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

Published on 15th of April 2026

At the end of March 2026, the total outstanding amount of the NEU CP and NEU MTN markets stood at €341.7bn. The overall market declined compared to the previous month and year-on-year. Outstanding NEU CP (87.3% of outstanding amounts) stood at €298.2bn (down 4.2% month-on month, -4.5% over the year), while outstanding NEU MTN amounts stood at €43.5bn (up 5.8% over one month, up 13.9% over one year).
Financial issuers (including securitisation vehicles): Following a decline in volumes the previous month, NEU CP issuances by the financial sector rose sharply in March 2026 to €119.6bn (compared with €104.4bn in February). The average maturity of issuances (weighted by volume issued) continued its downward trend to 55 days, down from 63 days in February 2026. This was mainly due to the increase in issuance volumes with maturities between 1 and 3 days (+€19.8bn month-over month). Outstanding amounts declined this month to €213.6bn (-€6.5bn month-on-month). The average residual maturity stood at 150 days. In terms of issuance conditions, the yield curve steepened significantly in March, with monthly increases relative to the previous month’s average reaching up to +35 basis points for a 12-month issue. Issue spreads remained broadly stable compared with the previous month.
Non-financial issuers: NEU CP issuance volume rose to €26.6bn from €23bn in February 2026, driven by an increased use of very short maturities in March (volume of €3.6bn compared with €0.4bn the previous month for maturities ranging from 4 to 9 days). Outstanding amounts remained stable at €60bn compared with €59.3bn in February. The average initial maturity of issuances and the average residual maturity of outstanding amounts remained broadly the same in March 2026. In terms of issuance conditions, March 2026 saw a steepening of the yield curve. The average yield rise observed on the 9-month maturity (+68bps) should be viewed in the context of relatively low issuance volumes.
Public issuers: NEU CP issuances by the sector fell sharply in March 2026 to €7bn from €14.8bn in February 2026. The average initial maturity of issuances decreased to 41 days from 55 days the previous month. Outstanding NEU CP fell to €25.4bn in March 2026, down from €31.1bn in February 2026. The average residual maturity of outstanding amounts declined slightly to 90 days, down from 94 days the previous month. Average issuance rates showed less pronounced changes compared with other issuer categories. This is partly due to relatively higher issuance volumes at the beginning of the month.
ESG: Outstanding amounts in programs (or compartments of programs) with ESG characteristics decreased in March 2026 to €18.6bn.

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Updated on the 15th of April 2026