Monthly review for commercial paper and medium-term note market - April 2026

Published on 13th of May 2026

At the end of April 2026, the total outstanding amount of the NEU CP and NEU MTN markets stood at €350.4bn. The overall market increased compared to the previous month and year-on-year. Outstanding NEU CP (87.1% of outstanding amounts) amounted to €305.3bn (+2.3% month-on month, +0.5% year-on-year), while outstanding NEU MTN amounts reached €45.1bn (up 3.7% month on-month, +18.1% year-on-year).
Financial issuers (including securitisation vehicles): NEU CP issuances by the financial sector increased slightly in April 2026 to €122.4bn (compared with €119.6bn in March). The average maturity of issuances (weighted by volume issued) continued its downward trend to 51 days, compared to 55 days in March 2026. This was mainly due to the increase in issuance volumes with maturities between 4 and 9 days (+€9.9bn month-on-month). Outstanding amounts rose slightly this month to €216.6bn (+€3bn month-on-month). The average residual maturity stood at 146 days. In terms of issuance conditions, April was marked by a continued steepening of the yield curve, with increases-on average compared with the previous month-reaching up to +21 basis points for a 6‑month issuance. A rise in average issuance spreads was also observed in April (+4.5 basis points on the 3‑month tenor, for example).
Non-financial issuers: NEU CP issuance volume increased sharply, reaching €39.9bn from €26.7bn in March 2026, driven by an increased use of very short maturities in April 2026 (volume up to €14.9bn compared with €9.7bn the previous month for maturities ranging from 10 to 40 days). Outstanding amounts rose to €65.3bn compared with €59.3bn in March 2026 (+5.6% year-on-year). The average initial maturity of issuance declined significantly in April 2026, falling to 54 days from 73 days the previous month. Regarding issuance conditions, April 2026 was marked by a continued steepening of the yield curve-except for the 9‑month tenor, where the weighted average issuance rate remained stable compared with March.
Public issuers: NEU CP issuances by the sector increased in April 2026, to €12.2bn compared with €6.9bn in March 2026. The average initial maturity of issuance stood at 56 days, up from 41 days the previous month. However, NEU CP outstanding amounts declined to €23.4bn in April 2026 from €25.3bn in March 2026. The average residual maturity of the outstanding increased slightly to 93 days from 90 days the previous month. In April 2026, the average yield curve steepened sharply, with increases of up to +56 basis points for a 12‑month issuance.
ESG: Outstanding amounts (ESG-labelled programmes (or programme segments) remained stable in April 2026 at €18.3bn

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Updated on the 13th of May 2026