Wells Fargo Securities writes in its latest "Daily Short Stuff, "The weekly SIMFA index reset at 78 basis points this week, 14 basis points less than the 92 basis point high reached about a month ago. The 92 basis point level reached four weeks ago was the highest level for this index over an eight year timeframe. Now that tax season has passed, the index has continued to inch lower, as expected. Commercial paper outstanding grew by $​5.​0 billion, ending the week at $​986.​6 billion on a seasonally adjusted basis. Nonfinancial CP and asset-​backed CP outstanding fell while financial commercial paper increased. Nonfinancial commercial paper ended the week at $​280.​8 billion, a $​0.​9 billion reduction WoW, with domestic issuers falling by $​2.​3 billion and foreign issuers adding $​1.​4 billion. Asset-​backed CP closed the week at $​249.​0 billion, a $​2.​6 billion drop in comparison to the prior week. And lastly, financial CP closed the week at $​455.​8 billion, an $​8.​5 billion increase from the prior week. Domestic financial issuers added $​2.​7 billion and foreign financial issuers added an additional $​5.​9 billion."

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