CMD Portal CMD Portal
The Collaborative Market Data Network -
serving the Public interest of Transparency in Debt Capital Markets
The Collaborative Market Data Network
Serving Transparency in Capital Markets
The Collaborative
Market Data Network
Sign in Join now

PUBLIC DATA

The European commercial paper and certificate of deposit market is one of the largest most liquid negotiable debt securities markets in the world. The statistics below represent the following characteristics:

  • By Industry Sector
  • By Currency

This data is posted for information only on a best-efforts basis using available sources by the CMDI (Capital Market Data Institute) from the collaborative centralised securities database (CSDB). CMDI makes no representations or warranties regarding the accuracy if this data. This publication is subject to change at any time without notice.

Table 1: Outstanding - International CP/CD Markets by Industry Sector (USD M)

Period Total Non-Financial Financial Asset Backed
Commercial Paper
(ABCP)
Total Domestic
(European) 		Foreign
(Non-European) 		Total Domestic
(European) 		Foreign
(Non-European)
31/03/2026 1,421,045 383,196 317,035 66,161 937,225 498,082 439,144 100,623
30/04/2026 1,422,119 389,611 318,118 71,493 935,372 492,531 442,841 97,136
31/05/2026 1,430,906 391,637 315,802 75,835 941,139 499,781 441,359 98,129
30/06/2026 1,481,763 405,265 327,599 77,666 971,945 517,204 454,741 104,553
31/07/2026 1,469,387 402,399 329,579 72,820 959,219 510,513 448,707 107,768
31/08/2026 1,462,282 397,715 323,766 73,950 955,152 509,850 445,302 109,415
Difference -7,105 -4,684 -5,813 1,129 -4,068 -663 -3,405 1,647

Notes:
1. The CMDPortal Securities Database is a live database with financial instruments being added on a daily basis.
2. The CMDPortal Securities Database contains around 10m instruments aggregated from well over 80 sources and growing network of investors, issuers and dealers.
3. Classification of what constitute a Commercial Paper, Certificate of Deposit, etc is determined by the latest update provided by any of our sources. Updates provided by the issuer are final.
4. Euro-Commercial Paper, Euro-Certificates of Deposit, Eurobonds etc are defined as Instruments with ISINs start with XS. Instruments with domestic ISINs are therefore excluded.
5. ISIN means International Securities Identification Number.
6. Third Party is defined as Instruments transacted by a Financial Institution that does not belong to the organization of the Issuer
7. Conversions in USD are effected on trade date.
8. Outstandings include all instruments that have been issued, and which have not yet matured, called or been cancelled and for which we have full required data.

Table 2: Outstanding - International CP/CD Markets by Currency (USD M)

Period Total EUR USD GBP Other
Total Domestic
(European) 		Foreign
(Non-European) 		Total Domestic
(European) 		Foreign
(Non-European) 		Total Domestic
(European) 		Foreign
(Non-European) 		Total Domestic
(European) 		Foreign
(Non-European)
31/03/2026 1,365,064 511,512 406,561 104,952 540,289 305,786 234,504 210,253 147,314 62,939 103,010 13,164 89,846
30/04/2026 1,360,807 515,832 410,908 104,924 541,753 300,066 241,687 201,081 139,899 61,181 102,141 12,935 89,206
31/05/2026 1,366,867 514,329 407,710 106,619 549,002 304,804 244,198 203,297 143,119 60,178 100,239 13,057 87,182
30/06/2026 1,415,883 514,708 403,808 110,900 579,310 331,802 247,508 218,000 153,333 64,667 103,865 13,608 90,257
31/07/2026 1,402,926 507,788 398,998 108,790 568,219 326,999 241,220 222,643 159,665 62,978 104,276 13,183 91,093
31/08/2026 1,393,906 506,182 399,085 107,097 566,055 323,172 242,883 216,981 156,339 60,641 104,689 13,710 90,979
Difference -9,020 -1,606 87 -1,693 -2,164 -3,827 1,663 -5,663 -3,326 -2,337 413 527 -114

Notes:
1. The CMDPortal Securities Database is a live database with financial instruments being added on a daily basis.
2. The CMDPortal Securities Database contains around 10m instruments aggregated from well over 80 sources and growing network of investors, issuers and dealers.
3. Classification of what constitute a Commercial Paper, Certificate of Deposit, etc is determined by the latest update provided by any of our sources. Updates provided by the issuer are final.
4. Euro-Commercial Paper, Euro-Certificates of Deposit, Eurobonds etc are defined as Instruments with ISINs start with XS. Instruments with domestic ISINs are therefore excluded.
5. ISIN means International Securities Identification Number.
6. Third Party is defined as Instruments transacted by a Financial Institution that does not belong to the organization of the Issuer
7. Conversions in USD are effected on trade date.
8. Outstandings include all instruments that have been issued, and which have not yet matured, called or been cancelled and for which we have full required data.

