We analyse the NEU CP market as of 31 August 2026, comparing Banque de France outstanding data 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?’ section below to understand the data and filters used.
Key Takeaways
- NEU CP loses further share despite a broader August slowdown: NEU CP outstanding fell EUR 4.7bn (-1.6% MoM) to EUR 294.5bn, while European CP ex-NEU declined a milder EUR 3.9bn (-0.4%) to EUR 882.9bn. NEU’s share therefore slipped to 25%, from 25.2% in July and 26.8% a year earlier.
- SSA and ABCP lead the monthly decline: SSA outstandings dropped EUR 2bn (-10.2%) to EUR 17.8bn, while ABCP fell EUR 0.5bn (-11.4%) to EUR 4bn. FIG ex-ABCP remained the dominant segment at EUR 210.6bn, down 0.7% MoM.
- Corporate remains the relative bright spot: Corporate NEU CP eased EUR 0.7bn (-1.2%) to EUR 62.1bn, but its share of the broader European corporate market remains around 55%. FIG’s corresponding share remains near 29%, while SSA has fallen to around 7%.
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