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

Published on 11th of July 2025

At the end of June 2025, total outstanding on the NEU CP and NEU MTN market stood at €343.5bn (down 4.1% year-on-year). The NEU CP segment (90% of the market) is down year-on-year (-3.9%). The NEU MTN segment is also down (-5.6% year-on-year to €38.4 bn).
Financial issuers (including securitisation vehicles): NEU CP issuance by the financial sector was up in June 2025, at €99.7bn compared with €83.6bn the previous month. The average maturity of issues (weighted by volumes issued) rose to 106 days (compared with 93 days in May 2025). This is explained by the increase of issues with maturities ranging between 201 and 365 days (€23.6bn in June 2025 compared with €14.9bn in May 2025). Outstandings rose to €223bn at the end of June 2025 (+€8bn over one month). The average residual maturity was up at 143 days, compared with 132 days in May 2025. In terms of issuance conditions, yields fell in June at the shortest maturities and rates stabilised on the longest maturities. When it comes to market conditions, there was a fall in yields concentrated on the shortest maturities, resulting in a slight steepening of the yield curve
Non-financial issuers: NEU CP issuance in the sector was down in June 2025, at €23.1bn compared with €24.9bn in May 2025. Outstanding is stable at €60.0bn from €63.8bn the previous month. The average initial maturity of issues and the average residual maturity of outstanding are up to 79 days and 81 days respectively. In terms of issuance conditions, yields fell across all maturities in May, with the yield curve keeping a somewhat flat profile. June saw a fall in yields on the shortest maturities (particularly the 3-month pillar) and a trend towards a flatter yield curve.
Public issuers: NEU CP issues by the sector drop in June 2025, to €6.9bn compared with €13.1bn in May 2025. The average initial maturity of issues rose to 81 days from 47 days the previous month. This was mainly due to an increase in issues in the 1 to 100 day maturity bracket. Outstanding fell to €22.0bn in June 2025 from €30.8bn in May 2025. The average residual maturity of the outstanding rose to 104 days after 82 days in May.
ESG: Outstandings in programmes (or compartments of programmes) with ESG characteristics drop in June to €10.4bn.

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Updated on the 11th of July 2025