Table 3: Outstanding - International Bond Markets by Transaction Type

31/12/2025 31/03/2026 30/06/2026 Difference
Not Syndicated (USD M) 13,579,641 13,751,453 14,210,447 458,994
Syndicated (USD M) 9,460,911 9,616,295 9,779,745 163,450
Total (USD M) 23,040,552 23,367,748 23,990,192 622,444

Notes:
1. The CMDPortal Securities Database is a live database with financial instruments being added on a daily basis.
2. The CMDPortal Securities Database contains around 10m instruments aggregated from well over 80 sources and growing network of investors, issuers and dealers.
3. Classification of what constitute a Commercial Paper, Certificate of Deposit, etc is determined by the latest update provided by any of our sources. Updates provided by the issuer are final.
4. Euro-Commercial Paper, Euro-Certificates of Deposit, Eurobonds etc are defined as Instruments with ISINs start with XS. Instruments with domestic ISINs are therefore excluded.
5. ISIN means International Securities Identification Number.
6. Third Party is defined as Instruments transacted by a Financial Institution that does not belong to the organization of the Issuer
7. Conversions in USD are effected on trade date.
8. Outstandings include all instruments that have been issued, and which have not yet matured, called or been cancelled and for which we have full required data.

Table 4: Outstanding - International Vanilla Bond Markets by Coupon Type

31/12/2025 31/03/2026 30/06/2026 Difference
Floating rate (USD M) 4,625,929 4,760,325 4,935,263 174,938
Fixed rate (USD M) 13,527,874 13,663,570 14,042,057 378,487
Zero coupon (USD M) 1,180,747 1,227,031 1,275,977 48,947

Notes:
1. The CMDPortal Securities Database is a live database with financial instruments being added on a daily basis.
2. The CMDPortal Securities Database contains around 10m instruments aggregated from well over 80 sources and growing network of investors, issuers and dealers.
3. Classification of what constitute a Commercial Paper, Certificate of Deposit, etc is determined by the latest update provided by any of our sources. Updates provided by the issuer are final.
4. Euro-Commercial Paper, Euro-Certificates of Deposit, Eurobonds etc are defined as Instruments with ISINs start with XS. Instruments with domestic ISINs are therefore excluded.
5. ISIN means International Securities Identification Number.
6. Third Party is defined as Instruments transacted by a Financial Institution that does not belong to the organization of the Issuer
7. Conversions in USD are effected on trade date.
8. Outstandings include all instruments that have been issued, and which have not yet matured, called or been cancelled and for which we have full required data.

Table 5: Outstanding - Covered Bond Markets

31/12/2025 31/03/2026 30/06/2026 Difference
Covered Bond (USD M) 3,954,831 3,981,861 3,992,265 10,404

Notes:
1. The CMDPortal Securities Database is a live database with financial instruments being added on a daily basis.
2. The CMDPortal Securities Database contains around 10m instruments aggregated from well over 80 sources and growing network of investors, issuers and dealers.
3. Classification of what constitute a Commercial Paper, Certificate of Deposit, etc is determined by the latest update provided by any of our sources. Updates provided by the issuer are final.
4. Euro-Commercial Paper, Euro-Certificates of Deposit, Eurobonds etc are defined as Instruments with ISINs start with XS. Instruments with domestic ISINs are therefore excluded.
5. ISIN means International Securities Identification Number.
6. Third Party is defined as Instruments transacted by a Financial Institution that does not belong to the organization of the Issuer
7. Conversions in USD are effected on trade date.
8. Outstandings include all instruments that have been issued, and which have not yet matured, called or been cancelled and for which we have full required data.

