We analyse the NEU CP market as of 30 September 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
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NEU CP contracts despite broader European market growth: NEU CP outstanding fell EUR 7.3bn (-2.5% MoM) to EUR 287.2bn, while European CP ex-NEU expanded EUR 18.0bn (+2.0%) to EUR 902.1bn. NEU's market share declined to 24.1%, from 25.0% in August and 27.0% a year earlier.
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SSA and Corporate lead the contraction, while ABCP rebounds: SSA outstanding dropped EUR 2.3bn (-13.0%) to EUR 15.5bn, while Corporate fell EUR 2.4bn (-3.8%) to EUR 59.7bn. FIG ex-ABCP declined EUR 3.0bn (-1.4%) to EUR 207.6bn, while ABCP bucked the trend, rising 9.5% MoM to EUR 4.4bn.
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European market growth increasingly concentrated outside NEU CP: The combined European CP market expanded EUR 54.4bn (+4.8%) YoY to EUR 1,189.3bn, driven by 8.8% growth in ex-NEU outstanding against a 6.1% decline in NEU CP. Corporate NEU CP retains around 52% of its wider European segment, compared with approximately 28% for FIG and 6% for SSA.
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