Monthly review for commercial paper and medium-term note market - February 2023

Published on 14th of March 2023

The total outstanding amount of the NEU CP and NEU MTN market stood at €320.9 bn in February 2023, with an increase of €42.5 bn compared to the previous year (+15.3%). This increase is due to the NEU CP segment (+€49.1bn year-on-year) and driven by financial issuers (+€62.5bn year-on-year). The outstanding amount of securities issued in the NEU MTN segment, on the other hand, fell by €6.5 bn year-on-year (-14.3%), but was on the rise on a monthly basis (+€0.9 bn).
NEU CP issuance by the financial sector was stable in February on a monthly basis at €117.1 bn, but continued to rise sharply on a yearly basis (+125.6%). The corporate issuance segment fell slightly to €25.7 bn over the month. Issues by public entities continued to grow and reached €11.8 bn in February 2023.
In February 2023, during which the ECB's key interest rates were raised by 50 bps (effective as of February 8), average issue rates continued to rise across all maturities. For financial issuers, the increases ranged from +18 bps on the 9-month pillar to +39 bps on the 1-day pillar. . For corporate issuers, the average rate increased by 30 bps. The increase reached respectively +40 bps and +30 bps on the 1-month and 3-month pillars, which account for most of the issues.

Updated on the 25th of July 2024