Statistics
NEU CP - NEU MTN market

Monthly review for commercial paper and medium-term note market - August 2025

Published on the 12th of September 2025
  • At the end of August 2025, total outstanding on the NEU CP and NEU MTN market stood at €345.8bn (down 3.4% year-on-year). The NEU CP segment (90% of the market) is down year-on-year (-2.7%). The NEU MTN segment is also down (-9% year-on-year to €37.4 bn).
     
  • Financial issuers (including securitisation vehicles): NEU CP issuance by the financial sector was up in August 2025, at €98.4bn compared with €93.7bn the previous month. The average maturity of issues (weighted by volumes issued) droped to 78 days (compared with 87 days in July 2025). This is explained by the increase of issues with maturities ranging between 1 and 40 days (€66.5bn in August 2025 compared with €61bn in July 2025). Outstandings slightly rose to €226.1bn at the end of August 2025 (+€1.6bn over the month). The average residual maturity was stable at 147 days, compared with 146 days in July 2025. In terms of issuance conditions, the yields are stable in August on the shorterst maturities and slightly up on maturities between 6 and 12 months. Average spreads at issuance on the 3-month maturity pillar remain very similar regardless of the rating class.
     
  • Non-financial issuers: NEU CP issuance in the sector was sharply down in August 2025, at €17.7bn compared with €26.1bn in July 2025. Outstandings are stable at €63.3bn from €63.2bn the previous month. The average initial maturity of issues and the average residual maturity of outstanding are down to 67 days and 68 days respectively. In terms of issuance conditions, we note in August a stability of yields on the shortest maturities and a slight increase on maturities ranging from 9 to 12 months. On the 1-month maturity pillar, the difference in average spreads at issuance between class 1 and unrated class is approximately 50 basis points.
     
  • Public issuers: NEU CP issues by the sector increased in August 2025 to €5.6bn compared with €9bn in July 2025. The average initial maturity of issues droped to 50 days from 60 days the previous month. This was mainly due to an increase in issues in the 4-to-9 day maturity bracket and a decrease in inssuance in the longer maturity brackets. Outstanding fell slightly to €18.9bn in August 2025 from €21.5bn in July 2025. The average residual maturity of the outstanding drop to 91 days after 97 days in July.
     
  • ESG: Outstandings in programmes (or compartments of programmes) with ESG characteristics drop in August to €7.6bn.

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Monthly review for commercial paper and medium-term note market - Augu... (PDF - 3.33 MB)

Updated on the 12th of September 2025

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