Monthly review for commercial paper and medium-term note market - February 2024

Published on the 15th of March 2024

Total outstanding on the NEU CP and NEU MTN market stood at €348.8 bn in January 2024 (+€27.8 bn year-on-year). This increase is driven by the the NEU CP segment (+€27.5 bn year-on-year). In this segment, financial issuers saw, in particular, their outstandings rise sharply (+€29 bn year-on-year), while outstandings of non-financial entities (corporates) fell by €1.2 bn to €55.1 bn. Outstandings in the NEU MTN segment remained stable year-on year (+0.7%), at €39.6 bn.
NEU CP issues were down in February 2024, across all sectors. They totaled €106.6 bn, compared with €125.1 bn the previous month for the financial sector (including ABCP issuer). With respect to corporates, they amounted to €21 bn, compared with €29.7 bn in January 2024. In the public sector, they amounted to €10.5 bn, compared with €14 bn in January 2024.
For both financial and non-financial issuers, yield curves remained broadly stable.

Updated on the 25th of July 2024

Banque de France - Menu Principal