Monthly review for commercial paper and medium-term note market - February 2026

Published on 13th of March 2026

At the end of February 2026, the total outstanding amount of the NEU CP and NEU MTN markets stood at €352.3bn. The overall market remained stable month-on-month and year-on-year. Outstanding NEU CP (88.3% of outstanding amounts) stood at €311.2bn (stable over one month, down 1.1% over one year), while outstanding NEU MTN stood at €41.2bn (up 2.5% over one month, up 6.5% over one year).
Financial issuers (including securitisation vehicles) : after reaching a high level at the beginning of the year, NEU CP issuances by the financial sector declined in February 2026 to €104.4bn (versus €129bn the previous month). The average maturity of issues (weighted by volumes issued) fell sharply to 63 days, compared with 80 days in January 2026. This was mainly due to the decline in issuance volumes with maturities between 101 and 200 and between 201 and 365 days (down €2.84bn and €9.3bn respectively over one month). Outstanding amounts changed little in February 2026, standing at €220bn (down €1.4bn over one month). The average residual maturity was 148 days. In terms of issuance conditions, average rates and spreads changed little in February 2026.
Non-financial issuers: while NEU CP issuances in the sector declined slightly in February 2026, to €23bn from €25bn in January 2026, outstanding amounts rose from €58.2bn to €60bn. The average initial maturity of issuances declined to 74 days (versus 85 days the previous month). The average residual maturity of outstanding debt changed little in February 2026, at 71 days. In terms of issuance conditions, February 2026 saw a moderate change in issuance rates, except for 6-month (+9 bps) and 9-month (-31 bps) maturities, for the issue volume for the latter being generally relatively limited.
Public issuers: NEU CP issues by the sector increased in February 2026 to €14.8bn, compared with €12.2bn in January 2026. The average initial maturity of issuances decreased to 55 days, compared with 84 days in the previous month. Outstanding NEU CP remained stable at €31.1bn in February 2026, compared with €31.5bn in January 2026. The average residual maturity of outstanding debt also remained stable at 94 days. Issue rates fell slightly in February 2026 for maturities higher than one month.
ESG: Outstandings in programs (or compartments of programs) with ESG characteristics decreased in February 2026 to €20.6bn.

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Updated on the 13th of March 2026