CMD Portal CMD Portal
The Collaborative Market Data Network -
serving the Public interest of Transparency in Debt Capital Markets
The Collaborative Market Data Network
Serving Transparency in Capital Markets
The Collaborative
Market Data Network
Sign in Join now

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)
28/02/2026 1,430,966 393,821 332,075 61,746 933,352 499,117 434,235 103,793
31/03/2026 1,421,019 383,171 317,010 66,161 937,224 498,911 438,314 100,623
30/04/2026 1,422,100 389,593 318,100 71,493 935,372 493,361 442,011 97,136
31/05/2026 1,430,889 391,619 315,783 75,836 941,140 501,015 440,126 98,129
30/06/2026 1,481,747 405,248 327,581 77,667 971,946 518,438 453,509 104,553
31/07/2026 1,469,148 402,381 329,561 72,820 959,002 511,529 447,473 107,765
Difference -12,598 -2,867 1,980 -4,847 -12,944 -6,909 -6,035 3,212

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)
28/02/2026 1,378,765 521,278 416,581 104,697 544,552 311,930 232,622 214,383 151,324 63,059 98,552 12,531 86,021
31/03/2026 1,365,039 511,515 406,563 104,952 540,289 306,636 233,654 210,226 147,287 62,939 103,008 13,163 89,845
30/04/2026 1,360,788 515,835 410,911 104,924 541,753 300,916 240,837 201,061 139,879 61,182 102,140 12,935 89,205
31/05/2026 1,366,850 514,333 407,713 106,620 549,002 306,057 242,945 203,277 143,099 60,178 100,238 13,057 87,181
30/06/2026 1,415,868 514,713 403,812 110,901 579,310 333,055 246,255 217,980 153,313 64,667 103,865 13,608 90,257
31/07/2026 1,402,687 507,671 398,881 108,790 568,160 328,193 239,967 222,581 159,605 62,976 104,275 13,182 91,093
Difference -13,181 -7,042 -4,931 -2,111 -11,150 -4,862 -6,288 4,601 6,292 -1,691 410 -425 835

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

31/12/2025 31/03/2026 30/06/2026 Difference
Not Syndicated (USD M) 13,561,920 13,732,581 14,195,298 462,717
Syndicated (USD M) 9,466,009 9,620,708 9,784,620 163,912
Total (USD M) 23,027,929 23,353,290 23,979,918 626,629

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

31/12/2025 31/03/2026 30/06/2026 Difference
Floating rate (USD M) 4,609,150 4,742,867 4,918,323 175,456
Zero coupon (USD M) 1,180,540 1,226,431 1,275,459 49,028
Fixed rate (USD M) 13,526,185 13,662,036 14,041,445 379,408

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

31/12/2025 31/03/2026 30/06/2026 Difference
Covered Bond (USD M) 3,954,868 3,981,869 3,991,030 9,160

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

31/12/2025 31/03/2026 30/06/2026 Difference
Government / SSA Bonds (USD M) 5,423,743 5,573,097 5,882,630 309,533
Senior Bank Bonds (USD M) 11,692,771 11,780,868 23,981,532 12,200,664
Subordinated Bank Bonds (USD M) 246,188 241,069 263,816 22,747
Corporate Bonds (USD M) 5,663,997 5,740,097 5,827,414 87,317
Bank Bonds (USD M) 12,986,788 13,097,047 25,349,391 12,252,344

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

31/12/2025 31/03/2026 30/06/2026 Difference
AAA (USD M) 1,502,010 1,537,887 1,560,142 22,255
Unrated (USD M) 10,562,489 10,700,346 11,101,792 401,446
Non-Investment Grade (USD M) 1,087,490 1,093,669 1,110,349 16,681
Investment Grade excl. AAA (USD M) 11,138,047 11,309,230 11,550,316 241,086

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

2025 Q4 2026 Q1 2026 Q2 Difference
Equity Linked (USD M) 317,892 387,456 370,713 -16,743
Foreign Exchange Linked (USD M) 1,339 948 492 -455
Interest Rate Linked (USD M) 355,473 461,129 434,431 -26,698
Commodity Linked (USD M) 4,492 6,149 2,671 -3,478
Credit Linked Notes (USD M) 1,938 2,732 854 -1,877
Total Structure Product Market (USD M) 681,134 858,413 809,162 -49,251

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.

Access the largest Global Debt Capital Market Database.

Talk to us about your bond and money market data needs.