We analyse the NEU CP market as of 31 May 2026, comparing Banque de France outstanding data (1 June release) with ISIN-level data from CMDportal covering the broader European commercial paper market. This allows us to estimate NEU CP’s share of total European short-term funding and assess recent trends. See the 'Where is this Data Coming from?' below to understand the data and the filters used.
Key Takeaways:
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Market Recovery continues, share rebounds: NEU CP outstanding reached EUR 306.3bn in May (+0.3% MoM), lifting market share to 26.6%. This marks a continued recovery from recent lows and contrasts with a slight contraction in the rest of the European CP market (ex-NEU), which declined by -0.1% MoM.
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Corporate segment gains share despite nominal decline: The Corporate (CRP) segment increased its market share to 51.8% (from 50.4% YoY), despite outstandings falling by -1.8% MoM to EUR 64.1bn. This reflects relative outperformance versus the broader European market, where corporate CP contracted more sharply (-4.0% MoM).
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FIG supports growth; SSA stabilises but remains weak: Financial Institutions (FIG, ex-ABCP) drove monthly growth, with outstandings rising by EUR 2.1bn (+1.0% MoM) and market share reaching 30.1%. The Public Sector (SSA) segment increased modestly (+2.0% MoM to EUR 23.9bn), but continues to show structural weakness, with outstandings down -22.6% YoY.
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