Monthly review for commercial paper and medium-term note market - January 2025
Published on 21st of February 2025
The total outstanding on the NEU CP and NEU MTN market stood at €354.6bn in January 2025 (up by €13.5bn year-on-year). This increase is attributable to the NEU CP segment (+€16.6bn), while at the same time the NEU MTN segment is slightly down (-€3.1bn over one year).
In January 2025, the NEU CP issuance increased, particularly in the financial sector, including ABCP issuers (€118bn vs. €75bn the previous month) and the corporate sector (€23.6bn vs. €17bn in November 2024). Conversely, public sector issues were down in January (€15.4bn vs. €18.7bn in December 2024).
In terms of issuance conditions, January saw a fall in issue yields on maturities below 6 months for the financial sector, and stable for the rest of the curve. For corporates, issue yields were down overall in January 2025. Yield curves remain inverted.
