Who Still Needs The Fed's Backing?

Interesting to see who has recently issued bonds guaranteed by the Fed through its Temporary Liquidity Guarantee Program. The month of issuance is on the x-axis (in YYMM format), and the amounts issued are given on the y-axis (in thousands of dollars, so the peak is at about $78bn).


(Source: Bloomberg. Click to enlarge)

Although quite a few institutions used TLGP to issue debt for cheap (thanks the the Government guarantee, the yield paid to investors could be low), it is apparent that mostly Citi and American Express still need the Fed's backing, since both issued government-guaranteed bonds in April, May, June and July. Other entities that recently enjoyed the government's backstop: GMAC issued $4.5bn of government-guaranteed debt in June, USB about $1bn in May, and JP Morgan $2.3bn in April.