grow at a slower pace of 5%, though they still reach $284.6 billion.

Funding needs and technology support expansion

The latest figures point to a market increasingly shaped by non-bank structures as financial institutions look for more flexible funding channels and more efficient use of balance sheets. That shift suggests the ABCP sector is adapting to changing capital and liquidity strategies rather than relying mainly on traditional program formats.

Multiseller programs now account for 45% of total global ABCP, indicating they remain a large part of the market even as faster-growing alternatives gain prominence. The mix of steady multiseller volumes and rapid expansion in alternative programs highlights a broader transformation in the structure of the ABCP market.

Our earlier article on United Nigeria Airlines’ commercial paper issuance outlined the carrier’s plan to raise up to N20 billion via its Series 1 and 2 notes to finance fleet expansion and strengthen operational capacity. We noted that the fundraising reflects how issuers are increasingly turning to short-term debt instruments to support growth and broaden their investor base—an approach that parallels wider changes in structured and money-market funding channels.

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