Monthly review for commercial paper and medium-term note market - December 2023

Published on 22 January 2024

Total outstanding on the NEU CP and NEU MTN market stood at €335.7 bn in December 2023 (+€29.3 bn year-on-year). This increase is driven by the NEU CP segment (+27.2 bn € year-on-year). In this segment, financial issuers in particular saw their outstanding rise sharply (+40.9 bn € year-on-year), while outstanding of non-financial entities (corporates) fell by 6.7 bn € to 51.2 bn €. Outstanding in the NEU MTN segment rose slightly by €2 bn year-on-year (+5.4%) to €40.3 bn.
NEU CP issuance by the financial sector (ABCP issuers included) fell in December 2023 to €80.8 bn from €86.8 bn the previous month. Issues by the non-financial sector (corporates) fell in December 2023 to €15.8 bn, compared with €21.9 bn in November 2023, the decrease being attributable to maturities from 41 to 100 days. Public-sector issues likewise fell over the month to €8 bn, compared with €14.4 bn in November 2023.
For financial issuers, average issue yields are down sharply for maturities over 3 months. For financial issuers, whose issues are concentrated on maturities of 3 months or less, yields are stable.

Updated on 22 January 2024