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

Published on 10th of August 2026

At the end of July 2026, the total outstanding amounts of the NEU CP and NEU MTN markets stood at €349.2bn. The overall market increased slightly compared with the previous month (+0.5%, or +€1.8bn) and also recorded growth on a year-on-year basis (+0.7%). NEU CP outstanding amounts, representing 85.6% of total outstandings, reached €299bn (+0.2% month-on-month; -3.3% year-on-year), while NEU MTN outstanding amounts stood at €50.1bn (+2.3% month-on-month; +33.7% year-on-year).
Financial issuers (including securitisation vehicles): NEU CP issuances by the financial sector increased further in July 2026, reaching €138.1bn compared with €126.1bn in the previous month. The average maturity of issuances (weighted by volume issued) declined to 50 days, from 63 days in June. Outstanding amounts increased slightly to €216.5bn (+€0.3bn month-on-month). The average residual maturity of outstanding amounts stood at 150 days, broadly unchanged from the previous month (151 days). In terms of average issuance conditions, yields increased across most of the curve, particularly for maturities up to 6 months, reaching 2.29% at the 1-month tenor and 2.46% at the 3-month tenor.
Non-financial issuers: NEU CP issuance volumes declined slightly in July 2026, standing at €32.5bn compared with €33.8bn in June 2026. Outstanding amounts nevertheless increased to €62.8bn, from €61.5bn in the previous month (+2.0% month-on-month), although they remained slightly below their level a year earlier (-0.7%). The average initial maturity of issuances remained broadly stable at 64 days. Regarding issuance conditions, yields continued to rise across the main maturities, reaching 2.51% at the 1-month tenor, 2.55% at the 3-month tenor and 2.96% at the 12-month tenor. The average yield rise observed on the 9-month maturity should be viewed in the context of relatively low issuance volumes.
Public issuers: NEU CP issuances by the public sector rebounded significantly in July 2026, reaching €6.4bn, compared with €3.4bn in the previous month. The average initial maturity of issuances declined to 50 days, from 68 days in June. NEU CP outstanding amounts nevertheless decreased to €19.8bn, compared with €20.7bn in the previous month (-4.3% month-on-month). The average residual maturity of outstanding amounts stood at 87 days, compared with 88 days in June. Average issuance yields increased slightly across most maturities, reaching 2.30% at the 1-month tenor and 2.44% at the 3-month tenor. The only exception was the 12-month tenor, which edged down to 2.77%, a decline of 4 basis points month-on-month.
ESG: ESG-labelled programmes' outstanding amounts stood at €21.2bn at the end of July 2026, compared with €21.7bn in the previous month, representing a €0.5bn decrease (-2.2%). Outstanding amounts nevertheless remained sharply higher on a year-on-year basis (+146.8%).

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Updated on the 10th of August 2026