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

Published on 23rd of May 2025

At the end of April 2025, the total outstanding in the NEU CP and NEU MTN market stood at EUR 342 billion (-8.4% year-on-year). The NEU CP segment is down year-on-year (-8.4%). The NEU MTN segment is also down (-8.5% year-on-year to EUR 38.4 bn).
Financial issuers (including ABCP): NEU CP issuance by the financial sector was up in April 2025 at €85.1bn compared with €79.2bn in the previous month. The average maturity of issuance (weighted by issuance volume) decreased to 54 days (compared with 100 days in March 2025). This is mainly due to an increase in issuance with maturities of between 1 and 40 days (€63.6bn in April 2025 compared with €45.1bn in March 2025) and a decrease in issues with maturities of over 40 days (€21.5bn in April 2025 compared with €34.1bn in March 2025). Outstanding amounts decreased to €203.2bn at the end of April 2025 (-€14,3bn month-on-month). The average residual maturity is 131 days, compared with 134 days in March 2025. Yields at issuance fell across all maturities in March.
Corporate issuers: issuance in this sector strongly increased to €31.4bn in April 2025 from €21.6bn in March 2025. Outstanding in April 2025 is up at €61.3bn compared with €53bn in the previous month. The average initial maturity of issues and the average residual maturity of outstandings are increasing at 84 days and 82 days respectively. Yields at issuance decreased in April for all maturities.
Public issuers: issuance in this sector decreased to €6.7bn in April 2025, compared with €14.7bn in March 2025. The average initial maturity of issuance increased to 34 days from 20 days the previous month. This was mainly due to the disparition 1-3 day maturity papers this month. Outstanding amounts were down at €31.7bn in April 2025 compared to €35.1bn in March 2025. The average residual maturity of outstandings decreased to 92 days (from 105 days in March).
ESG: Programmes (or programmes’s compartments) with ESG features outstanding slightly decreased to €18.2bn in April (-€2.3bn compared with March).

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Updated on the 23rd of May 2025