Visualizing Funding Agreement–Backed Securities in the Z.1 Financial Accounts

Funding agreement–backed securities (FABS) are securities backed by a funding agreement — a deposit-type contract issued by life insurance companies promising a stream of predictable fixed payments over a specified period. The chart below tracks the amount outstanding by type, drawn directly from the Federal Reserve’s Enhanced Financial Accounts.

Funding agreement–backed securities outstanding by maturity, billions of dollars. The black line is total FABS.

View the data as a table

Recent media coverage

Financial Times — The niche debt tool at the heart of Apollo’s private credit machine, 15 September 2025
Reuters — Private credit dives back into FABulous funding, 11 June 2025

Note

The chart shows daily data on the three main types of FABS issues:

Medium-term FABN (fixed terms of more than 397 days)
Short-term FABN (fixed terms less than or equal to 397 days)
FABN with embedded put options, such as extendibles (“XFABN”) and their spinoffs

Also included are quarterly data on funding agreement–backed commercial paper (FABCP) and funding agreement–backed repurchase agreements (FABR). FABCP and FABR daily estimates are equal to the previous quarter-end levels.

Source

Staff calculations based on data collected from Bloomberg Finance LP, Moody’s ABCP Program Index, Depository Trust and Clearing Corporation, and SEC Form 10-Q and 10-K filings. Data on funding agreement–backed securities are available beginning in November 1994.

The series is refreshed from the Enhanced Financial Accounts release, which typically follows the main Z.1 Financial Accounts release by about a week.