Short-Term European Paper (STEP)

Yield statistics
Yields on new issues of euro-denominated STEP securities, broken down by sector of the issuer, original time to maturity and rating category for zero coupon instruments, on 13 Jul 2018 (percentages per annum)
Original time to maturity
(in calendar days)
Total issuanceGeneral government and
international organisations
Monetary financial
institutions
Non-financial
corporations
Other financial intermediariesInsurance corporations and
pension funds
All ratings
0 - 7-0.42ND-0.42NDNDND
8 - 31-0.47--NDNDND
32 - 91-ND-NDNDND
92 - 183-ND-0.32-NDND
184 - 274NDNDNDNDNDND
275 - 366-0.10ND-0.10NDNDND
of which Rating 1
0 - 7-0.42ND-0.42NDNDND
8 - 31-0.47--NDNDND
32 - 91-ND-NDNDND
92 - 183-0.36ND-0.36NDNDND
184 - 274NDNDNDNDNDND
275 - 366-ND-NDNDND
of which Rating 2
0 - 7NDNDNDNDNDND
8 - 31NDNDNDNDNDND
32 - 91NDNDNDNDNDND
92 - 183-0.27ND--NDND
184 - 274NDNDNDNDNDND
275 - 366-ND-NDNDND

"ND": data do not exist.
“-”: there are fewer than three issuers for the corresponding category.

Yield spreads above benchmark rates on new issues for euro-denominated STEP securities, broken down by sector of the issuer, original time to maturity and rating category for variable rate instruments, on 13 Jul 2018 (percentage points per annum)
Benchmark rateTotal issuanceGeneral government and
international organisations
Monetary financial
institutions
Non-financial
corporations
Other financial intermediariesInsurance corporations and
pension funds
All ratings
EONIA-ND-NDNDND
EURIBOR 1 weekNDNDNDNDNDND
EURIBOR 1 monthNDNDNDNDNDND
EURIBOR 3 monthsNDNDNDNDNDND
EURIBOR 6 monthsNDNDNDNDNDND
EURIBOR 9 monthsNDNDNDNDNDND
EURIBOR 1 yearNDNDNDNDNDND
of which Rating 1
EONIA-ND-NDNDND
EURIBOR 1 weekNDNDNDNDNDND
EURIBOR 1 monthNDNDNDNDNDND
EURIBOR 3 monthsNDNDNDNDNDND
EURIBOR 6 monthsNDNDNDNDNDND
EURIBOR 9 monthsNDNDNDNDNDND
EURIBOR 1 yearNDNDNDNDNDND
of which Rating 2
EONIANDNDNDNDNDND
EURIBOR 1 weekNDNDNDNDNDND
EURIBOR 1 monthNDNDNDNDNDND
EURIBOR 3 monthsNDNDNDNDNDND
EURIBOR 6 monthsNDNDNDNDNDND
EURIBOR 9 monthsNDNDNDNDNDND
EURIBOR 1 yearNDNDNDNDNDND

"ND": data do not exist.
“-”: there are fewer than three issuers for the corresponding category.

Spread between the EONIA and the yield on new issues of euro-denominated STEP securities, broken down by sector of the issuer, original time to maturity and rating category for variable rate instruments, on 13 Jul 2018 (percentage points per annum)
Benchmark rate and
original time to maturity (in calendar days)
Total issuanceGeneral government and
international organisations
Monetary financial
institutions
Non-financial
corporations
Other financial intermediariesInsurance corporations and
pension funds
All ratings
OvernightNDNDNDNDNDND
1 week (4-9)NDNDNDNDNDND
1 month (20-40)NDNDNDNDNDND
2 months (50-70)NDNDNDNDNDND
3 months (80-100)NDNDNDNDNDND
6 months (165-195)NDNDNDNDNDND
of which Rating 1
OvernightNDNDNDNDNDND
1 week (4-9)NDNDNDNDNDND
1 month (20-40)NDNDNDNDNDND
2 months (50-70)NDNDNDNDNDND
3 months (80-100)NDNDNDNDNDND
6 months (165-195)NDNDNDNDNDND
of which Rating 2
OvernightNDNDNDNDNDND
1 week (4-9)NDNDNDNDNDND
1 month (20-40)NDNDNDNDNDND
2 months (50-70)NDNDNDNDNDND
3 months (80-100)NDNDNDNDNDND
6 months (165-195)NDNDNDNDNDND

"ND": data do not exist.
“-”: there are fewer than three issuers for the corresponding category.

