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 consider its place within the STEP-labelled and broader European. See the 'Where is this Data Coming from?' below to understand the data and the filters used.
Quick Takes:
-
Continued Recovery and Growth in Share: The NEU CP market edged up to EUR 306.3bn (+0.3% MoM) in May, lifting its total European market share to 26.6%. This domestic expansion contrasted with a minor EUR 0.7bn (–0.1%) contraction in the broader European market (ex. NEU), driven by financial sector growth and relative corporate resilience.
Reporting Fragmentation and Data Gaps: Persistent lack of synchronisation between the Banque de France and ECB STEP data creates material transparency hurdles. A recent analysis revealed a EUR 4.13bn discrepancy across 41 issuers, highlighting the structural difficulty in obtaining a unified, real-time view of aggregate short-term debt outstandings.
- Regulatory Friction and Compliance Breaches: Data inconsistencies undermine Article 18 EMMF Regulation compliance, with several Money Market Funds observed inadvertently exceeding the 10% issuer concentration limit. These reporting gaps heighten unintended compliance risks, potentially stifling investor appetite and restricting future issuance capacity for French entities.
To view the full research, click here for a free trial.