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

Published on 16 May 2022

Overall outstanding amounts on the NEU CP and NEU MTN markets stood at €284.9 billion in April after €275.7 billion in March. The increase, which concerns all issuing sectors, is mainly driven by financial issuers (+€4.6 billion).
The steepening of the rates of financial issuers, for maturities greater than 3 months, continued in April.
Corporate rates are stable on the 3-month pillar, whose issue volume exceeds the previous records of the past ten years. Rates rose slightly on the 1-month pillar and changed little on the other maturities.
The structure of future maturities changes significantly over one year, with a marked shortening of the time horizon for issuances, in a context of rising market rate expectations (as assed through SWAP OIS ESTR). Maturities beyond six months represented 23% of outstanding amounts in April 2021 and 14.6% in April 2022. Conversely, maturities within three months represent 62.7% of NEU CP outstanding amounts in April 2022, compared to 55.4% a year earlier.

Updated on 24 October 2023