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

Published on 19th of March 2025

The global outstanding on the NEU CP and NEU MTN market stood at €353.5 bn in February 2025 (+€0.9 bn year-on-year). This slight increase is attributable to the NEU CP segment (+€2.1 bn), while the NEU MTN segment is down (-€1.1 bn year-on-year).
In February 2025, NEU CP issuances were down in the financial sector, including ABCP issuers (€85bn vs. €122bn the previous month) and stable in the corporate sector (€23.2 bn vs. €23.6 bn in January 2025). Issuance by the public sector fell in February to €10.1 bn from €15.4 bn in January 2025.
In terms of issuance conditions, February 2025 saw a fall in issue yields across all maturities for the financial and corporate sectors. Yield curves remain inverted.

Updated on the 19th of March 2025