We are analysing the German Commercial Paper and Certificate of Deposit market up until 31st May, 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:
- Aggregate Outstandings Broadly Agree: The German money market shows strong high-level alignment, with Bundesbank and CMD reporting totals of EUR 236.6bn and EUR 240.9bn respectively—a 1.8% discrepancy.
- Underlying Sectoral Distortions: This aggregate agreement masks a significant sectoral discrepancy; the Bundesbank includes development banks such as KfW within "Bank Debt", while CMD categorizes them as SSA. This distinction materially affects the interpretation of FIG funding and obscures the stronger growth in private financial-sector issuance.
- ISIN-Level Transparency Remains Critical: The absence of ISIN-by-ISIN transparency in official statistics makes it difficult to distinguish private financial-sector funding from development-bank issuance and identify underlying shifts in German short-term funding, weakening the assessment of financial stability and monetary policy transmission.
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