Monthly review for commercial paper and medium-term note market - January 2024

Published on 27 February 2024
  • Total outstanding on the NEU CP and NEU MTN market stood at €340.2 bn in January 2024 (+€22.8 bn year-on-year). This increase is due to the NEU CP segment (+20.4 bn € year-on-year). In this segment, financial issuers in particular saw their outstanding rise sharply (+€23.4 bn year-on-year), while outstanding of non-financial entities (corporates) fell slightly by €0.3 bn to €54.5 bn. Outstanding in the NEU MTN segment rose slightly by €2.4 bn year-on-year (+6.25%) to €40.8 bn.
  • NEU CP issuances from the financial sector ( ABCP issuers included) increased to €125.05 bn in January 2024, compared with €80.8 bn the previous month. Issuances by the non-financial sector (corporates) increased in January 2024, reaching €29.7 bn, compared with €15.8 bn in December 2023, the evolution being attributable to maturities ranging from 41 to 100 days. Public-sector issues also rose over the month to €14.1 bn from €7.9 bn in December 2023.
  • For financial issuers, average issuance yields are stable across all maturities.