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

Published on 9th of June 2026

At the end of May 2026, the total outstanding amount of the NEU CP and NEU MTN markets stood at €352.5bn. The overall market increased compared to the previous month and year-on-year. Outstanding NEU CP (86.9% of outstanding amounts) amounted to €306.3bn (+0.3% month-onmonth,
-1% year-on-year), while outstanding NEU MTN amounts reached €46.2bn (up 2.4% month-on-month, +20% year-on-year).
Financial issuers (including securitisation vehicles): NEU CP issuances by the financial sector declined in May 2026 to €111.3bn (compared with €122.6bn in April). The average maturity of issuances (weighted by volume issued) rose to 62 days, compared to 51 days in April 2026. This was mainly due
to the increase in issuance volumes with maturities exceeding 100 days (+€3.4bn month-on-month). Outstanding amounts rose slightly this month to €218.4bn (+€1.5bn month-on-month). The average residual maturity stood at 144 days. In terms of average issuance conditions, May was marked by a
continued steepening of the yield curve. We also observerd a moderate increase in average spreads starting from 6-month maturity segment. Since the end of 2025, average spreads have shown a clear upward trend, with for exemple, a rise of 7.1 bp over the 3-month period ans 6.7 bp over the 9-month
period.
Non-financial issuers: NEU CP issuance volume fell, reaching €34bn from €39.9bn in April 2026, notably driven by a reduction in issuances between 41 and 100 days, wich totaled €8.4bn compared with €11.9bn the previous month. Outstanding amounts declined to €64.1bn compared with €65.3bn in April 2026 (-0.4% year-on-year). The average initial maturity of issuance declined in May 2026, reaching 49 days from 54 days the previous month. Regarding average issuance conditions, May 2026 was marked by a continued steepening of the yield curve.
Public issuers: NEU CP issuances declined in May 2026, to €10.5bn compared with €12.2bn in April 2026. The average initial maturity of issuance rose to 79 days, driven by an increase in issues with maturities of 101 to 200 days. NEU CP outstanding amounts slightly rose to €23.9bn in May 2026 from
€23.4bn in April 2026. The average residual maturity of the outstanding stabilized at 93 days. In May 2026, we observed rising average yields at issuance, across most maturities.
ESG: Outstanding amounts (ESG-labelled programmes (or programme segments) increased in May 2026 at €20.1bn

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Updated on the 9th of June 2026