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

Published on 20 July 2021

In June, the overall NEU CP market amounted to € 300.4 billion. The outstanding amount carried on decreasing over one year (-20.4%) as a result of the seasonality of banking and corporate issuers, and the continuation of the return to pre-crisis levels of public issuers outstanding amounts (-44%).
To a certain extent, the evolution of forward repayments reflects the shortening of average duration at issuance. Forward repayments expected within the next 3 months accounted for 54% of volumes issued at the end of June 2021, up 9 points compared to the situation in June 2019.
The average rates at issuance of financial and corporate sectors evolved in a narrow range, with a maximum variation on the pillar 9 months of +2 bps for financial issuers and -4 bps for corporate issuers.
Issuers’ seasonality remained globally little impacted by the COVID crisis and financial measures taken to alleviate its impact (TLTRO and PGE). Banks seasonality, which has evolved in recent years (reducing outstanding in February / March and May), has stabilized in 2021 on the levels attained in the previous year.

Updated on 24 October 2023