Statistics
NEU CP - NEU MTN market

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

Published on the 14th of November 2025
  • At the end of October 2025, total outstanding on the NEU CP and NEU MTN market stood at €346bn (down 1.5% year-on-year). The NEU CP segment (89% of the market) is slighlty down year-on-year (-0.9%). The NEU MTN segment is also down (-6.2% year-on-year to €37.3 bn).
     
  • Financial issuers (including securitisation vehicles): NEU CP issuance by the financial sector was steady in October 2025, at €89.6bn. The average maturity of issues (weighted by volumes issued) droped to 73 days (compared with 67 days in September 2025). This is explained by the decrease of issues with maturities ranging between 1 and 3 days (€52bn in October 2025 compared with €64bn in September 2025). Outstandings dropped to €218bn at the end of October 2025 (-€2.1bn over the month). The average residual maturity was stable at 148 days. In terms of issuance conditions, yields and spreads are stable in October on all maturities. The dispersion of average spreads at issuance on the 3-month maturity pillar remains low.
     
  • Non-financial issuers: NEU CP issuances in the sector are broadly stable in October 2025, at €26.6bn compared with €25.8bn in September 2025. Outstandings are slightly up at €64.1bn from €62.1bn the previous month. The average initial maturity of issues remained stable at 72 days while the average residual maturity of outstanding debt fell to 65 days. In terms of issuance conditions, remained stable in October except for 1-month (+12 bps) an 9-month (+14 bps) maturities.
     
  • Public issuers: NEU CP issues by the sector barely evolved in October 2025 to €9.8bn compared with €9.5bn in September 2025. The average initial maturity of issues fell to 91 days from 108 days the previous month. This was mainly due to an increase in issues in the 10-to-40 day maturity and a decline in issues with longer maturities. Outstanding rose to €26.2bn in October 2025 from €22.9bn in September 2025. The average residual maturity of the outstanding declined at 81 days.
     
  • ESG: Outstandings in programmes (or compartments of programmes) with ESG characteristics rose in October to €14.5bn.

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Monthly review for commercial paper and medium-term note market - Octo... (PDF - 2.89 MB)

Updated on the 14th of November 2025

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