On 24th August the difference between Euro CP and US CP markets stood at USD108bn. On the 21st September, the gap shrank to USD49.7bn. That's a significant reduction of USD58.3bn in just under 4 weeks. You can read more about what is driving these changes here - News Release: USCP retreats to domestic paper whilst ECP goes SSA
Below, you will see the outstanding levels for Euro CP and USCP in USDbn since the end of January 2016. Note the considerable decline in the difference between both markets as the levels converge. Will they meet soon? Currently there is just over USD50bn difference between the 2 markets compared to USD217bn only back in May. Euro CP jumped around USD20bn in the past 4 weeks, whilst USCP has now reached levels not seen since 2012. The lack of demand for short term bank debt from US MMFs has produced a USD165bn drop in US CP Outstandings since early May as some prime funds switched to government only assets.