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

Published on the 23rd of October 2023

Total outstanding on the NEU CP and NEU MTN market stood at €339.2 bn in September 2023 (+€52.1 bn year-on-year). This increase is due to the NEU CP segment (+46.9 bn € year-on-year). In this segment, financial issuers in particular saw their outstanding rise sharply (+67 bn € year-on-year), while outstanding of non-financial entities (corporates) fell by €8.3 bn to €56.8 bn. Outstanding in the NEU MTN segment rose slightly by €5.2 bn year-on-year to €42.8 bn.
NEU CP issues by the financial sector were down in September 2023, mainly on short maturities (10 to 40 days), to €100.6 bn compared with €105.8 bn the previous month. Issuance by non-financial entities climbed in September 2023 to €25.3 bn from €19.9 bn in August 2023, the growth being concentrated on 3-month issuances. Lastly, public-sector issuance fell to €6.7 bn in September 2023 from €13.1 bn in August 2023.
Yields at issuance continue to rise against the backdrop of monetary tightening in the Eurozone.

Updated on the 25th of July 2024

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