Daily time series for STEP securities

Amounts outstanding
Drag/swipe to pan the table See at full screen
Total amounts outstanding of STEP debt securities (EUR billions; end-of-period data)
  2017 2018
  July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June
Total issuance 397.7 406.2 398.6 404.1 404.9 411.8 420.4 420.2 419.2 431.5 422 423.8

The monthly data include the programmes settled in any securities settlement system during the transitional period. In that period, daily data are not provided.

Total amounts outstanding of STEP debt securities (EUR billions; end-of-period data)
  2017 2018
  July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June
Total issuance 397.7 406.2 398.6 404.1 404.9 411.8 420.4 420.2 419.2 431.5 422 423.8

The monthly data include the programmes settled in any securities settlement system during the transitional period. In that period, daily data are not provided.

Monthly time series for STEP securities

Amounts outstanding, broken down by residual maturity (EUR millions; nominal values)
Residual time to maturity13 Jul 201812 Jul 201811 Jul 2018
Amount outstanding% of totalAmount outstanding% of totalAmount outstanding% of total
0 - 727,636727,319729,4747
8 - 3179,1991975,8041879,38219
32 - 91113,12927115,67328111,90627
92 - 183103,93325104,5752599,83024
184 - 27460,2461459,9881464,63415
275 - 36636,016935,301834,6548
Total420,158100418,659100419,880100
Amounts outstanding, broken down by sector of the issuer, residual time to maturity and rating category on 13 Jul 2018 (EUR millions; nominal values)
Residual time to maturityTotal issuanceGeneral government and
international organisations
Monetary financial
institutions
Non-financial
corporations
Other financial intermediariesInsurance corporations and
pension funds
All ratings
0 - 727,63610,65815,2291,739100
8 - 3179,19918,49450,5457,1052,8820
32 - 91113,1299,65193,2597,7912,3210
92 - 183103,93310,04188,3593,5851,9480
184 - 27460,24693555,2153,9081000
275 - 36636,01614634,7731,022500
Total420,15849,925337,38125,1507,3120
of which Rating 1
0 - 724,13510,65813,338129100
8 - 3156,42013,18539,5019582,6040
32 - 9186,9099,11175,1763242,2130
92 - 18384,1259,65472,6221561,6930
184 - 27443,80376342,597393500
275 - 36630,36814630,222000
Total325,76043,517273,4561,9606,5700
of which Rating 2
0 - 72,65701,3581,29900
8 - 319,5771894,9334,1762780
32 - 9117,74547211,3685,7761090
92 - 18316,26138612,8542,7652550
184 - 27414,03217210,4413,282500
275 - 3664,68403,653956500
Total64,9551,21944,60718,2557420
Amounts outstanding, broken down by currency, on 13 Jul 2018 (EUR millions; nominal values)
CurrencyAmount outstanding% of totalNumber of issues% of total
EUR284,62667.73,37265.3
USD78,78518.887416.9
GBP51,07812.274614.4
JPY40.010.0
Other5,6651.31703.3
Total420,158100.05,163100.0