Table 6: Outstanding - Bond Markets by Issuer Type

31/12/2025 31/03/2026 30/06/2026 Difference
Senior Bank Bonds (USD M) 11,718,462 11,807,133 24,008,621 12,201,489
Corporate Bonds (USD M) 5,655,465 5,733,514 5,820,994 87,481
Subordinated Bank Bonds (USD M) 250,394 245,275 267,272 21,997
Government / SSA Bonds (USD M) 5,426,428 5,575,967 5,886,247 310,280
Bank Bonds (USD M) 13,017,627 13,128,059 25,380,676 12,252,617

Notes:
1. The CMDPortal Securities Database is a live database with financial instruments being added on a daily basis.
2. The CMDPortal Securities Database contains around 10m instruments aggregated from well over 80 sources and growing network of investors, issuers and dealers.
3. Classification of what constitute a Commercial Paper, Certificate of Deposit, etc is determined by the latest update provided by any of our sources. Updates provided by the issuer are final.
4. Euro-Commercial Paper, Euro-Certificates of Deposit, Eurobonds etc are defined as Instruments with ISINs start with XS. Instruments with domestic ISINs are therefore excluded.
5. ISIN means International Securities Identification Number.
6. Third Party is defined as Instruments transacted by a Financial Institution that does not belong to the organization of the Issuer
7. Conversions in USD are effected on trade date.
8. Outstandings include all instruments that have been issued, and which have not yet matured, called or been cancelled and for which we have full required data.

Table 7: Outstanding - Bond Markets by Issuer Credit Quality

31/12/2025 31/03/2026 30/06/2026 Difference
AAA (USD M) 1,502,314 1,538,191 1,560,602 22,411
Investment Grade excl. AAA (USD M) 11,158,064 11,331,217 11,571,724 240,507
Non-Investment Grade (USD M) 1,091,003 1,097,103 1,111,874 14,771
Unrated (USD M) 10,550,991 10,688,006 11,086,921 398,915

Notes:
1. The CMDPortal Securities Database is a live database with financial instruments being added on a daily basis.
2. The CMDPortal Securities Database contains around 10m instruments aggregated from well over 80 sources and growing network of investors, issuers and dealers.
3. Classification of what constitute a Commercial Paper, Certificate of Deposit, etc is determined by the latest update provided by any of our sources. Updates provided by the issuer are final.
4. Euro-Commercial Paper, Euro-Certificates of Deposit, Eurobonds etc are defined as Instruments with ISINs start with XS. Instruments with domestic ISINs are therefore excluded.
5. ISIN means International Securities Identification Number.
6. Third Party is defined as Instruments transacted by a Financial Institution that does not belong to the organization of the Issuer
7. Conversions in USD are effected on trade date.
8. Outstandings include all instruments that have been issued, and which have not yet matured, called or been cancelled and for which we have full required data.

Table 8: Issuance - Structured Bond Markets by Structure Type

2025 Q4 2026 Q1 2026 Q2 Difference
Equity Linked (USD M) 377,689 386,906 369,728 -17,178
Foreign Exchange Linked (USD M) 1,339 948 492 -455
Interest Rate Linked (USD M) 356,093 461,677 437,131 -24,546
Commodity Linked (USD M) 4,444 6,431 3,089 -3,341
Credit Linked Notes (USD M) 1,938 2,732 857 -1,875
Total Structure Product Market (USD M) 741,503 858,693 811,298 -47,395

Notes:
1. The CMDPortal Securities Database is a live database with financial instruments being added on a daily basis.
2. The CMDPortal Securities Database contains around 10m instruments aggregated from well over 80 sources and growing network of investors, issuers and dealers.
3. Classification of what constitute a Commercial Paper, Certificate of Deposit, etc is determined by the latest update provided by any of our sources. Updates provided by the issuer are final.
4. Euro-Commercial Paper, Euro-Certificates of Deposit, Eurobonds etc are defined as Instruments with ISINs start with XS. Instruments with domestic ISINs are therefore excluded.
5. ISIN means International Securities Identification Number.
6. Third Party is defined as Instruments transacted by a Financial Institution that does not belong to the organization of the Issuer
7. Conversions in USD are effected on trade date.
8. Outstandings include all instruments that have been issued, and which have not yet matured, called or been cancelled and for which we have full required data.

Access the largest Global Debt Capital Market Database.

Talk to us about your bond and money market data needs.