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

Published on 11 September 2023

The total amount outstanding on the NEU CP and NEU MTN market stood at €336.9bn in August 2023 (+€56.4bn over one year). This increase is attributable to the NEU CP segment (+€52.7bn over one year). In this segment, financial issuers in particular saw their outstanding rise sharply (+€70.1bn year-on-year), while outstanding of non-financial entities (corporates) fell by €10.6bn to €59.5bn. Outstanding in the NEU MTN segment rose slightly by €3.7bn over one year (+9.6%) to €42.1bn.
NEU CP issuances by the financial sector decreased in August 2023, mainly for the shortest maturities (10 to 40 days), to €105.8bn compared with €111.22bn the previous month. Issuances by non-financial entities fell in August 2023 to €19.9bn from €31.8bn in July 2023, along with the decline in 3-month maturities. Corporates’s outstanding amount remained stable over the month, at €59.4bn.
Finally, public sector issuances fell to €13.1bn in August 2023 from €14.3bn in July 2023.
Yields continue to rise in the context of monetary tightening in the euro zone. However, the increase is now concentrated on the short end of the curve.

Updated on 24 October 2023