Monthly review for commercial paper and medium-term note market - January 2026

Published on 13th of February 2026

At the end of January 2026, total outstanding on the NEU CP and NEU MTN market stood at €351.3bn. After a seasonal decline at the end of 2025, the overall market grew by €23.6bn in January 2026 (+7.2%). The NEU CP segment (88.5% of the market) stood at €311.1bn (+7.7% over one month, -1.7% over one year), NEU MTN segment at €40.1bn (+3.1% over one month, +5.4% over one year).
Financial issuers (including securitisation vehicles): NEU CP issuances by the financial sector increased significantly in January 2026, reaching 129bn (versus €93.6bn the previous month). The average maturity of issues (weighted by volumes issued) rose sharply, reaching 80 days (compared with 50 days in December 2025). This is mainly explained by the increase in issuance volumes with maturities between 201 and 365 days (€22.5bn in January 2026 compared to €9bn in December 2025). Outstanding increased over the month, reaching €221.4bn at the end of January 2026 (+€13bn month‑on‑month). The average residual maturity stands at 147 days. In terms of issuance conditions, average rates and spreads remained broadly unchanged in January 2026, except for the 9‑month tenor, which saw a moderate rise.
Non-financial issuers: NEU CP issuances in the sector increased very significantly in January 2026, reaching €25bn compared with €16.6bn in December 2025, resulting in an increase in outstanding amounts to €58.2bn versus €53.2bn the previous month. The average initial maturity of issuances rose to 85 days (versus 76 days the previous month). The average residual maturity of outstanding amounts remained stable in January 2026, at 71 days. Regarding issuance conditions, we observed in January 2026 an overall decline in issuance rates except for the 9‑month tenor (+11 bps), on which, however, issuance volumes were relatively low.
Public issuers: NEU CP issues by the sector declined in January 2026 to €12.2bn compared with €16bn in December 2025. The average initial maturity decreased to 84 days, down from 104 days the previous month. Despite of these, outstanding NEU CP increased to €31.5bn in January 2026, compared with €27.4bn in December 2025. The average residual maturity of the outstanding stood at 96 days, versus 110 days in December 2025. Issuance rates stabilized in January 2026 across all maturity tenors.
ESG: Outstandings in programs (or compartments of programs) with ESG characteristics rose in January to €22.1bn.

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Updated on the 16th of February 2026