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

Published on 12th of June 2023

The NEU CP and NEU MTN market outstanding amount stood at €335 bn in May 2023 (+€53.7 bn year-on-year). This increase is fully related to the NEU CP segment (+€55.2 bn over one year). In this segment, financial issuers in particular saw their outstanding rise sharply (+€70.2 bn year-on-year), while non-financial entities’ outstanding remained stable at €64.2 bn. NEU MTNs’ outstanding fell slightly by €1.3 bn over the year (-3.3%).
NEU CPs’ issuances by the financial sector rose in May 2023, mainly forshort maturities, to €118.5 bn from €107 bn the previous month. Issuances by non-financial entities fell in May 2023 to €29.9 bn from €35.7 bn in April 2023, thedecline being concentrated on the 3-month tenor. However, corporates’ outstanding rose slightly to €64.2 bn in May from €62.2 bn the previous month. Finally, public sector issuances fell again to €6.7 bn in May 2023, from €10.8 bn in April 2023.
Yields at issuance continued to rise against the backdrop of monetary tightening in the euro zone. For financial issuers, the 1-month and 3-month pillars experienced the highest increase. For non-financial issuers, the most significant rises were observed on the 6-month and 9-month pillars (on which volumes are relatively low).

Updated on the 25th of July 2024