Daily time series for STEP securities

Amounts outstanding by programme
Amounts outstanding of STEP securities by programme and currency from 6 Jul 2018 to 13 Jul 2018
(denominated in EUR millions irrespective of the accounting currency)1
+STEP IDProgram nameProgram ceilingAccounting currencyAmount outstanding
6 Jul 2018
Amount outstanding
13 Jul 2018
+ 0002550 Abbey National Treasury Service plc Euro Commercial Paper Programme10,000 00
+ 0002572 Abbey National Treasury Services Plc Negotiable European Commercial Paper5,000 00
+ 0001911 ABN AMRO Bank N.V. Euro-Commercial Paper Programme25,000 1,5881,596
+ 0001532 ABN Amro Bank N.V. NEU CP25,000 00
+ 0002546 Achmea Bank NV NEU CP Programme1,500 340340
+ 0001970 Acoss Euro-Commercial Paper Programme40,000 20,83620,241
+ 0002032 ACOSS NEU CP25,000 2,0877,486
  0003035 Aegon Euro-commercial Paper Programme2,500 --
+ 0001693 African Development Bank ECP2,000 043
+ 0002882 Agence France Locale Guaranteed Euro-Commercial Paper Programme1,000 00
+ 0000161 AIRBUS Finance B.V. Negotiable European Commercial Paper (NEU CP)3,000 00
+ 0001890 Allied Irish Bank Plc Euro Commercial Paper5,000 00
+ 0002743 AMADEUS FINANCE B.V. Guaranteed ECP programme750 550530
+ 0000092 Antalis SA Negotiable European Commercial Paper5,979 2,3492,325
+ 0002193 Auchan Holding French Billets de Tresorerie2,250 1,7921,742
+ 0001302 Banca Monte dei Paschi di Siena SpA London Branch Euro Certificates of Deposit Global Programme15,000 00
+ 0002433 Banco Bilbao Vizcaya Argentaria S.A Paris Branch NEU CP12,000 1,0091,044
+ 0000930 Banco de Sabadell SA London Branch Euro Commercial Paper Programme3,500 819819
+ 0002171 Bank of China, Limited Paris Branch French Certificats de Depot3,000 3,8833,861
+ 0002331 Bank of Ireland (The Governor and Company of the) Euro-Commercial Paper and Euro-Certificate of Deposit Programme10,000 00
+ 0000081 Banque Federative du Credit Mutuel Commercial Paper30,000 13,03613,074
+ 0000226 Banque Federative du Credit Mutuel ECP and CD Programme25,000 17,11717,147
+ 0000321 Barclays Bank PLC Negotiable European Commercial Paper30,000 12,06512,065
+ 0002754 Barclays Global Commercial Paper Programme40,000 1,4521,453
+ 0000861 Barry Callebaut Services nv Multi Currency Short Term Treasury Notes600 508508
+ 0000172 Bayerische Landesbank Multi-Currency Commercial Paper Programme20,000 1,4681,384
+ 0001506 Belfius Bank SA/NV Global Multi Currency Short and Medium Term Certificates of Deposit Programme25,000 2,8402,675
+ 0002513 Belfius Financing Company, societe anonyme, Euro-Commercial Paper Programme10,000 746742
+ 0002903 BGL BNP Paribas Euro-Commercial Paper Programme3,000 656628
+ 0000066 BNP Paribas Fortis SA/NV Global Multi-currency Short Term Certficates of Deposit ProgrammeNaN 7,1207,191
+ 0000055 BNP Paribas Negotiable European Commercial Paper70,000 29,72530,014
+ 0000996 BNP Paribas Personal Finance SA NEU CP10,000 00
+ 0001623 BPCE Euro-Commercial Paper Programme10,000 2,2222,319
+ 0001645 BPCE NEU CP60,000 24,68224,733
+ 0002685 Bpifrance Financement NEU CP6,000 3,2533,145
+ 0001116 BRED Banque Populaire, Negotiable European Commercial Paper10,000 8,0867,935
+ 0002561 Caisse Centrale du Credit Immobilier de France 3CIF Guaranteed Negotiable European Commercial Paper8,000 00
