We analyse the NEU CP market as of 30 June 2026, comparing Banque de France outstanding data (1 July 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:
- NEU CP loses share as wider European market expands: NEU CP outstanding fell to EUR 298.4bn in June (-2.6% MoM; -2.2% YoY), while European CP ex-NEU rose EUR 38.7bn (+4.5% MoM) to EUR 891.0bn. As a result, NEU’s share of the broader European market dropped to 25.1%, down from 27.6% a year earlier.
- Corporate segment gains share despite monthly decline: Corporate NEU CP outstandings fell EUR 2.5bn (-4.0% MoM) to EUR 61.6bn, but its share of broader European corporate CP rose to 55.0%, from 51.7% in May and 53.3% YoY. This reflects relative resilience versus the wider European corporate CP market, which contracted more sharply.
- SSA and FIG underperform broader European peers: SSA NEU CP fell EUR 3.2bn (-13.4% MoM) to EUR 20.7bn, cutting its market share to 7.6%. FIG ex-ABCP slipped EUR 0.9bn (-0.4% MoM) to EUR 211.1bn, with its share falling to 29.1%, as broader European SSA and FIG supply expanded.
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