The market for corporate borrowing through short-term IOUscontracted to the lowest level of 2013.

The seasonally adjusted amount of U.S. commercial paper fell$22.4 billion to $1.063 trillion outstanding in the week endedyesterday, the fifth straight drop, the Federal Reserve said todayon its website. That's the longest stretch of declines since theperiod ended Oct. 24 and the least since the market touched $1.058trillion Dec. 19.

Corporations sell commercial paper, typically maturing in 270days or less, to fund everyday activities such as rent andsalaries.

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