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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)
31/10/2025 1,345,971 371,805 306,527 65,278 869,112 468,922 400,191 105,055
30/11/2025 1,398,141 414,702 348,087 66,614 882,458 472,039 410,418 100,982
31/12/2025 1,357,510 370,304 303,882 66,422 884,957 455,157 429,800 102,249
31/01/2026 1,420,424 403,784 337,833 65,951 914,845 484,499 430,346 101,795
28/02/2026 1,429,105 392,589 330,843 61,746 933,356 501,664 431,692 103,160
31/03/2026 1,417,849 381,005 314,894 66,112 936,976 501,417 435,559 99,868
Difference -11,256 -11,584 -15,949 4,366 3,620 -247 3,867 -3,292

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)
31/10/2025 1,299,018 507,121 408,246 98,875 507,021 282,676 224,345 192,503 131,735 60,768 92,373 13,816 78,558
30/11/2025 1,350,550 508,552 412,044 96,507 546,347 312,296 234,052 198,849 140,022 58,827 96,803 13,548 83,255
31/12/2025 1,310,821 480,067 379,183 100,884 539,757 295,543 244,214 194,935 131,286 63,649 96,062 13,048 83,014
31/01/2026 1,372,214 516,616 409,747 106,868 547,958 311,039 236,919 210,668 147,992 62,676 96,973 12,179 84,793
28/02/2026 1,376,581 520,472 416,073 104,400 544,272 314,052 230,220 213,236 150,205 63,032 98,600 12,505 86,096
31/03/2026 1,361,541 510,600 406,002 104,598 539,497 308,324 231,172 208,525 145,602 62,923 102,920 13,135 89,785
Difference -15,040 -9,873 -10,071 198 -4,776 -5,727 952 -4,711 -4,603 -108 4,319 631 3,689

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) 9,075,863 9,482,701 9,632,149 149,447
Not Syndicated (USD M) 11,430,364 13,574,770 13,769,082 194,312
Total (USD M) 20,506,227 23,057,472 23,401,231 343,759

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) 4,085,380 4,597,449 4,717,656 120,207
Zero coupon (USD M) 983,648 1,172,649 1,232,613 59,964
Fixed rate (USD M) 12,037,931 13,534,353 13,695,076 160,723

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) 3,720,835 3,696,229 3,692,021 -4,208

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
Government / SSA Bonds (USD M) 4,698,544 5,429,428 5,606,380 176,952
Senior Bank Bonds (USD M) 10,670,130 11,730,457 12,988,490 1,258,033
Subordinated Bank Bonds (USD M) 180,990 244,862 239,285 -5,577
Corporate Bonds (USD M) 5,067,254 5,642,710 5,723,987 81,277
Bank Bonds (USD M) 11,772,384 13,020,471 14,299,939 1,279,469

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) 1,450,964 1,503,296 1,538,964 35,668
Unrated (USD M) 8,704,004 10,579,591 10,744,438 164,846
Non-Investment Grade (USD M) 1,023,608 1,069,357 1,069,852 495
Investment Grade excl. AAA (USD M) 10,562,153 11,204,100 11,367,113 163,013

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) 396,106 315,877 372,048 56,171
Foreign Exchange Linked (USD M) 1,254 1,339 861 -477
Interest Rate Linked (USD M) 354,088 347,979 423,610 75,631
Commodity Linked (USD M) 7,505 3,669 3,436 -233
Credit Linked Notes (USD M) 2,871 1,797 2,501 703
Total Structure Product Market (USD M) 761,824 670,661 802,456 131,794

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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