Statistics
Monthly review for commercial paper and medium-term note market - March 2025
Published on the 30th of April 2025
- At the end of March 2025, the total outstanding in the NEU CP and NEU MTN market stood at EUR 350.8 billion (-4.8% year-on-year). The NEU CP segment is down year-on-year (-4.8%) and, to a lesser extent, month-on-month (-0.7%). The NEU MTN segment is also down (-5.4% year-on-year to EUR 38.4 bn).
- Financial issuers (including ABCP): NEU CP issuance by the financial sector was down in March 2025 at €79.1bn compared with €85bn in the previous month. The average maturity of issuance (weighted by issuance volume) increased to 100 days (compared with 82 days in February 2025). This is partly due to a decrease in issues with maturities of between 1 and 3 days (€29.5bn in March 2025 compared with €38.3bn in February 2025) and a slight increase in issues with maturities of over 200 days. Outstanding amounts decreased to €224.5bn at the end of March 2025 (-€3.4bn month-on-month). The average residual maturity was 133 days, compared with 130 days in March 2025. Yields at issuance fell across all maturities in March.
- Corporate issuers: Issuance in this sector decreased slightly to €21.6bn in March 2025 from €23.2bn in February 2025. Outstanding in March 2025 was stable at €53bn compared with €52.5bn in the previous month. The average initial maturity of issues and the average residual maturity of outstandings remained stable at 80 days and 77 days respectively. Yields at issuance decreased in March for all maturities except the 9-month pillar.
- Public issuers: Issuance in this sector increased to EUR 14.7 billion in March 2025, compared with EUR 10.1 billion in February 2025. The average initial maturity of issuance decreased markedly to 20 days from 125 days in the previous month. This was mainly due to the 1-3 day maturity pilar (+€5bn between February 2025 and March 2025). Outstanding amounts were stable at €35.1bn in March 2025 compared to €34.2bn in February 2025. The average residual maturity of outstandings decreased to 106 days (from 132 days in February).
- ESG: Programmes (or programmes’s compartments) with ESG features outstanding increased to €20.5bn in March ( €1.9bn compared to February). NEU CP