Monthly review for commercial paper and medium-term note market - August 2026
Published on 11th of September 2026
At the end of August 2026, the total outstanding amounts of the NEU CP and NEU MTN markets stood at €344.9bn. The overall market decreased slightly compared with the previous month (-1.2%, or -€4.3bn) and remained stable on a year-on-year basis (0.3%). NEU CP outstanding amounts, representing 85.3% of total outstandings, reached €294.4bn (-1.6% month-on-month; -4.6% year-on-year), while NEU MTN outstanding amounts stood at €50.5bn (+0.7% month-on-month; +35.1% year-on-year).
Financial issuers (including securitisation vehicles): NEU CP issuances by the financial sector decreased in August 2026, reaching €120.6bn compared with €138.1bn in the previous month. The average maturity of issuances (weighted by volume issued) is stable at 48 days, from 50 days in July. Outstanding amounts decreased slightly to €214.6bn (-€1.9bn month-on-month). The average residual maturity of outstanding amounts stood at 146 days, broadly unchanged from the previous month (150 days). In terms of average issuance conditions, yields increased across all maturity of the curve, reaching 2.33% at the 1-month tenor and 2.54% at the 3-month tenor and 2.96% at the 12-month tenor.
Non-financial issuers: NEU CP issuance volumes declined sharply in august 2026, standing at €19.4bn compared with €33.3bn in July 2026. Outstanding amounts nevertheless remained stable to €62bn, from €62.8bn in the previous month (-0.7% month-on-month), while staying slightly down on the previous year (-1.3%). The average initial maturity of issuances decrease at 53 days from 64 day in July 2026. Regarding issuance conditions, yields continued to rise across the main maturities, reaching 2.66% at the 1-month tenor, 2.64% at the 3-month tenor and 3.04% at the 12-month tenor. The average decline observed on the 9-month maturity (-44 bp) should be viewed in the context of relatively low issuance volumes.
Public issuers: NEU CP issuances by the public sector declined in August 2026, reaching €6.1bn, compared with €12bn in the previous month. The average initial maturity of issuances rise to 56 days, from 50 days in July. NEU CP outstanding amounts slightly decreased to €17.8bn, compared with €19.8bn in the previous month (-2% month-on-month). The average residual maturity of outstanding amounts stood at 82 days, compared with 87 days in July. Average issuance yields remained stable on short and intermediate maturities, reaching 2.31% at the 1-month tenor and 2.47% at the 3-month tenor. Regarding longer maturities, rates were on the rise, notably on the 6-month tenor (+28 basis points month-on-month at 2.84%)
ESG: ESG-labelled programmes' outstanding amounts stood at €19.2bn at the end of August 2026, compared with €21.2bn in the previous month, representing a €2bn decrease (-9.3%).
