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

Published on 20 January 2022

Outstanding amounts declined to €283 billion in December (-10.4% year-on-year). The decrease is mainly attributable to public issuers (-29% over one year). The stocks of securitization vehicles (ABCP) increased slightly (+8.9% over one year).
The yield curve for financial issuers fell in December for all maturities. The variations are small over durations longer than 6 months (between 1 and 2 bps) and more significant over shorter durations (5 bps over 1 to 3 days and 4 bps over 3 months).
Corporates interest rate curve eased sharply in December on all maturities, particularly the longest ones (-6 bps on the 6-month pillar and -10 bps on the 1-year). This development mainly reflects structural effects (issuances on the 6-month, 9-month and 12-month durations are concentrated on a limited number of particularly solid issuers).

Updated on 24 October 2023