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

Published on 20 August 2021

In July, the overall market rise again and attains € 306.7 billion, after € 300.8 billion in June. The increase is particularly noticeable for corporate issuers (+ 10.5% over one month).
The average rates at issuance of financial issuers are unchanged. The yield curve slope appears almost flat, with only +4 bps between 1 day and 1 month and + 4 bps again between 1 and 12 months.
The average rates at issuance of corporate issuers rise slightly on all pillars over and including 6-month (2 to 3 bps). Rates fall back on the 3-month pillar (-8 bps) which volumes increases sharply (+ 65% in July, compared to June).
The NEU CP market comprises 297 active issuers in 2020, including 143 corporate issuers (+ 75% compared to 2005). Non-financial issuers (corporate and public) account for 60% of active issuers nowadays (25% in 2005-2009) and 39% of outstanding amounts.
Currency issues continue to grow on the NEU CP market. Their share in outstanding amounts reaches 14.6% in July 2021, compared to 8.8% in July 2020.

Updated on 24 October 2023