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

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

31/01/2025 28/02/2025 31/03/2025 30/04/2025 31/05/2025 30/06/2025 Difference
Non-Financial (USD M) 316,995 302,729 339,093 347,526 340,322 355,337 15,015
Financial (USD M) 790,903 791,922 808,741 822,602 833,580 860,647 27,067
Asset Backed Commercial Paper (ABCP) (USD M) 77,037 78,736 82,380 84,327 85,687 88,700 3,012
Total (USD M) 1,184,935 1,173,388 1,230,214 1,254,454 1,259,589 1,304,684 45,094

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

31/01/2025 28/02/2025 31/03/2025 30/04/2025 31/05/2025 30/06/2025 Difference
EUR (USD M) 460,899 452,699 466,845 494,444 479,418 494,518 15,099
USD (USD M) 443,267 430,586 473,096 466,750 493,439 528,059 34,621
GBP (USD M) 202,256 208,595 208,359 212,053 205,441 196,373 -9,068
JPY (USD M) 434 671 1,063 1,037 1,028 1,100 73
Other (USD M) 78,079 80,836 80,851 80,171 80,264 84,634 4,370
Total (USD M) 1,184,935 1,173,388 1,230,214 1,254,454 1,259,589 1,304,684 45,094

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

31/12/2024 31/03/2025 30/06/2025 Difference
Syndicated (USD M) 9,095,955 9,162,494 9,265,605 103,111
Not Syndicated (USD M) 10,092,420 10,273,458 10,374,791 101,333
Total (USD M) 19,188,376 19,435,951 19,640,396 204,445

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

31/12/2024 31/03/2025 30/06/2025 Difference
Floating rate (USD M) 4,146,256 4,214,023 4,328,982 114,959
Zero coupon (USD M) 950,071 982,600 1,022,651 40,051
Fixed rate (USD M) 10,917,693 11,057,061 11,066,582 9,522

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

31/12/2024 31/03/2025 30/06/2025 Difference
Covered Bond (USD M) 3,659,709 3,666,832 3,650,331 -16,500

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

31/12/2024 31/03/2025 30/06/2025 Difference
Government / SSA Bonds (USD M) 4,736,564 4,852,601 4,830,079 -22,521
Senior Bank Bonds (USD M) 10,194,375 10,259,914 10,468,138 208,224
Subordinated Bank Bonds (USD M) 112,144 110,339 109,056 -1,283
Corporate Bonds (USD M) 4,399,301 4,430,899 4,468,449 37,549
Bank Bonds (USD M) 11,216,241 11,311,245 11,540,853 229,608

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

31/12/2024 31/03/2025 30/06/2025 Difference
AAA (USD M) 1,259,466 1,292,432 1,302,687 10,256
Unrated (USD M) 7,209,645 7,410,712 7,509,490 98,778
Non-Investment Grade (USD M) 1,194,140 1,171,546 1,152,240 -19,306
Investment Grade excl. AAA (USD M) 10,906,296 10,955,435 11,116,780 161,345

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

2024 Q4 2025 Q1 2025 Q2 Difference
Equity Linked (USD M) 428,322 366,182 324,015 -42,167
Foreign Exchange Linked (USD M) 1,254 725 1,959 1,235
Interest Rate Linked (USD M) 309,789 408,484 368,552 -39,933
Commodity Linked (USD M) 6,144 3,242 2,759 -484
Credit Linked Notes (USD M) 2,854 1,243 1,589 346
Total Structure Product Market (USD M) 748,363 779,876 698,873 -81,003

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.

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