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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)
31/05/2026 1,430,897 391,662 315,827 75,835 941,138 499,614 441,523 98,097
30/06/2026 1,484,355 406,773 329,106 77,667 971,782 516,337 455,445 105,800
31/07/2026 1,468,695 402,147 329,327 72,820 959,255 509,844 449,411 107,293
31/08/2026 1,463,675 398,659 324,511 74,148 955,298 509,281 446,017 109,717
30/09/2026 1,488,524 408,090 338,937 69,153 972,437 520,419 452,018 107,996
31/10/2026 1,478,237 380,662 309,379 71,283 987,839 532,748 455,092 109,735
Difference -10,287 -27,428 -29,558 2,130 15,402 12,329 3,073 1,739

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)
31/05/2026 1,366,892 514,328 407,711 106,618 549,002 304,654 244,348 203,321 143,144 60,177 100,240 13,057 87,183
30/06/2026 1,418,510 515,358 404,347 111,011 580,025 331,717 248,308 219,227 154,197 65,029 103,900 13,608 90,292
31/07/2026 1,402,268 508,203 399,359 108,844 567,489 325,469 242,020 222,263 159,683 62,580 104,313 13,185 91,128
31/08/2026 1,395,299 507,127 399,777 107,350 565,384 321,701 243,683 218,060 157,412 60,648 104,728 13,713 91,015
30/09/2026 1,415,056 511,417 406,112 105,305 575,988 334,378 241,610 218,708 158,876 59,832 108,944 15,021 93,923
31/10/2026 1,403,430 520,619 413,748 106,871 552,261 312,566 239,696 218,819 154,374 64,444 111,731 16,421 95,310
Difference -11,626 9,202 7,636 1,566 -23,726 -21,812 -1,914 111 -4,501 4,612 2,787 1,400 1,387

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 30/06/2026 30/09/2026 Difference
Syndicated (USD M) 9,457,185 9,778,848 9,886,317 107,470
Not Syndicated (USD M) 13,581,478 14,205,813 14,610,530 404,717
Total (USD M) 23,038,664 23,984,660 24,496,847 512,187

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 4: Outstanding - International Vanilla Bond Markets by Coupon Type

31/12/2025 30/06/2026 30/09/2026 Difference
Floating rate (USD M) 4,624,768 4,935,961 5,088,719 152,759
Fixed rate (USD M) 13,532,927 14,050,395 14,400,729 350,334
Zero coupon (USD M) 1,178,671 1,266,539 1,296,148 29,608

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 5: Outstanding - Covered Bond Markets

31/12/2025 30/06/2026 30/09/2026 Difference
Covered Bond (USD M) 3,950,724 4,033,350 4,006,138 -27,212

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 30/06/2026 30/09/2026 Difference
Government / SSA Bonds (USD M) 5,424,252 5,880,883 6,772,722 891,839
Senior Bank Bonds (USD M) 11,708,456 12,028,241 24,212,510 12,184,269
Subordinated Bank Bonds (USD M) 246,460 264,187 300,622 36,435
Corporate Bonds (USD M) 5,664,924 5,829,467 5,878,608 49,141
Bank Bonds (USD M) 13,020,511 13,413,291 25,648,661 12,235,370

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 30/06/2026 30/09/2026 Difference
AAA (USD M) 1,502,163 1,561,646 1,566,835 5,189
Investment Grade excl. AAA (USD M) 11,123,799 11,545,705 11,751,805 206,101
Non-Investment Grade (USD M) 1,096,557 1,116,880 1,122,794 5,914
Unrated (USD M) 10,580,713 11,104,228 11,434,508 330,280

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 Q2 2026 Q3 Difference
Equity Linked (USD M) 294,534 265,213 457,768 192,556
Foreign Exchange Linked (USD M) 1,339 505 869 365
Interest Rate Linked (USD M) 401,790 449,156 331,099 -118,058
Commodity Linked (USD M) 4,488 3,472 2,965 -507
Credit Linked Notes (USD M) 1,938 3,077 2,260 -817
Total Structure Product Market (USD M) 704,089 721,423 794,961 73,538

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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