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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)
31/08/2025 1,336,832 403,029 333,553 69,475 836,530 445,170 391,360 97,273
30/09/2025 1,327,568 376,326 309,498 66,828 849,813 457,208 392,605 101,429
31/10/2025 1,340,157 371,724 306,545 65,179 869,150 469,461 399,689 99,283
30/11/2025 1,394,627 414,442 347,927 66,515 882,497 473,053 409,444 97,688
31/12/2025 1,354,656 369,870 303,548 66,322 884,854 456,212 428,641 99,932
31/01/2026 1,417,523 402,865 337,208 65,657 914,697 484,704 429,992 99,962
Difference 62,867 32,995 33,660 -665 29,843 28,492 1,351 30

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)
31/08/2025 1,288,903 495,824 400,580 95,244 508,538 279,849 228,689 198,178 139,105 59,073 86,364 12,723 73,641
30/09/2025 1,280,667 487,652 394,382 93,270 518,702 289,026 229,677 185,446 126,720 58,727 88,865 13,370 75,496
31/10/2025 1,293,249 503,078 404,173 98,905 507,021 283,238 223,783 190,855 130,211 60,644 92,295 13,747 78,548
30/11/2025 1,347,081 505,933 409,397 96,537 546,350 313,333 233,017 198,072 139,369 58,702 96,727 13,481 83,245
31/12/2025 1,308,013 477,991 377,097 100,895 539,745 296,615 243,130 194,322 130,870 63,451 95,955 12,992 82,963
31/01/2026 1,369,481 513,689 407,352 106,337 547,901 311,287 236,615 210,963 148,084 62,880 96,927 12,212 84,715
Difference 61,468 35,698 30,256 5,442 8,156 14,672 -6,516 16,642 17,213 -572 973 -780 1,753

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

31/12/2023 31/12/2024 31/12/2025 Difference
Syndicated (USD M) 8,992,173 9,079,357 9,485,920 406,563
Not Syndicated (USD M) 9,677,741 11,260,053 13,342,931 2,082,877
Total (USD M) 18,669,914 20,339,411 22,828,851 2,489,440

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

31/12/2023 31/12/2024 31/12/2025 Difference
Floating rate (USD M) 3,796,604 4,090,009 4,595,717 505,707
Zero coupon (USD M) 917,366 981,549 1,160,837 179,288
Fixed rate (USD M) 10,683,074 11,913,169 13,388,465 1,475,296

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

31/12/2023 31/12/2024 31/12/2025 Difference
Covered Bond (USD M) 3,770,550 3,700,062 3,649,510 -50,552

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

31/12/2023 31/12/2024 31/12/2025 Difference
Government / SSA Bonds (USD M) 4,239,564 4,682,764 5,406,227 723,463
Senior Bank Bonds (USD M) 9,740,272 10,535,549 12,733,832 2,198,283
Subordinated Bank Bonds (USD M) 181,580 179,821 237,763 57,942
Corporate Bonds (USD M) 4,565,125 5,041,548 5,613,741 572,194
Bank Bonds (USD M) 10,764,535 11,635,629 14,015,579 2,379,949

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

31/12/2023 31/12/2024 31/12/2025 Difference
AAA (USD M) 1,448,120 1,450,908 1,503,441 52,533
Unrated (USD M) 7,069,846 8,596,191 10,423,925 1,827,735
Non-Investment Grade (USD M) 1,151,938 1,110,247 1,153,025 42,779
Investment Grade excl. AAA (USD M) 10,093,870 10,409,345 11,039,765 630,420

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

2023 Q4 2024 Q4 2025 Q4 Difference
Equity Linked (USD M) 309,154 395,919 311,541 -84,378
Foreign Exchange Linked (USD M) 1,433 1,254 1,339 85
Interest Rate Linked (USD M) 277,284 352,935 329,573 -23,362
Commodity Linked (USD M) 1,408 7,409 2,776 -4,633
Credit Linked Notes (USD M) 3,091 2,871 1,797 -1,074
Total Structure Product Market (USD M) 592,371 760,388 647,025 -113,363

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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