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 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:
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NEU CP Loses European Market Share: NEU CP outstandings fell to EUR 298.4bn (–2.6% MoM) in June, while the broader European market excluding NEU grew 4.5%. NEU CP’s share consequently declined to 25.1%, with declines across all major segments.
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STEP Coverage Remains Limited: STEP-labelled paper represented approximately 44.6% of European CP outstandings, leaving more than half of the market outside the framework and limiting its ability to provide a comprehensive market view.
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Data Fragmentation Creates Compliance Risks: Differences between Banque de France, ECB STEP and market-level data produced EUR 4.13bn of discrepancies across 41 issuers. Inconsistent outstandings can complicate Article 18 compliance, with several MMFs observed exceeding the 10% issuer concentration threshold.
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