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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)
31/10/2025 1,345,867 371,804 306,527 65,277 869,134 468,924 400,211 104,928
30/11/2025 1,398,036 414,701 348,087 66,614 882,480 472,041 410,438 100,856
31/12/2025 1,357,405 370,304 303,882 66,421 884,979 455,159 429,820 102,123
31/01/2026 1,420,979 403,821 337,871 65,950 914,904 484,501 430,403 102,254
28/02/2026 1,429,799 392,662 330,917 61,745 933,521 501,772 431,749 103,616
31/03/2026 1,418,738 381,074 314,913 66,161 937,229 501,570 435,659 100,435
Difference -11,061 -11,588 -16,004 4,416 3,708 -202 3,910 -3,181

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)
31/10/2025 1,298,914 506,996 408,122 98,874 507,041 282,676 224,365 192,503 131,735 60,768 92,373 13,816 78,557
30/11/2025 1,350,446 508,427 411,920 96,507 546,367 312,296 234,072 198,849 140,022 58,827 96,802 13,548 83,254
31/12/2025 1,310,717 479,943 379,059 100,884 539,777 295,543 244,234 194,935 131,286 63,649 96,061 13,048 83,014
31/01/2026 1,372,769 517,084 410,216 106,868 548,018 311,069 236,949 210,695 147,992 62,703 96,972 12,179 84,793
28/02/2026 1,377,275 521,083 416,683 104,399 544,330 314,079 230,250 213,263 150,205 63,059 98,600 12,505 86,095
31/03/2026 1,362,435 511,278 406,626 104,652 539,707 308,456 231,252 208,531 145,592 62,939 102,918 13,135 89,783
Difference -14,840 -9,804 -10,057 253 -4,622 -5,624 1,002 -4,732 -4,613 -119 4,318 630 3,688

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 31/12/2025 31/03/2026 Difference
Syndicated (USD M) 9,074,376 9,479,889 9,628,631 148,742
Not Syndicated (USD M) 11,432,846 13,579,185 13,789,451 210,266
Total (USD M) 20,507,222 23,059,074 23,418,082 359,008

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 31/12/2025 31/03/2026 Difference
Floating rate (USD M) 4,086,019 4,595,590 4,737,715 142,125
Zero coupon (USD M) 983,637 1,177,798 1,237,968 60,169
Fixed rate (USD M) 12,034,970 13,526,987 13,672,878 145,891

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 31/12/2025 31/03/2026 Difference
Covered Bond (USD M) 3,721,049 3,699,226 3,705,180 5,954

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 31/12/2025 31/03/2026 Difference
Government / SSA Bonds (USD M) 4,699,113 5,428,150 5,598,803 170,654
Senior Bank Bonds (USD M) 10,670,755 11,731,694 13,011,091 1,279,397
Subordinated Bank Bonds (USD M) 181,494 245,367 239,891 -5,476
Corporate Bonds (USD M) 5,068,172 5,645,272 5,729,717 84,446
Bank Bonds (USD M) 11,773,014 13,022,433 14,322,906 1,300,473

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 31/12/2025 31/03/2026 Difference
AAA (USD M) 1,450,734 1,503,081 1,540,745 37,665
Unrated (USD M) 8,709,835 10,587,103 10,747,281 160,178
Non-Investment Grade (USD M) 1,023,720 1,069,320 1,081,118 11,798
Investment Grade excl. AAA (USD M) 10,557,471 11,198,613 11,373,349 174,737

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 Q4 2026 Q1 Difference
Equity Linked (USD M) 395,155 315,988 382,216 66,228
Foreign Exchange Linked (USD M) 1,254 1,339 939 -400
Interest Rate Linked (USD M) 354,635 347,602 454,840 107,238
Commodity Linked (USD M) 7,526 3,842 4,139 296
Credit Linked Notes (USD M) 2,871 1,797 2,569 772
Total Structure Product Market (USD M) 761,441 670,568 844,703 174,135

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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