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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)
31/05/2025 1,161,149 331,229 259,385 71,844 739,071 399,089 339,981 90,850
30/06/2025 1,206,191 346,476 274,724 71,752 765,982 409,504 356,478 93,733
31/07/2025 1,240,663 365,201 294,460 70,741 780,720 413,197 367,523 94,742
31/08/2025 1,289,524 402,725 333,512 69,213 789,224 425,617 363,607 97,575
30/09/2025 1,281,258 375,583 308,948 66,635 803,893 437,545 366,348 101,781
31/10/2025 1,293,621 370,227 305,528 64,699 823,815 450,813 373,002 99,579
Difference 12,363 -5,356 -3,420 -1,936 19,921 13,268 6,653 -2,203

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)
31/05/2025 1,161,101 450,569 358,146 92,423 454,927 231,858 223,069 180,688 127,420 53,268 74,916 10,510 64,406
30/06/2025 1,205,872 466,999 368,828 98,171 488,035 259,255 228,780 172,030 116,619 55,411 78,808 10,682 68,127
31/07/2025 1,240,344 485,628 385,270 100,358 491,694 264,959 226,735 178,438 117,167 61,271 84,584 13,012 71,572
31/08/2025 1,289,205 495,870 400,626 95,245 508,538 280,189 228,349 198,420 139,353 59,067 86,376 12,736 73,640
30/09/2025 1,280,939 487,759 394,485 93,274 518,622 289,486 229,137 185,691 126,970 58,721 88,866 13,373 75,494
31/10/2025 1,293,302 502,807 403,896 98,911 506,998 283,706 223,293 191,193 130,554 60,639 92,304 13,774 78,530
Difference 12,363 15,047 9,411 5,637 -11,624 -5,780 -5,844 5,502 3,584 1,917 3,438 401 3,037

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 30/06/2025 30/09/2025 Difference
Syndicated (USD M) 9,083,680 9,244,886 9,383,717 138,831
Not Syndicated (USD M) 9,821,809 10,463,608 10,690,297 226,689
Total (USD M) 18,905,489 19,708,494 20,074,014 365,520

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 30/06/2025 30/09/2025 Difference
Floating rate (USD M) 4,088,263 4,275,429 4,423,458 148,029
Zero coupon (USD M) 944,966 1,045,817 1,065,381 19,563
Fixed rate (USD M) 10,705,995 11,118,419 11,272,145 153,726

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 30/06/2025 30/09/2025 Difference
Covered Bond (USD M) 3,695,386 3,714,879 3,685,776 -29,104

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 30/06/2025 30/09/2025 Difference
Government / SSA Bonds (USD M) 4,493,034 4,924,945 4,964,248 39,303
Senior Bank Bonds (USD M) 10,023,183 10,287,481 11,656,498 1,369,017
Subordinated Bank Bonds (USD M) 113,153 106,706 103,217 -3,489
Corporate Bonds (USD M) 4,390,821 4,452,709 4,563,327 110,619
Bank Bonds (USD M) 11,052,853 11,363,405 12,759,000 1,395,595

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 30/06/2025 30/09/2025 Difference
AAA (USD M) 1,446,443 1,499,023 1,510,212 11,189
Unrated (USD M) 7,332,904 7,908,425 8,118,790 210,365
Non-Investment Grade (USD M) 1,087,699 1,062,872 1,083,127 20,255
Investment Grade excl. AAA (USD M) 10,259,768 10,491,471 10,620,886 129,416

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 Q2 2025 Q3 Difference
Equity Linked (USD M) 381,634 318,991 279,878 -39,113
Foreign Exchange Linked (USD M) 1,254 1,997 689 -1,308
Interest Rate Linked (USD M) 348,918 442,493 328,388 -114,105
Commodity Linked (USD M) 7,049 5,028 3,619 -1,409
Credit Linked Notes (USD M) 2,844 1,607 1,772 165
Total Structure Product Market (USD M) 741,699 770,115 614,346 -155,770

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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