+ 0002710 Caisse Federale du Credit Mutuel Ocean, Negotiable European Commercial Paper1,300 986946
+ 0002284 Caixa Geral de Depositos Multi-Issuer Euro-Commercial Paper and Certificates of Deposit Programme10,000 00
+ 0002663 Cassa Depositi e Prestiti S.p.A. Multi-Currency Commercial Paper Programme6,000 2,1402,121
+ 0002583 Coca-Cola HBC Finance B.V. Guaranteed Euro-Commercial Paper1,000 188213
+ 0001200 Codralux SA MultiCurrency Short-Term Treasury Notes400 7474
+ 0002524 COFACE SA, NEU CP650 579599
+ 0002652 Collateralized Commercial Paper III Co., LLC. Commercial Paper Notes Programme20,000 2,9962,859
+ 0000376 Commerzbank Aktiengesellschaft Euro Commercial Paper Programme10,000 5,8245,962
+ 0000033 Compagnie Generale des Etablissements Michelin CGEM NEU CP1,500 1,3991,368
+ 0000941 Cooperatieve Rabobank U.A. NEU CP20,000 415415
+ 0002240 Council of Europe Development Bank Euro-Commercial Paper Programme5,000 2,5261,857
+ 0000296 Credit Agricole Corporate and Investment Bank Commercial Paper30,000 461471
+ 0002455 Credit Agricole SA NEU CP40,000 7,3979,574
+ 0001510 Credit Mutuel Arkea NEU CP11,500 2,2432,575
+ 0002353 Danske Bank A/S Euro-Commercial Paper and Certificate of Deposit Programme13,000 2,3622,562
+ 0001955 Danske Bank A/S, NEU CP10,000 2020
+ 0002845 de Volksbank N.V Euro-Commercial Paper Programme4,000 110110
+ 0002856 de Volksbank N.V. NEU CP Programme4,000 164164
+ 0002765 DekaBank Deutsche Girozentrale Commercial Paper Programme15,000 5,9795,807
+ 0002043 Delta Lloyd N.V. and Delta Loyd Treasury B.V. Guaranteed Euro Commercial Paper Programme1,500 00
+ 0002823 Deutsche Apotheker- und Arztebank eG Commercial Paper programme5,000 660660
+ 0001164 Deutsche Postbank AG, Negotiable European Commercial Paper - NEU CP5,000 00
+ 0002626 Dexia Credit Local Guaranteed Euro-Commercial Paper Programme30,000 12,03512,612
+ 0002262 Dexia Credit Local, Guaranteed Negotiable European Commercial Paper (NEU CP)30,000 1,5911,395
+ 0002801 DIAC S.A. NEU CP1,000 150150
+ 0002065 DZ BANK AG Deutsche Zentral-Genossenschaftsbank Frankfurt am Main DZ PRIVATBANK SA Multi Issuer ECP25,000 6,1845,330
+ 0002925 Ecolab Euro-commercial paper programme2,000 230230
+ 0000733 ENI S.p.A and ENI Finance International SA Guaranteed Euro Commercial Paper4,000 559556
  0002951 Erste Group Bank AG Commercial Paper and Certificates of Deposit Programme10,000 --
+ 0000343 European Investment Bank Global Commercial Paper ProgrammeNaN 17,23913,320
+ 0003061 EXOR N.V. Euro-commercial Paper Programme500 165165
  0003046 FCA Bank S.p.A (acting thourgh its Irish branch) Euro-Commercial Paper Programme750 --
+ 0003002 Fincantieri S.p.A Euro-Commercial Paper Programme500 265265
+ 0002860 Fingrid Oyj Euro-Commercial Paper Programme600 150150
+ 0002390 Fromageries Bel SA Commercial Papers500 4444
+ 0002641 Goldman Sachs International Bank Certificate of Deposit ProgrammeNaN 3,7953,908
+ 0002776 Heineken N.V. Euro-Commercial Paper Programme2,000 00
+ 0001496 HELABA Landesbank Hessen Thuringen Girozentrale Multi Currency Euro Commercial Paper and Euro Certificate of Deposit Programme10,000 635635
+ 0000926 HELABA Landesbank Hessen Thuringen Girozentrale NEU CP6,000 600
