Monthly review for commercial paper and medium-term note market - January 2023

Published on 13th of February 2023

In January 2023, the overall outstanding amount of the NEU CP and NEU MTN market reached € 317.5 Bn, an increase of almost €30 Bn compared to the end of January 2022 (+10.3%). This rise is due to the NEU CP compartment (+€36.9 Bn over one year) and more particularly to financials issuers (+€48.6 Bn over one year). On the contrary, the outstanding amount of the NEU MTN compartment decreased by € 7.4 Bn over the year (-16%).
The average yields at issuance carried on growing in January 2023. For financial issuers, the increases ranged from +11 bps on the 9-month pillar (associated with a relatively low level of issuances) to +37 bps on the 1-day pillar (strongly used by issuers). For corporate issuers, the increases ranged from +19 bps to +38 bps (3-month pillar).
Issuance volumes increased for all types of issuers in January 2023. The rise is more significant on the 1-day pillar for financial issuers (+€6 Bn) and on the 3-month pillar for corporate issuers (+€2.9 Bn). After declining for 3 month in a row, corporate issuances recovered (+€7 Bn compared to December 2022) and amounted to €28.1 Bn in January 2023.

Updated on the 25th of July 2024