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PUBLIC DATA

The European commercial paper and certificate of deposit market is one of the largest most liquid negotiable debt securities markets in the world. The statistics below represent the following characteristics:

  • By Industry Sector
  • By Currency

This data is posted for information only on a best-efforts basis using available sources by the CMDI (Capital Market Data Institute) from the collaborative centralised securities database (CSDB). CMDI makes no representations or warranties regarding the accuracy if this data. This publication is subject to change at any time without notice.

Table 1: Outstanding - International CP/CD Markets by Industry Sector (USD M)

Period Total Non-Financial Financial Asset Backed
Commercial Paper
(ABCP)
Total Domestic
(European) 		Foreign
(Non-European) 		Total Domestic
(European) 		Foreign
(Non-European)
31/12/2025 1,357,584 370,304 303,883 66,422 884,981 454,408 430,572 102,299
31/01/2026 1,421,552 404,207 338,257 65,950 914,915 483,753 431,162 102,430
28/02/2026 1,431,174 393,847 332,102 61,746 933,534 501,023 432,511 103,793
31/03/2026 1,421,196 383,200 317,039 66,161 937,376 500,818 436,558 100,619
30/04/2026 1,421,703 389,061 317,569 71,493 935,523 495,269 440,254 97,118
31/05/2026 1,429,973 390,745 314,710 76,035 941,134 502,356 438,778 98,094
Difference 8,271 1,684 -2,858 4,542 5,611 7,087 -1,476 976

Notes:
1. The CMDPortal Securities Database is a live database with financial instruments being added on a daily basis.
2. The CMDPortal Securities Database contains around 10m instruments aggregated from well over 80 sources and growing network of investors, issuers and dealers.
3. Classification of what constitute a Commercial Paper, Certificate of Deposit, etc is determined by the latest update provided by any of our sources. Updates provided by the issuer are final.
4. Euro-Commercial Paper, Euro-Certificates of Deposit, Eurobonds etc are defined as Instruments with ISINs start with XS. Instruments with domestic ISINs are therefore excluded.
5. ISIN means International Securities Identification Number.
6. Third Party is defined as Instruments transacted by a Financial Institution that does not belong to the organization of the Issuer
7. Conversions in USD are effected on trade date.
8. Outstandings include all instruments that have been issued, and which have not yet matured, called or been cancelled and for which we have full required data.

Table 2: Outstanding - International CP/CD Markets by Currency (USD M)

Period Total EUR USD GBP Other
Total Domestic
(European) 		Foreign
(Non-European) 		Total Domestic
(European) 		Foreign
(Non-European) 		Total Domestic
(European) 		Foreign
(Non-European) 		Total Domestic
(European) 		Foreign
(Non-European)
31/12/2025 1,310,957 480,111 379,227 100,884 539,871 294,787 245,084 194,936 131,287 63,649 96,039 13,046 82,993
31/01/2026 1,373,405 517,259 410,386 106,873 548,134 310,335 237,799 211,061 148,357 62,704 96,951 12,178 84,773
28/02/2026 1,378,713 521,259 416,853 104,406 544,445 313,345 231,100 214,412 151,352 63,059 98,597 12,519 86,078
31/03/2026 1,364,955 511,495 406,836 104,659 540,153 308,051 232,102 210,255 147,315 62,940 103,052 13,150 89,902
30/04/2026 1,360,131 515,793 411,162 104,631 541,601 302,316 239,285 200,558 139,375 61,183 102,179 12,917 89,262
31/05/2026 1,365,677 514,284 407,957 106,328 548,951 306,954 241,996 202,178 141,993 60,186 100,264 13,025 87,238
Difference 5,546 -1,509 -3,205 1,697 7,349 4,638 2,711 1,621 2,618 -997 -1,915 108 -2,024

Notes:
1. The CMDPortal Securities Database is a live database with financial instruments being added on a daily basis.
2. The CMDPortal Securities Database contains around 10m instruments aggregated from well over 80 sources and growing network of investors, issuers and dealers.
3. Classification of what constitute a Commercial Paper, Certificate of Deposit, etc is determined by the latest update provided by any of our sources. Updates provided by the issuer are final.
4. Euro-Commercial Paper, Euro-Certificates of Deposit, Eurobonds etc are defined as Instruments with ISINs start with XS. Instruments with domestic ISINs are therefore excluded.
5. ISIN means International Securities Identification Number.
6. Third Party is defined as Instruments transacted by a Financial Institution that does not belong to the organization of the Issuer
7. Conversions in USD are effected on trade date.
8. Outstandings include all instruments that have been issued, and which have not yet matured, called or been cancelled and for which we have full required data.

