Monthly review for commercial paper and medium-term note market - March 2021

Published on the 20th of October 2023

In March, outstanding amounts are rather stable year on year at € 309 billion.
Financial sector and corporate issuance rates are mostly stable at low level: financial issuers finance cost below -0.5% on most maturities and corporate issuers in a range between -0.3% and -0.5%.
Structure by maturity at issuance: the financial sector is stepping up its issuance, particularly on the "long" part of the commercial paper yield curve (3-month and more). Corporate issues increased on 3-month and 6-month maturities and decreased on others.
French banks account for 71% of NEU CP banking outstanding amounts at the end of March (mutual and cooperative banks 46%, commercial banks 13% and public banks 11%). Foreign banks represent 29%, a share slightly higher than their long-term average measured since 2005, 25%.

Updated on the 25th of July 2024

Banque de France - Menu Principal