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

Published on the 16th of December 2025

At the end of November 2025, total outstanding on the NEU CP and NEU MTN market stood at €349.3bn (+1.7% year-on-year). The NEU CP segment (89% of the market) rose slighlty year-on-year (+2.3%) at €311.7bn. The NEU MTN segment is down (-3.2% year-on-year to €37.5 bn).
Financial issuers (including securitisation vehicles) : NEU CP issuance by the financial sector rose slightly in November 2025, at €94.9bn (against €89.9bn the previous month). The average maturity of issues (weighted by volumes issued) droped to 63 days (compared with 73 days in October 2025).This is mainly explained by the decrease of issues with maturities ranging between 1 and 3 days (€57bn in November 2025 compared with €52bn in October 2025). Outstandings dropped to €216bn at the end of November 2025 (-€2.3bn over the month). The average residual maturity was stable at 145 days. In terms of issuance conditions, yields and spreads are stable in November on the shorter maturities and, an increase was observed concerning maturities ranging from 6 to 12 months. The dispersion of average spreads at issuance on the 3-month maturity pillar remains fairly consistent.
Non-financial issuers: NEU CP issuances in the sector fell slightly in November 2025, at €25.6bn compared with €26.6bn in October 2025. Outstanding amount are slightly up at €65.5bn from €64.1bn the previous month. The average initial maturity of issues rose at 86 days while the average residual maturity of outstanding debt also rose to 67 days. In terms of issuance conditions, November saw stable issuance rates except for 9-month (+31 bps), where lower issuing volumes are usually observed.
Public issuers: NEU CP issues by the sector rose in November 2025 to €10.4bn compared with €9.1bn in October 2025. The average initial maturity remained stable at 92 days from 91 days the previous month. This was mainly due to an decline in issues in the 101-to-200 offset by an increase in issues across all other maturities. Outstanding NEU CP increased again to €30.1bn in November 2025 from €26.3bn in October 2025. The average residual maturity of the outstanding declined for the second month in a row at 74 days. In terms of issuance conditions, yields are on the rise in November across all maturities.
ESG: Outstandings in programs (or compartments of programs) with ESG characteristics rose in November to €18.4bn.

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Updated on the 16th of December 2025