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

Published on 20 November 2021

Outstanding amounts attained € 301 billion in October (+ 0.4% over one month). Corporate (+ 3.9%) and financial (+ 1.1%) issuers make the bulk of this increase, while public sector stocks are in decline (-8.3%).
The yield curve for financial issuers is mostly unchanged. The strongest variation (+3 bps on the 9-month pillar) is based on a somewhat low level of issuances.
The corporate issuers' yield curve steepened in October, with the exception of the 12-month pillar.
The level of issuance assessed in euros / day has been declining for several months. The significant drop in the 12-month moving average reflects the end of the effects of the health crisis. The volume of issuance in euros has been trending well for several months in connection with the shortening of the average issuance durations of bank issuers.

Updated on 24 October 2023