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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)
30/09/2025 1,336,580 376,347 309,520 66,826 849,850 456,790 393,061 110,383
31/10/2025 1,346,046 371,804 306,626 65,178 869,187 469,018 400,169 105,055
30/11/2025 1,398,216 414,701 348,187 66,515 882,532 472,176 410,356 100,982
31/12/2025 1,357,459 370,303 303,981 66,322 884,906 455,329 429,577 102,250
31/01/2026 1,419,895 403,321 337,664 65,657 914,814 484,541 430,272 101,760
28/02/2026 1,427,871 391,654 330,202 61,452 933,108 500,363 432,745 103,109
Difference 7,976 -11,667 -7,462 -4,205 18,294 15,822 2,473 1,349

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)
30/09/2025 1,289,633 493,745 400,505 93,240 518,896 288,857 230,039 187,972 129,122 58,850 89,021 13,461 75,560
31/10/2025 1,299,093 507,122 408,248 98,874 507,021 282,826 224,195 192,578 131,810 60,768 92,372 13,786 78,586
30/11/2025 1,350,625 508,553 412,046 96,507 546,347 312,486 233,861 198,923 140,097 58,826 96,801 13,518 83,284
31/12/2025 1,310,771 480,070 379,185 100,884 539,742 295,768 243,974 194,941 131,361 63,580 96,018 13,017 83,001
31/01/2026 1,371,685 516,120 409,446 106,674 547,943 311,114 236,829 210,694 148,087 62,607 96,929 12,149 84,780
28/02/2026 1,375,346 519,797 415,590 104,208 544,168 312,688 231,480 212,824 150,087 62,736 98,557 12,475 86,082
Difference 3,661 3,678 6,144 -2,466 -3,775 1,574 -5,349 2,130 2,000 130 1,629 326 1,303

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

31/12/2023 31/12/2024 31/12/2025 Difference
Not Syndicated (USD M) 9,752,982 11,332,979 13,438,563 2,105,584
Syndicated (USD M) 8,989,556 9,076,370 9,488,972 412,602
Total (USD M) 18,742,537 20,409,348 22,927,535 2,518,186

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

31/12/2023 31/12/2024 31/12/2025 Difference
Floating rate (USD M) 3,795,586 4,089,828 4,598,836 509,008
Zero coupon (USD M) 919,035 983,375 1,174,126 190,751
Fixed rate (USD M) 10,749,482 11,976,466 13,457,653 1,481,187

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

31/12/2023 31/12/2024 31/12/2025 Difference
Covered Bond (USD M) 3,786,641 3,721,814 3,696,080 -25,735

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

31/12/2023 31/12/2024 31/12/2025 Difference
Government / SSA Bonds (USD M) 4,236,408 4,680,633 5,419,234 738,601
Senior Bank Bonds (USD M) 9,810,545 10,606,760 12,887,961 2,281,201
Subordinated Bank Bonds (USD M) 178,714 176,955 237,354 60,399
Corporate Bonds (USD M) 4,575,541 5,052,733 5,623,734 571,001
Bank Bonds (USD M) 10,832,879 11,705,510 14,170,902 2,465,392

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

31/12/2023 31/12/2024 31/12/2025 Difference
AAA (USD M) 1,448,253 1,451,050 1,503,383 52,333
Unrated (USD M) 7,072,100 8,599,264 10,449,582 1,850,318
Non-Investment Grade (USD M) 1,156,977 1,116,913 1,159,174 42,261
Investment Grade excl. AAA (USD M) 10,159,801 10,475,332 11,183,060 707,728

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

2023 Q4 2024 Q4 2025 Q4 Difference
Equity Linked (USD M) 309,159 395,967 315,568 -80,400
Foreign Exchange Linked (USD M) 1,433 1,254 1,339 85
Interest Rate Linked (USD M) 277,586 353,611 336,716 -16,895
Commodity Linked (USD M) 1,408 7,484 3,216 -4,267
Credit Linked Notes (USD M) 3,091 2,871 1,797 -1,074
Total Structure Product Market (USD M) 592,677 761,187 658,636 -102,551

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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