Monthly review for commercial paper and medium-term note market - August 2021

Published on 20 September 2021

In August, the overall outstanding amount stood at € 302.6 billion after € 307 billion in July. Most segments were rather stable because of the summer break, with the exception of the public sector NEU CPs (-6.7% over one month).
Issuance rates of financial issuers decreased further over the longest scale of the short-term segment, ranging between 2 and 3 bps depending on the maturities.
Corporate issuance rates increased on the 1-month (+6 bps) and 6-month (+3 bps) pillars and remained unchanged over the other durations. The sawtooth shape of the yield curve in August should be interpreted with caution given the limited amount of issuances on the 6-month and 9-month pillars.
Consumer goods, industrials and utilities accounted for 71% of corporate NEU CP outstanding amounts (excluding real estate). An increasing number of issuers financed themselves in USD on the NEU CP market (15 corporate issuers at the end of August 2021, for € 3.7 billion or 5.8% of outstanding amounts).

Updated on 24 October 2023