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

Published on the 19th of September 2022

The total outstanding amount of the NEU CP and NEU MTN markets was €279.9 billion in August, after €286.8 billion in July. The market decline was marked in the NEU MTN segment (-€2.9 bn). Developments in the NEU CP segment were mixed, with a decrease in the outstanding amount of public issuers (-5.4€ bn), financial issuers (-€1.8 bn) and an increase in corporate issuers (+2.7 bn €).
The downward trend in financial issuers' rates continued in August for maturities of over 3 months.
In line with the ECB's rate hike, corporate rates continued to rise (+40 bps) on the 3-month pillar, whose issues fell sharply after record 10-year issues the previous month. Rates rose significantly on all pillars, but mainly on the longest maturities, in reduced issuance volumes.

Updated on the 25th of July 2024

Banque de France - Menu Principal