Table 3: Outstanding - International Bond Markets by Transaction Type

31/12/2024 31/12/2025 31/03/2026 Difference
Syndicated (USD M) 9,076,602 9,483,321 9,636,820 153,500
Not Syndicated (USD M) 11,431,847 13,555,245 13,741,965 186,720
Total (USD M) 20,508,449 23,038,566 23,378,786 340,220

Notes:
1. The CMDPortal Securities Database is a live database with financial instruments being added on a daily basis.
2. The CMDPortal Securities Database contains around 10m instruments aggregated from well over 80 sources and growing network of investors, issuers and dealers.
3. Classification of what constitute a Commercial Paper, Certificate of Deposit, etc is determined by the latest update provided by any of our sources. Updates provided by the issuer are final.
4. Euro-Commercial Paper, Euro-Certificates of Deposit, Eurobonds etc are defined as Instruments with ISINs start with XS. Instruments with domestic ISINs are therefore excluded.
5. ISIN means International Securities Identification Number.
6. Third Party is defined as Instruments transacted by a Financial Institution that does not belong to the organization of the Issuer
7. Conversions in USD are effected on trade date.
8. Outstandings include all instruments that have been issued, and which have not yet matured, called or been cancelled and for which we have full required data.

Table 4: Outstanding - International Vanilla Bond Markets by Coupon Type

31/12/2024 31/12/2025 31/03/2026 Difference
Floating rate (USD M) 4,090,821 4,598,895 4,733,315 134,420
Fixed rate (USD M) 12,048,548 13,535,079 13,684,023 148,945
Zero coupon (USD M) 979,751 1,181,638 1,233,738 52,101

Notes:
1. The CMDPortal Securities Database is a live database with financial instruments being added on a daily basis.
2. The CMDPortal Securities Database contains around 10m instruments aggregated from well over 80 sources and growing network of investors, issuers and dealers.
3. Classification of what constitute a Commercial Paper, Certificate of Deposit, etc is determined by the latest update provided by any of our sources. Updates provided by the issuer are final.
4. Euro-Commercial Paper, Euro-Certificates of Deposit, Eurobonds etc are defined as Instruments with ISINs start with XS. Instruments with domestic ISINs are therefore excluded.
5. ISIN means International Securities Identification Number.
6. Third Party is defined as Instruments transacted by a Financial Institution that does not belong to the organization of the Issuer
7. Conversions in USD are effected on trade date.
8. Outstandings include all instruments that have been issued, and which have not yet matured, called or been cancelled and for which we have full required data.

Table 5: Outstanding - Covered Bond Markets

31/12/2024 31/12/2025 31/03/2026 Difference
Covered Bond (USD M) 3,904,898 3,952,015 3,979,022 27,007

Notes:
1. The CMDPortal Securities Database is a live database with financial instruments being added on a daily basis.
2. The CMDPortal Securities Database contains around 10m instruments aggregated from well over 80 sources and growing network of investors, issuers and dealers.
3. Classification of what constitute a Commercial Paper, Certificate of Deposit, etc is determined by the latest update provided by any of our sources. Updates provided by the issuer are final.
4. Euro-Commercial Paper, Euro-Certificates of Deposit, Eurobonds etc are defined as Instruments with ISINs start with XS. Instruments with domestic ISINs are therefore excluded.
5. ISIN means International Securities Identification Number.
6. Third Party is defined as Instruments transacted by a Financial Institution that does not belong to the organization of the Issuer
7. Conversions in USD are effected on trade date.
8. Outstandings include all instruments that have been issued, and which have not yet matured, called or been cancelled and for which we have full required data.