+ 0000230 HSBC France NEU CP20,000 3,1293,129
+ 0000766 Iberdrola International BV Guaranteed ECP3,000 2,0412,151
+ 0002305 Iliad NEU CP1,000 660660
+ 0002182 Industrial and Commercial Bank of China Limited NEU CP (Luxembourg branch)1,000 949951
+ 0000135 ING Bank NV ECP and CD Programme20,000 12,48812,055
+ 0001036 ING Bank NV Negotiable European Commercial Paper20,000 7,7027,702
+ 0000215 Intesa Sanpaolo Bank Ireland p.l.c. and Intesa Sanpaolo Bank Luxembourg S.A. Guaranteed Euro Commercial Paper and Certificate of Deposit Programme30,000 6,1206,150
+ 0001383 Intesa Sanpaolo S.p.A Negotiable European Commercial Paper Programme15,000 1,146897
+ 0001900 Investec Bank plc Euro-Commercial Paper and Certificate of Deposit Programme1,000 00
+ 0002706 IRELAND, acting through NTMA, EURO-COMMERCIAL PAPER PROGRAMME50,000 1,1701,219
+ 0002984 Itau BBA International plc Euro-Certificates of Deposit Programme3,000 11
+ 0002940 Johnson Controls International plc euro-commercial paper prorgamme2,000 301301
+ 0002936 JT International Financial Services B.V. Guaranteed Euro-Commercial Paper Programme1,000 256258
+ 0000755 Jyske Bank A/S NEU CP5,000 2,0932,114
+ 0001073 KBC Bank Ireland plc Global Guaranteed ECP and CD Programme1,000 116116
+ 0001415 KBC Bank NV Multi Currency Short Term Certificate of Deposit Programme20,000 6,6637,086
+ 0000686 KBC Group NV Global Multi Currency Short Term Certificates of Deposit Programme2,000 00
+ 0000274 KfW Multi Currency Commercial Paper Programme60,000 7,6347,925
+ 0001543 Kingdom of Sweden ECP ProgrammeNaN 00
+ 0000412 Klepierre S.A. NEU CP1,500 1,5001,500
+ 0001820 Kommunalbanken AS Euro-Commercial Paper5,000 00
+ 0001671 Kommuninvest i Sverige Aktiebolag (publ) Euro-Commercial Paper10,000 00
+ 0002973 KONINKLIJKE FRIESLANDCAMPINA N.V. Euro-Commercial Paper Programme1,000 619827
+ 0003083 La Banque Postale Euro-Commercial Paper Programme10,000 -1
+ 0002466 La Banque Postale NEU CP20,000 5,3784,635
+ 0000551 La Poste, NEU CP3,000 3030
+ 0000904 Landesbank Baden Wurttemberg Commercial Paper Programme10,000 524526
+ 0001324 Landesbank Baden Wurttemberg NEU CP5,000 150150
+ 0003072 Lloyds Bank Corporate Markets plc Euro-Commercial Paper and Certificate of Deposit Programme5,000 1,0401,115
+ 0001933 Lloyds Bank plc NEU CP15,000 4,7614,721
+ 0000700 Matchpoint Finance plc Negotiable European Commercial Paper10,000 1,3861,386
+ 0001255 Mediobanca International Luxembourg S.A. Negotiable European Commercial Paper4,000 1,2811,306
+ 0001372 Mediobanca International Luxembourg SA Guaranteed Euro Commercial Paper Programme4,000 8989
+ 0002674 Mitsui Co. Financial Services (Europe) Plc Euro-Commercial Paper1,500 00
+ 0003024 Multi-currency Commercial Paper of HSH Finanzfonds AoR and HSH Portfoliomanagement AoR2,000 360456
+ 0000963 Munchener Hypothekenbank eG Euro Commercial Paper Programme5,000 238238
+ 0002295 Munchener Hypothekenbank eG NEU CP2,000 00
+ 0003050 N.V. Eneco Beheer Euro-Commercial Paper Programme750 00
+ 0002236 N.V. Nederlandse Gasunie Euro-commercial Paper Programme750 5050
+ 0002791 National Bank of Abu Dhabi P.J.S.C. Euro-Commercial Paper Programme.5,000 773775
+ 0003013 National Westminster Bank plc Euro-Commercial Paper Programme20,000 2525
