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

Published on 10th of July 2023

The NEU CP and NEU MTN market stood at €334.8 bn in June 2023 (+€52 bn year-on-year). This increase is mainly related to the NEU CP segment (+€52.1 bn year-on-year). In this segment, financial issuers in particular saw their outstanding rise sharply (+73.7 bn € year-on-year), while non-financial entities (corporates) outstanding fell by 5.4 bn € to 57.5 bn €. NEU MTNs’ outstanding fell slightly by €0.1 bn year-on-year (-0.2%) to €40.7 bn.
NEU CPs’ issuances by the financial sector rose in June 2023, mainly on short maturities, to €125.9 bn versus €118.5 bn the previous month. Issuances by non-financial entities fell in June 2023 to €24.6 bn from €29.9 bn in May 2023, the decline being concentrated on the 1-month pillar. Corporates’ outstanding fell to €57.5 bn in June from €64.5 bn the previous month. Finally, public-sector issues rose sharply to €16.7 bn in June 2023 from €6.7 bn in May 2023.
Issuance yields continue to rise against a backdrop of monetary tightening in the eurozone. For financial issuers, the biggest one-month rises were in the 1-month and 9-month pillars. For non-financial issuers, the most significant increases are observed on the 1-day, 1-month and 3-month pillars.

Updated on the 25th of July 2024