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

Published on 16th of July 2026

At the end of June 2026, the total outstanding amount of the NEU CP and NEU MTN markets stood at €347.3bn. The overall market declined compared with the previous month but remained up on a year-on-year basis (+1.1%). The outstanding amount of NEU CP, which represents 85.9% of total outstanding amounts, reached €298.4bn (-2.6% month-on-month ; -2.2% year-on-year), while the outstanding amount of NEU MTN stood at €49bn (+6.1% month-on-month; +27.4% year-on-year).
Financial issuers (including securitisation vehicles) : NEU CP issuances by the financial sector increased in June 2026 to €126.1bn (compared with €111.3bn in May). The average maturity of issuances (weighted by volume issued) remained stable at 63 days. Outstanding amounts decreased slightly this month, standing at €216.2 billion (-€2.2 billion month-on-month). The average residual maturity of the outstanding rose to 151 days, compared with 144 days in the previous month. In terms of average issuance conditions, June saw an increase in yields for maturities from 1 day to 3 months, while the rest of the yield curve remained unchanged compared with the previous month. Average issuance spreads declined for maturities ranging from 3 months to 9 months.
Non-financial issuers : NEU CP issuances volume remained stable in June 2026, standing at €33.8bn compared with €34bn in May 2026. Outstanding amounts decreased slightly over the month, falling to €61.5bn from €64.1bn in May 2026 ( although still up 1.6% year-on-year). The average initial maturity of issuance increased significantly in June 2026, reaching 65 days compared with 49 days in the previous month. Regarding average issuance conditions, we observe in June, in particular, a rise in rates on the most liquid pillars (+26 bps over the month tenor for example). The average spread on the 1-month tenor has also increased by +12 bps since January.
Public issuers : NEU CP issuances declined sharply in June 2026, falling to €3.9 billion from €10.5 billion in May 2026. The average initial maturity of issuances decreased to 68 days, compared with 79 days in the previous month, mainly driven by a significant drop in issuance volumes with maturities ranging from 10 to 40 days during June 2026 (-€2.5bn). NEU CP outstanding amounts also declined, standing at €20.7bn in June 2026, compared with €23.9bn in May 2026. The average residual maturity of outstanding amounts decreased to 88 days. In June 2026, average issuance yields remained broadly stable, except for a significant increase in the 1‑month tenor, which reached 2.28%.
ESG: Outstanding amounts (ESG-labelled programs) continued to grow in June 2026, reaching €21.7bn, compared with €20.1 bn in the previous month.

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Updated on the 16th of July 2026