Monthly review for commercial paper and medium-term note market - January 2022

Published on 20 February 2022

Outstanding amounts were stable in January 2022 over one month, and down sharply over one year (-13.3%). The decline over one year is mainly attributable to public and financial issuers.
The yield curve for financial issuers rose slightly in January for all maturities (3 bps at maximum).
The corporate yield curve is rising. The increase remains rather restrained (between 5 and 7 bps) over the most used durations (between 1 and 6 months). The more marked increase over the longest terms must be interpreted with caution (low volumes on the 9 month and structure of issuances on the 12 month).
The NEU CP roll rate stand just above the breakeven point, at 101%. This level remains relatively low compared to the level typical for a start-of-year month (these last three years, NEU CP roll rate in January stood between 110% and 138%).

Updated on 24 October 2023