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:
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.
| 31/12/2024 | 31/01/2025 | 28/02/2025 | 31/03/2025 | 30/04/2025 | 31/05/2025 | Difference | |
| Non-Financial (USD M) | 332,968 | 317,014 | 302,744 | 339,043 | 347,448 | 339,693 | -7,755 |
| Financial (USD M) | 765,788 | 790,912 | 791,898 | 808,701 | 822,588 | 833,765 | 11,177 |
| Asset Backed Commercial Paper (ABCP) (USD M) | 78,531 | 77,036 | 78,734 | 82,367 | 84,328 | 85,554 | 1,226 |
| Total (USD M) | 1,177,288 | 1,184,961 | 1,173,375 | 1,230,112 | 1,254,364 | 1,259,012 | 4,648 |
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.
| 31/12/2024 | 31/01/2025 | 28/02/2025 | 31/03/2025 | 30/04/2025 | 31/05/2025 | Difference | |
| EUR (USD M) | 451,300 | 460,900 | 452,686 | 466,748 | 494,376 | 478,754 | -15,623 |
| USD (USD M) | 443,040 | 443,267 | 430,586 | 473,096 | 466,750 | 493,665 | 26,915 |
| GBP (USD M) | 203,238 | 202,280 | 208,595 | 208,354 | 212,079 | 205,461 | -6,617 |
| JPY (USD M) | 512 | 434 | 670 | 1,062 | 1,037 | 1,027 | -10 |
| Other (USD M) | 79,198 | 78,080 | 80,837 | 80,852 | 80,173 | 80,155 | -18 |
| Total (USD M) | 1,177,288 | 1,184,961 | 1,173,375 | 1,230,112 | 1,254,414 | 1,259,062 | 4,648 |
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.
| 31/12/2023 | 31/12/2024 | 31/03/2025 | Difference | |
| Syndicated (USD M) | 9,003,340 | 9,096,999 | 9,161,816 | 64,817 |
| Not Syndicated (USD M) | 9,410,760 | 10,105,886 | 10,290,101 | 184,215 |
| Total (USD M) | 18,414,100 | 19,202,884 | 19,451,917 | 249,033 |
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.
| 31/12/2023 | 31/12/2024 | 31/03/2025 | Difference | |
| Floating rate (USD M) | 3,851,414 | 4,145,085 | 4,212,741 | 67,655 |
| Zero coupon (USD M) | 919,249 | 958,812 | 992,421 | 33,609 |
| Fixed rate (USD M) | 10,487,338 | 10,919,748 | 11,060,186 | 140,438 |
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.
| 31/12/2023 | 31/12/2024 | 31/03/2025 | Difference | |
| Covered Bond (USD M) | 3,739,472 | 3,652,961 | 3,656,037 | 3,075 |
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.
| 31/12/2023 | 31/12/2024 | 31/03/2025 | Difference | |
| Government / SSA Bonds (USD M) | 4,618,433 | 4,743,344 | 4,860,723 | 117,379 |
| Senior Bank Bonds (USD M) | 9,603,119 | 10,181,887 | 10,266,406 | 84,519 |
| Subordinated Bank Bonds (USD M) | 135,308 | 112,000 | 110,438 | -1,562 |
| Corporate Bonds (USD M) | 4,233,220 | 4,413,977 | 4,448,011 | 34,033 |
| Bank Bonds (USD M) | 10,568,371 | 11,200,614 | 11,314,217 | 113,603 |
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.
| 31/12/2023 | 31/12/2024 | 31/03/2025 | Difference | |
| AAA (USD M) | 1,261,321 | 1,259,485 | 1,293,401 | 33,916 |
| Unrated (USD M) | 6,490,804 | 7,231,957 | 7,433,584 | 201,627 |
| Non-Investment Grade (USD M) | 1,248,558 | 1,210,418 | 1,187,936 | -22,482 |
| Investment Grade excl. AAA (USD M) | 10,616,308 | 10,880,816 | 10,929,579 | 48,762 |
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.
| 2023 Q4 | 2024 Q4 | 2025 Q1 | Difference | |
| Equity Linked (USD M) | 327,234 | 430,350 | 366,114 | -64,236 |
| Foreign Exchange Linked (USD M) | 1,433 | 1,254 | 725 | -529 |
| Interest Rate Linked (USD M) | 243,693 | 308,074 | 407,630 | 99,556 |
| Commodity Linked (USD M) | 1,233 | 5,859 | 2,902 | -2,957 |
| Credit Linked Notes (USD M) | 3,087 | 2,855 | 1,243 | -1,612 |
| Total Structure Product Market (USD M) | 576,680 | 748,391 | 778,613 | 30,222 |
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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