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

Published on 19 September 2022

The total outstanding amount of the NEU CP and NEU MTN markets was €279.9 billion in August, after €286.8 billion in July. The market decline was marked in the NEU MTN segment (-€2.9 bn). Developments in the NEU CP segment were mixed, with a decrease in the outstanding amount of public issuers (-5.4€ bn), financial issuers (-€1.8 bn) and an increase in corporate issuers (+2.7 bn €).
The downward trend in financial issuers' rates continued in August for maturities of over 3 months.
In line with the ECB's rate hike, corporate rates continued to rise (+40 bps) on the 3-month pillar, whose issues fell sharply after record 10-year issues the previous month. Rates rose significantly on all pillars, but mainly on the longest maturities, in reduced issuance volumes.

Updated on 24 October 2023