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

Published on 14 August 2023

Total outstanding on the NEU CP and NEU MTN market stood at €332.2 bn in July 2023 (+€45 bn year-on-year). This increase is attributable to the NEU CP segment (+€42.4 bn year-on-year). In this segment, financial issuers in particular saw their outstanding rise sharply (+€59.5 bn year-on-year), while outstanding of non-financial entities (corporates) fell by €7.5 bn to €59.9 bn. Outstanding in the NEU MTN segment fell slightly by €2.3 bn year-on-year (-5.8%) to €41.8 bn.
NEU CP issues by the financial sector were down in July 2023, mainly on short maturities, to €109.5 bn compared with €127 bn the previous month. Issuance by non-financial entities rose in July 2023 to €31.8 bn from €25 bn in June 2023, with the increase concentrated in 3-month maturities. Outstanding in this category rose to €59.9 bn in July from €57.7 bn the previous month. Finally, public-sector issues were down to €14.3 bn in July 2023 from €16.7 bn in June 2023.
Issue yields continue to rise against the backdrop of monetary tightening in the eurozone. For financial issuers, the biggest one-month rises are in the 12-month and 6-month pillars. For non-financial issuers, the most significant increases are seen on the 9-month and 12-month pillars (relatively little used).

Updated on 24 October 2023