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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)
31/01/2026 1,421,687 404,208 338,258 65,951 915,048 483,405 431,643 102,431
28/02/2026 1,431,309 393,848 332,102 61,746 933,667 500,675 432,992 103,793
31/03/2026 1,421,357 383,194 317,033 66,161 937,540 500,469 437,071 100,623
30/04/2026 1,421,842 389,055 317,562 71,493 935,666 494,899 440,767 97,121
31/05/2026 1,429,877 390,530 314,694 75,836 941,250 501,964 439,286 98,097
30/06/2026 1,478,610 402,437 324,771 77,667 971,759 518,869 452,890 104,413
Difference 48,733 11,907 10,076 1,831 30,509 16,905 13,605 6,316

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)
31/01/2026 1,373,536 517,270 410,306 106,965 548,255 310,035 238,221 211,060 148,357 62,703 96,951 12,178 84,773
28/02/2026 1,378,844 521,270 416,773 104,497 544,567 313,045 231,522 214,410 151,352 63,059 98,596 12,519 86,078
31/03/2026 1,365,113 511,507 406,755 104,752 540,304 307,751 232,554 210,249 147,309 62,939 103,052 13,151 89,902
30/04/2026 1,360,288 515,805 411,082 104,723 541,753 301,994 239,759 200,551 139,369 61,182 102,179 12,917 89,262
31/05/2026 1,365,671 514,274 407,852 106,422 548,983 306,641 242,342 202,151 141,973 60,178 100,263 13,025 87,238
30/06/2026 1,412,605 514,529 403,823 110,706 577,637 331,534 246,103 216,549 152,005 64,544 103,891 13,684 90,207
Difference 46,934 255 -4,029 4,284 28,653 24,893 3,760 14,398 10,033 4,365 3,628 659 2,968

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
Syndicated (USD M) 9,471,650 9,626,871 9,792,430 165,559
Not Syndicated (USD M) 13,549,771 13,719,889 14,186,191 466,302
Total (USD M) 23,021,421 23,346,760 23,978,621 631,861

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) 4,603,580 4,737,582 4,906,098 168,516
Zero coupon (USD M) 1,179,744 1,228,074 1,275,863 47,789
Fixed rate (USD M) 13,523,221 13,660,733 14,052,805 392,072

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) 3,953,136 3,980,143 3,985,767 5,623

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) 5,430,371 5,578,952 5,883,398 304,446
Senior Bank Bonds (USD M) 11,680,848 11,767,923 12,169,215 401,292
Subordinated Bank Bonds (USD M) 245,300 240,167 264,775 24,607
Corporate Bonds (USD M) 5,646,033 5,726,630 5,817,036 90,406
Bank Bonds (USD M) 12,974,545 13,083,088 13,537,241 454,153

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) 1,502,227 1,538,102 1,560,853 22,751
Unrated (USD M) 10,548,535 10,682,654 11,084,024 401,370
Non-Investment Grade (USD M) 1,093,591 1,099,334 1,110,277 10,943
Investment Grade excl. AAA (USD M) 11,133,115 11,308,430 11,554,638 246,207

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) 317,053 387,245 359,985 -27,260
Foreign Exchange Linked (USD M) 1,339 948 504 -444
Interest Rate Linked (USD M) 361,049 455,639 423,224 -32,415
Commodity Linked (USD M) 4,283 5,727 1,883 -3,844
Credit Linked Notes (USD M) 1,938 2,732 879 -1,853
Total Structure Product Market (USD M) 685,662 852,290 786,474 -65,816

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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