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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)
31/07/2025 1,287,288 364,707 293,745 70,962 827,839 432,260 395,579 94,742
31/08/2025 1,336,368 402,273 332,798 69,475 836,520 445,497 391,023 97,575
30/09/2025 1,327,073 375,489 308,662 66,828 849,802 457,535 392,268 101,781
31/10/2025 1,339,441 370,725 305,546 65,179 869,138 469,736 399,403 99,578
30/11/2025 1,393,385 413,131 346,616 66,515 882,285 472,454 409,831 97,968
31/12/2025 1,352,506 367,646 301,359 66,287 884,614 455,076 429,538 100,246
Difference -40,879 -45,485 -45,257 -228 2,328 -17,378 19,706 2,278

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)
31/07/2025 1,239,578 484,886 384,526 100,360 491,694 264,939 226,755 178,415 117,138 61,277 84,584 13,012 71,572
31/08/2025 1,288,440 495,128 399,882 95,246 508,538 280,169 228,369 198,397 139,324 59,074 86,376 12,737 73,639
30/09/2025 1,280,172 487,015 393,742 93,272 518,622 289,266 229,357 185,667 126,940 58,727 88,868 13,373 75,495
31/10/2025 1,292,533 502,060 403,152 98,908 506,999 283,486 223,513 191,169 130,524 60,645 92,305 13,774 78,532
30/11/2025 1,345,839 504,810 408,271 96,539 546,178 312,755 233,423 198,156 139,452 58,703 96,696 13,505 83,191
31/12/2025 1,305,863 476,889 375,995 100,895 538,413 294,428 243,985 194,684 131,168 63,515 95,877 13,005 82,872
Difference -39,976 -27,921 -32,277 4,355 -7,765 -18,327 10,562 -3,472 -8,284 4,812 -818 -500 -318

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
Syndicated (USD M) 8,991,750 9,078,435 9,481,470 403,035
Not Syndicated (USD M) 9,581,901 10,884,495 12,602,666 1,718,171
Total (USD M) 18,573,651 19,962,930 22,084,136 2,121,206

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) 3,796,526 4,091,156 4,589,058 497,902
Zero coupon (USD M) 912,482 976,703 1,158,078 181,375
Fixed rate (USD M) 10,613,884 11,613,080 12,836,004 1,222,925

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) 3,771,508 3,698,721 3,634,089 -64,631

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) 4,227,015 4,652,240 5,359,207 706,967
Senior Bank Bonds (USD M) 9,709,519 10,395,993 12,537,376 2,141,382
Subordinated Bank Bonds (USD M) 180,793 175,098 184,215 9,117
Corporate Bonds (USD M) 4,517,772 4,847,051 5,260,516 413,466
Bank Bonds (USD M) 10,731,025 11,489,038 13,757,055 2,268,017

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) 1,445,600 1,448,101 1,500,998 52,896
Unrated (USD M) 6,988,550 8,257,029 9,808,181 1,551,152
Non-Investment Grade (USD M) 1,146,287 1,102,766 1,112,658 9,892
Investment Grade excl. AAA (USD M) 10,087,700 10,382,991 10,953,893 570,902

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) 308,930 395,432 275,915 -119,517
Foreign Exchange Linked (USD M) 1,433 1,254 285 -969
Interest Rate Linked (USD M) 277,362 352,319 309,297 -43,022
Commodity Linked (USD M) 1,408 7,260 2,030 -5,230
Credit Linked Notes (USD M) 3,091 2,871 1,770 -1,101
Total Structure Product Market (USD M) 592,224 759,137 589,297 -169,840

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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