Monthly review for commercial paper and medium-term note market - July 2025

Published on 14th of August 2025

At the end of July 2025, total outstanding on the NEU CP and NEU MTN market stood at €346.5bn (down 2.4% year-on-year). The NEU CP segment (90% of the market) is down year-on-year (-1.6%). The NEU MTN segment is also down (-8.4% year-on-year to €37.5 bn).
Financial issuers (including securitisation vehicles): NEU CP issuance by the financial sector was down in July 2025, at €93.7bn compared with €99.5bn the previous month. The average maturity of issues (weighted by volumes issued) droped to 86 days (compared with 106 days in June 2025). This is explained by the decrease of issues with maturities ranging between 201 and 365 days (€18.3bn in June 2025 compared with €23.5bn in June 2025). Outstandings rose to €224.5bn at the end of July 2025 ( €1bn over the month). The average residual maturity was up at 146 days, compared with 143 days in June 2025. In terms of issuance conditions, the yields are stable in July regarding to the previous month for all issuance maturities.
Non-financial issuers: NEU CP issuance in the sector was up in July 2025, at €26bn compared with €23.5bn in June 2025. Outstandings are up at €63.2bn from €60.6bn the previous month. The average initial maturity of issues and the average residual maturity of outstanding are up to 82 days and 81 days respectively. In terms of issuance conditions, yields fell across all maturities in May, with the yield curve keeping a somewhat flat profile. In terms of issuance conditions, the yields are stable in July regarding to the previous month for all issuance maturities.
Public issuers: NEU CP issues by the sector increased in July 2025 to €9bn compared with €6.9bn in June 2025. The average initial maturity of issues droped to 60 days from 81 days the previous month. This was mainly due to an increase in issues in the 1 to 100 day maturity bracket. Outstanding fell slightly to €21.5bn in July 2025 from €22bn in June 2025. The average residual maturity of the outstanding drop to 97 days after 104 days in June.
ESG: Outstandings in programmes (or compartments of programmes) with ESG characteristics drop in July to €8.6bn.

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Updated on the 14th of August 2025