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

Published on 14th of January 2026

At the end of December 2025, total outstanding on the NEU CP and NEU MTN market stood at €327.8bn (-3.9% year-on-year). The NEU CP segment (88% of the market) declined year-on-year (-4.5%) to €288.8bn. The NEU MTN segment however saw an overall increase (+1.6% year-on-year to €38.9 bn). Month-on-month, the overall market contracted by 6.2% (-€24.5 billion), a phenomenon typically observed at the end of the year (see in particular the thematic section of this report).
Financial issuers (including securitisation vehicles) : NEU CP issuances by the financial sector declined slightly in December 2025, to €93.5bn (compared to €94.9bn the previous month). The average maturity of issues (weighted by volumes issued) fell sharply to 50 days (compared with 63 days in November 2025). This is mainly explained by the increase in issuance volumes with maturities between 4 and 9 days (€12 billion in December 2025 compared to €9.5 billion in November 2025). Outstanding decreased over the month to €208.4 billion at the end of December 2025 (-€7.8 billion over one month). The average residual maturity was at 140 days. In terms of issuance conditions, with the exception of the 9-month pillar, there was an increase in average issuance rates in December 2025, more marked on the 6 and 12-month pillars, while spreads generally changed little.
Non-financial issuers: NEU CP issuances in the sector decreased significantly in December 2025, to €16.6 billion compared to €25.6 billion in November 2025. This resulted in a decline in outstanding amounts to €53.2 billion from €65.5 billion the previous month. The average initial maturity of the issues decreased to 76 days (versus 86 the previous month), while the average remaining maturity of the outstanding amounts increased to 71 days. Regarding issuance conditions, December saw an rise in issuance rates, except for the 1-day and 9-month maturities (-22 basis points), where lower issuing volumes are usually observed.
Public issuers: NEU CP issues by the sector increased sharply in December 2025 to €16bn compared with €10.4bn in November 2025. The average initial maturity increased to 104 days from 92 days the previous month. Outstanding NEU CP decreased to €27.1bn in December 2025 from €30.1bn in November 2025. The average residual maturity of the outstanding increased sharply to 110 days, compared to 74 days in November 2025. issuance rates rose in December 2025, starting with the 1-month maturity.
ESG : Outstandings in programs (or compartments of programs) with ESG characteristics rose in December to €18.7bn.

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Updated on the 14th of January 2026