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)
30/11/2025 1,397,955 414,701 348,088 66,614 882,272 471,133 411,139 100,982
31/12/2025 1,357,148 370,304 303,883 66,421 884,595 454,074 430,520 102,249
31/01/2026 1,420,944 404,207 338,257 65,950 914,358 483,248 431,110 102,380
28/02/2026 1,429,588 393,847 332,101 61,745 932,000 499,544 432,456 103,742
31/03/2026 1,419,573 383,196 317,036 66,161 935,816 499,313 436,503 100,561
30/04/2026 1,419,326 388,883 317,390 71,492 933,428 493,726 439,701 97,015
Difference -248 5,686 355 5,331 -2,388 -5,587 3,199 -3,546

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)
30/11/2025 1,350,649 508,553 412,046 96,507 546,467 311,596 234,872 198,849 140,022 58,827 96,780 13,548 83,232
31/12/2025 1,310,920 480,069 379,185 100,884 539,877 294,843 245,034 194,935 131,286 63,649 96,039 13,047 82,991
31/01/2026 1,373,367 517,217 410,344 106,873 548,139 310,391 237,749 211,060 148,357 62,703 96,951 12,179 84,772
28/02/2026 1,378,671 521,215 416,811 104,404 544,451 313,401 231,050 214,410 151,352 63,059 98,595 12,520 86,074
31/03/2026 1,364,906 511,452 406,795 104,657 540,154 308,102 232,052 210,250 147,311 62,939 103,050 13,151 89,899
30/04/2026 1,359,256 515,519 410,887 104,632 541,443 302,307 239,135 200,119 139,336 60,783 102,176 12,917 89,259
Difference -5,649 4,067 4,092 -26 1,289 -5,795 7,083 -10,131 -7,975 -2,156 -874 -234 -640

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) 9,073,892 9,483,623 9,634,002 150,379
Not Syndicated (USD M) 11,443,584 13,590,850 13,788,434 197,585
Total (USD M) 20,517,476 23,074,473 23,422,437 347,964

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) 4,088,414 4,597,834 4,732,702 134,868
Zero coupon (USD M) 983,650 1,178,050 1,238,396 60,346
Fixed rate (USD M) 12,043,178 13,550,773 13,689,541 138,768

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) 3,721,110 3,698,997 3,704,345 5,347

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) 4,706,571 5,434,262 5,605,854 171,591
Senior Bank Bonds (USD M) 10,671,962 11,735,214 13,011,725 1,276,511
Subordinated Bank Bonds (USD M) 181,540 246,125 240,649 -5,476
Corporate Bonds (USD M) 5,072,748 5,654,848 5,734,748 79,901
Bank Bonds (USD M) 11,774,755 13,027,200 14,324,820 1,297,621

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) 1,450,737 1,502,933 1,540,597 37,664
Unrated (USD M) 8,709,344 10,590,734 10,741,731 150,997
Non-Investment Grade (USD M) 1,024,577 1,070,178 1,081,847 11,669
Investment Grade excl. AAA (USD M) 10,567,354 11,209,672 11,382,934 173,263

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) 395,155 316,080 383,471 67,390
Foreign Exchange Linked (USD M) 1,254 1,339 939 -400
Interest Rate Linked (USD M) 354,708 353,317 448,634 95,316
Commodity Linked (USD M) 7,536 3,900 4,536 636
Credit Linked Notes (USD M) 2,871 1,797 2,569 772
Total Structure Product Market (USD M) 761,524 676,434 840,148 163,714

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.