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

Published on 18 April 2022

The overall outstanding amounts declined to €274.8 billion in March, after €276.5 billion in February. The increase in stocks of public issuers (+€4 billion), corporates (+€2.8 billion) and securitization vehicles (+€1.1) did not fully offset the decline in banks' outstanding amounts (-€8.6 billion).
The steepening of the yield curve of financial issuers, initiated in February, continued in March.
Corporate rates rose evenly by around 10 bps on all pillars between 1 week and 6 months.
The decline in bank stocks (-17% year-on-year) is mainly attributable to euro area banks (-20%). These banks are showing a wait-and-see stance in a context of expectations concerning potential tuning of ECB key rates. Stocks in foreign currencies held up well (-8% year-on-year), while those carried by banks outside the euro area were even up slightly (+2% year-on-year).

Updated on 24 October 2023