Monthly review for commercial paper and medium-term note market - May 2022

Published on 13 June 2022

The outstanding amount of the NEU CP and NEU MTN markets was €280.1 billion in May, after €285.3 billion in April. The market decline was mainly driven by the NEU MTN segment (-3.0 bn €), while developments in the NEU CP segment were more mixed, with a decrease in the stocks of public issuers (-4.4 bn €) and an increase in financial issuers (+2.9 bn €).
The downward trend in financial issuers' rates continued in May on maturities of over 3 months.
Corporate rates rose slightly (+5 bp) on the 3-month pillar, where issuance fell sharply after record 10-year issuances the previous month. Rates were stable on the 1-month pillar and rose sharply on the longest maturities, but in reduced issuance volumes

Updated on 24 October 2023