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

Published on 11 December 2022

The total outstanding amount of the NEU CP and NEU MTN markets stands at €303.1 billion in November 2022 after €297.6 billion in October 2022 (+1.8%). This increase is mainly driven by the NEU CP segment (+€5.7bn) and specifically by the increase of financial entities’ outstanding (+€12.7 bn). Conversely, public entities and corporate outstanding decreases by respectively €4.3 bn and €2.5 bn. The outstanding amount of the NEU MTN segment decreases slightly (by €0.2 bn) between October and November.
Financial sector issuance remains elevated at €135.7 bn in November (+€8.5 bn month-on-month, after +€42.2 bn between September and October); the increase is concentrated on the 1-3 days bucket (+€10.4 bn) and the 41-100 days bucket (+€12.6 bn). Average issue rates increase across all maturities in November compared to October, notably on the overnight tenor (+74 basis points).
Corporate issuance decreases for the second month in a row (-€7.7 bn in November, to €28.8 bn). Average issue rates increased on all tenors but particularly overnight (+71 basis points)

Updated on 24 October 2023