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.

Updated on the 21st of February 2025