America Inc. Swaps 30 Years for 30 Days in Commercial-Paper Rush

Once a $2 trillion cornerstone of global finance, the US commercial paper market was left in disarray following the 2008 crisis. Now, after years in the shadows, it’s staging an unexpected comeback.

Uber Technologies Inc. rolled out a $2 billion commercial paper plan in June, according to its latest quarterly filing. That followed Netflix Inc.’s $3 billion facility a month earlier. Coca-Cola Co., PepsiCo Inc., Philip Morris International Inc. and Honeywell International Inc. have all tapped the market in recent months, selling billions worth of the short-term IOUs, which typically range in maturity from 30 to 90 days. ...