Evolution of stocks
- Bank NEU CP: outstanding amounts stabilizes (-9.5% in December unchanged from November and -4.6% in December 2019).
- Corporate NEU CP: outstanding amounts builds up momentum in December (+ 30.6%, after + 20.7% in November and + 10.2% in December 2019).
- The usual seasonal decline in December impacts the level of outstanding amounts of corporate and to a lesser extent bank issuers (-27% and -2% respectively in seasonally adjusted data)
Average rates and durations at issuance
- Bank NEU CP: Average monthly rates keep getting lower in December (decrease between -1 and -6 bps) and the curve flattens on maturities of six months or less.
- Corporate NEU CP: Average monthly rates are increasing slightly on most maturities (between + 2 and +6 bps). The spike on the 9-month pillar (+18 bps) mostly reflects the low level of issuance.