Monthly review for commercial paper and medium-term note market - December 2022

Published on 16 January 2023

In December, the overall outstanding amount of the NEU CP and NEU MTN market reached € 306.4 billion, increasing of more than € 20 billion compared to the end of 2021 (+7.2%). This rise is due to the NEU CP segment (+€28.9 Bn over one year) and more particularly to financials issuers (+€30.8 Bn over one year). On the contrary, the outstanding amount of the NEU MTN segment decreased by € 8.2 billion over the year (-17.5%).
Average yields at issuance carried on growing in December, alongside with a further hike of the ECB key’s interest rates. For financial issuers, the increases ranged from +13 bps on the 1-month pillar (associated with a relatively high level of issuances) to +53 bps on the 9-months pillar (associated with a relatively low level of issuances). For corporate issuers, the increases ranged from +7 to +37 bps (on the 1-month pillar that concentrates the bulk of issuances).
Issue volumes decreased for all types of issuers in December. The decline is more significant on the 1-day pillar for financial issuers (-€19 Bn) and on the 1-month pillar for corporate issuers (-€4.1 Bn).

Updated on 24 October 2023