Commercial paper is usually very short dated (definitely less than a year, average maturity appears to be only 2 months [1]), so if rates move up by a percentag

Commercial paper is usually very short dated (definitely less than a year, average maturity appears to be only 2 months [1]), so if rates move up by a percentage point, the present value of the paper should drop less than 1%, maybe less than 0.2% (if it is very short dated). That's pretty close to their capital though! [1] https://www.federalreserve.gov/releases/cp/maturity.htm https://www.federalreserve.gov/releases/cp/maturity.htm