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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)
30/04/2026 1,422,143 389,637 318,143 71,493 935,371 492,473 442,898 97,136
31/05/2026 1,430,928 391,663 315,827 75,836 941,137 499,721 441,415 98,129
30/06/2026 1,481,528 405,286 327,619 77,667 971,690 516,444 455,245 104,553
31/07/2026 1,469,155 402,419 329,598 72,821 958,967 509,756 449,211 107,768
31/08/2026 1,463,080 398,654 324,506 74,148 955,011 509,193 445,817 109,415
30/09/2026 1,485,507 406,547 337,394 69,154 971,980 520,207 451,773 106,980
Difference 22,427 7,893 12,887 -4,994 16,969 11,014 5,955 -2,436

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)
30/04/2026 1,360,866 515,865 410,884 104,981 541,753 300,066 241,687 201,107 139,926 61,182 102,141 12,935 89,206
31/05/2026 1,366,924 514,361 407,684 106,677 549,002 304,804 244,198 203,322 143,145 60,177 100,239 13,057 87,182
30/06/2026 1,415,683 514,738 403,782 110,956 579,060 331,102 247,958 218,020 153,354 64,666 103,865 13,608 90,257
31/07/2026 1,402,728 507,820 398,974 108,846 567,969 326,299 241,670 222,664 159,686 62,978 104,275 13,183 91,092
31/08/2026 1,394,705 506,493 399,141 107,352 565,861 322,528 243,333 217,661 157,014 60,648 104,690 13,711 90,979
30/09/2026 1,412,071 510,497 405,242 105,255 575,609 334,274 241,335 217,059 157,814 59,245 108,907 15,020 93,887
Difference 17,366 4,003 6,101 -2,097 9,748 11,746 -1,998 -603 800 -1,403 4,217 1,309 2,908

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 30/06/2026 30/09/2026 Difference
Syndicated (USD M) 9,455,896 9,777,228 9,893,358 116,130
Not Syndicated (USD M) 13,574,426 14,192,687 14,575,955 383,268
Total (USD M) 23,030,322 23,969,914 24,469,313 499,399

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 30/06/2026 30/09/2026 Difference
Floating rate (USD M) 4,626,085 4,932,995 5,080,574 147,579
Zero coupon (USD M) 1,178,252 1,266,861 1,295,551 28,690
Fixed rate (USD M) 13,525,412 14,042,991 14,387,440 344,449

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 30/06/2026 30/09/2026 Difference
Covered Bond (USD M) 3,955,702 4,036,941 3,997,333 -39,608

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 30/06/2026 30/09/2026 Difference
Government / SSA Bonds (USD M) 5,426,317 5,879,949 6,743,832 863,883
Senior Bank Bonds (USD M) 11,713,898 12,024,885 24,210,252 12,185,367
Subordinated Bank Bonds (USD M) 250,923 267,960 303,728 35,767
Corporate Bonds (USD M) 5,656,985 5,814,179 5,862,905 48,726
Bank Bonds (USD M) 13,012,651 13,396,687 25,637,648 12,240,961

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 30/06/2026 30/09/2026 Difference
AAA (USD M) 1,502,133 1,560,697 1,565,909 5,212
Unrated (USD M) 10,588,074 11,111,565 11,403,601 292,036
Non-Investment Grade (USD M) 1,090,709 1,110,947 1,116,559 5,611
Investment Grade excl. AAA (USD M) 11,116,035 11,532,465 11,755,998 223,533

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 Q2 2026 Q3 Difference
Equity Linked (USD M) 303,069 266,379 444,952 178,572
Foreign Exchange Linked (USD M) 1,339 492 849 357
Interest Rate Linked (USD M) 356,231 413,095 299,373 -113,723
Commodity Linked (USD M) 4,465 3,216 2,202 -1,015
Credit Linked Notes (USD M) 1,938 858 2,270 1,412
Total Structure Product Market (USD M) 667,042 684,041 749,645 65,604

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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