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

Published on 10th of October 2025

At the end of September 2025, total outstanding on the NEU CP and NEU MTN market stood at €343.3bn (down 4.4% year-on-year). The NEU CP segment (89% of the market) is down year-on-year (-4.1%). The NEU MTN segment is also down (-6.9% year-on-year to €37.6 bn).
Financial issuers (including securitisation vehicles): NEU CP issuance by the financial sector was steady in September 2025, at €98.6bn. The average maturity of issues (weighted by volumes issued) droped to 67 days (compared with 78 days in August 2025). This is explained by the increase of issues with maturities ranging between 1 and 3 days (€64bn in September 2025 compared with €51bn in August 2025). Outstandings slightly dropped to €214.2bn at the end of September 2025 (-5.4bn over the month). The average residual maturity was stable at 148 days, compared with 147 days in July August. In terms of issuance conditions, the yields are stable in August on the shorterst maturities and slightly up on maturities between 9 and 12 months. The dispersion of average spreads at issuance on the 3-month maturity pillar remains low.
Non-financial issuers: NEU CP issuance in the sector was sharply up in September 2025, at €25.8bn compared with €17.7bn in August 2025. Outstandings are slightly down at €62.1bn from €63.3bn the previous month. The average initial maturity of issues and the average residual maturity of outstanding are up to 72 days and 68 days respectively. In terms of issuance conditions, we note in September a stability of yields for the shortest maturities and an increase on maturities close to 9 months (circa + 20 bps). On the 1-month maturity pillar, the difference in average spreads at issuance between class 1 and unrated class has tended to widen since January 2025; in September, it reaches 46bps.
Public issuers: NEU CP issues by the sector increased in September 2025 to €9.5bn compared with €5.6bn in August 2025. The average initial maturity of issues rose to 110 days from 50 days the previous month. This was mainly due to an increase in issues in the 101-to-365 day maturity bracket and a decrease in issuance in the shorter maturity brackets. Outstanding rose to €22.9bn in September 2025 from €18.9bn in August 2025. The average residual maturity of the outstanding is steady at 91 days.
ESG: Outstandings in programmes (or compartments of programmes) with ESG characteristics rose in Septembre to €12bn.

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Updated on the 10th of October 2025