We are analysing the German Commercial Paper and Certificate of Deposit market up until 31st March, 2026. The data for the German market is sourced from the Bundesbank's Securities Issuance Statistics which is compared to CMDportal's ISIN-by-ISIN data. See the 'Where is this Data Coming from?' below to understand the exact filters we used.
Quick Take:
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Aggregate Outstanding Convergence: The German money market shows strong high-level alignment, with the Bundesbank and CMD reporting totals of EUR 244.8bn and EUR 241.3bn respectively—a marginal 1.5% discrepancy.
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Underlying Sectoral Distortions: This aggregate agreement masks a major sectoral discrepancy; the Bundesbank includes development banks (e.g., KfW) within "Bank Debt," while CMD categorizes them as SSA. While both moved broadly in tandem in March, this has historically not been the case.
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A lack of ISIN‑by‑ISIN data transparency materially weakens both financial stability monitoring and the assessment of monetary policy transmission.
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