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

Published on 24th of June 2025

At the end of May 2025, total outstanding on the NEU CP and NEU MTN market stood at €348bn (down 3.4% year-on-year). The NEU CP segment is down year-on-year (-3.1%). The NEU MTN segment is also down (-6.2% year-on-year to €38.5 bn).
Financial issuers (including securitisation vehicles): NEU CP issuance by the financial sector was slighly down in May 2025, at €83.6bn compared with €85.1bn the previous month. The average maturity of issues (weighted by volumes issued) rose sharply to 92 days (compared with 54 days in April 2025). This is explained by the increase in volumes of issues with maturities ranging between 200 and 365 days (€14.9bn in May 2025 compared with €8.3bn in April 2025) and by a fall in issues with maturities of less than 10 days (€42.8bn in May 2025 compared with €58.2bn in April 2025). Outstandings rose to €209bn at the end of May 2025 (+€5.8bn over one month). The average residual maturity was stable at 132 days, compared with 131 days in April 2025. In terms of issuance conditions, yields fell across all maturities in May, with the yield curve keeping a somewhat flat profile.
Non-financial issuers: NEU CP issuance in the sector was down in May 2025, at €24.9bn compared with €31.4bn in April 2025. Outstanding rose to €63.8bn from €61.3bn the previous month. The average initial maturity of issues and the average residual maturity of outstanding fell to 76 days and 78 days respectively. In terms of issuance conditions, yields fell across all maturities in April, with the yield curve keeping a somewhat flat profile.
Public issuers: NEU CP issues by the sector rose in May 2025, to €13.1bn compared with €6.7bn in April 2025. The average initial maturity of issues rose to 47 days from 34 days the previous month. This was mainly due to an increase in issues in the 40 to 200 day maturity bracket. Outstanding fell slightly to €30.8bn in May 2025 from €31.7bn in April 2025. The average residual maturity of the outstanding kept declining to 82 days after 92 days in April.
ESG: Outstandings in programmes (or compartments of programmes) with ESG characteristics rose slightly in May to €19.2bn (+€1bn over one month).

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Updated on the 24th of June 2025