Table 6: Outstanding - Bond Markets by Issuer Type

31/12/2024 31/12/2025 31/03/2026 Difference
Senior Bank Bonds (USD M) 10,636,897 11,692,747 11,782,050 89,304
Government / SSA Bonds (USD M) 4,705,316 5,430,043 5,592,308 162,265
Subordinated Bank Bonds (USD M) 181,859 246,632 241,440 -5,192
Corporate Bonds (USD M) 5,072,909 5,648,045 5,733,512 85,467
Bank Bonds (USD M) 11,741,676 12,986,906 13,097,675 110,769

Notes:
1. The CMDPortal Securities Database is a live database with financial instruments being added on a daily basis.
2. The CMDPortal Securities Database contains around 10m instruments aggregated from well over 80 sources and growing network of investors, issuers and dealers.
3. Classification of what constitute a Commercial Paper, Certificate of Deposit, etc is determined by the latest update provided by any of our sources. Updates provided by the issuer are final.
4. Euro-Commercial Paper, Euro-Certificates of Deposit, Eurobonds etc are defined as Instruments with ISINs start with XS. Instruments with domestic ISINs are therefore excluded.
5. ISIN means International Securities Identification Number.
6. Third Party is defined as Instruments transacted by a Financial Institution that does not belong to the organization of the Issuer
7. Conversions in USD are effected on trade date.
8. Outstandings include all instruments that have been issued, and which have not yet matured, called or been cancelled and for which we have full required data.

Table 7: Outstanding - Bond Markets by Issuer Credit Quality

31/12/2024 31/12/2025 31/03/2026 Difference
AAA (USD M) 1,450,471 1,502,664 1,540,327 37,663
Investment Grade excl. AAA (USD M) 10,507,403 11,138,020 11,313,669 175,649
Non-Investment Grade (USD M) 1,056,497 1,099,642 1,109,747 10,105
Unrated (USD M) 8,681,479 10,553,449 10,695,772 142,322

Notes:
1. The CMDPortal Securities Database is a live database with financial instruments being added on a daily basis.
2. The CMDPortal Securities Database contains around 10m instruments aggregated from well over 80 sources and growing network of investors, issuers and dealers.
3. Classification of what constitute a Commercial Paper, Certificate of Deposit, etc is determined by the latest update provided by any of our sources. Updates provided by the issuer are final.
4. Euro-Commercial Paper, Euro-Certificates of Deposit, Eurobonds etc are defined as Instruments with ISINs start with XS. Instruments with domestic ISINs are therefore excluded.
5. ISIN means International Securities Identification Number.
6. Third Party is defined as Instruments transacted by a Financial Institution that does not belong to the organization of the Issuer
7. Conversions in USD are effected on trade date.
8. Outstandings include all instruments that have been issued, and which have not yet matured, called or been cancelled and for which we have full required data.

Table 8: Issuance - Structured Bond Markets by Structure Type

2024 Q4 2025 Q4 2026 Q1 Difference
Equity Linked (USD M) 357,657 316,950 386,849 69,900
Foreign Exchange Linked (USD M) 1,254 1,339 908 -431
Interest Rate Linked (USD M) 362,826 360,463 455,736 95,273
Commodity Linked (USD M) 7,589 4,098 4,956 858
Credit Linked Notes (USD M) 3,026 1,938 2,732 793
Total Structure Product Market (USD M) 732,352 684,787 851,181 166,393

Notes:
1. The CMDPortal Securities Database is a live database with financial instruments being added on a daily basis.
2. The CMDPortal Securities Database contains around 10m instruments aggregated from well over 80 sources and growing network of investors, issuers and dealers.
3. Classification of what constitute a Commercial Paper, Certificate of Deposit, etc is determined by the latest update provided by any of our sources. Updates provided by the issuer are final.
4. Euro-Commercial Paper, Euro-Certificates of Deposit, Eurobonds etc are defined as Instruments with ISINs start with XS. Instruments with domestic ISINs are therefore excluded.
5. ISIN means International Securities Identification Number.
6. Third Party is defined as Instruments transacted by a Financial Institution that does not belong to the organization of the Issuer
7. Conversions in USD are effected on trade date.
8. Outstandings include all instruments that have been issued, and which have not yet matured, called or been cancelled and for which we have full required data.

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