+ 0000770 Natixis Negotiable European Commercial Paper45,000 11,25911,279
+ 0002721 Nederlandse Waterschapsbank N.V. Euro-Commercial Paper and Certificate of Deposit Programme25,000 12,62113,076
+ 0002696 NIBC Bank N.V. Euro-Commercial Paper Programme3,000 5555
+ 0002080 Norddeutsche Landesbank - Girozentrale - Commercial Paper4,000 250250
+ 0000974 Norddeutsche Landesbank Girozentrale Commercial Paper Programme10,000 129129
+ 0001350 Nordea Bank AB (publ) Euro Commercial Paper Programme15,000 6,3655,855
+ 0000493 Nordea Bank AB (publ) NEU CP15,000 1,1441,080
+ 0001142 Nordic Investment Bank Euro Commercial Paper Programme2,000 00
+ 0001025 Nykredit Bank A/S Euro-Commercial Paper and Certificate of Deposit Programme3,000 372372
+ 0001703 ONEY BANK, NEU CP1,000 00
+ 0001762 OP Corporate Bank plc ECP and CD Programme15,000 9,0549,121
+ 0000525 Orange NEU CP5,000 604452
+ 0001660 Paccar Financial Europe BV and Paccar Financial plc Multi Issuer ECP Programme1,250 875881
+ 0001751 Proximus Multi-currency Multi-jurisdiction Programme for the Issue of Short Term Treasury Notes1,000 234177
+ 0000310 Rabobank Euro Commercial Paper and Certificate of Deposit Programme35,000 5,8455,825
+ 0001554 RCI Banque ECP Programme2,000 7348
+ 0000070 RCI Banque S.A. Negotiable European NEU CP4,500 713713
+ 0002871 RELX Finance B.V. Guaranteed Euro-Commercial Paper Programme2,000 1600
+ 0001886 Repsol International Finance B.V. Guaranteed Euro-Commercial Paper2,000 1,7331,984
+ 0002342 Republic of Cyprus Euro-Commercial Paper Programme5,000 00
+ 0000915 Sanofi Negotiable European Commercial Paper6,000 00
+ 0002962 Santander UK Plc Euro-commercial Paper Programme10,000 616555
+ 0002995 Santander UK plc, Negotiable European Commercial Paper5,000 -344
+ 0002400 SES and SES Global Americas Holdings GP Guaranteed Euro-Commercial Paper Programme1,000 00
+ 0002812 SFIL Commercial Paper2,000 755755
+ 0000124 Societe Generale ECP and ECD Programme20,000 250289
+ 0000011 Societe Generale Negotiable European Commercial Paper60,000 5,3015,151
+ 0001521 Sony Global Treasury Services Plc Global Commercial Paper for the issuance of Euro Commercial Paper3,000 00
+ 0002470 Stedin Holding NV Euro-Commercial Paper Programme750 00
+ 0002834 Svenska Handelsbanken AB (publ) Euro-Commercial Paper Programme15,000 7,7318,288
+ 0002780 Svenska Handelsbanken AB (publ) NEU CP7,500 3,5733,573
+ 0000642 Telekom Finanzmanagement GmbH Guaranteed Belgian Multi Currency Short Term Treasury Notes Programme300 00
+ 0001426 The Bank of Tokyo Mitsubishi UFJ Ltd acting through its Paris Branch - Negotiable European Commercial Paper4,000 00
+ 0002411 The Royal Bank of Scotland Group plc Euro-Commercial Paper Programme10,000 00
+ 0001014 The Royal Bank of Scotland plc Euro Commercial Paper Programme20,000 1,6081,668
+ 0000616 The State of the Netherlands Global Commercial Paper ProgrammeNaN 4,0665,189
+ 0002386 UBS AG London Branch Euro-Commercial Paper and Certificate of Deposit Programme20,000 8,2609,092
+ 0002422 UBS AG, London Branch, NEU CP10,000 6,2036,203
+ 0002732 UniCredit Bank AG,London Branch, NEU CP10,000 1,1501,140
+ 0001190 UniCredit Bank Ireland plc Euro Commercial Paper Programme15,000 3,2233,213
+ 0001040 UniCredit S.p.A., NEU CP20,000 3,2854,177
+ 0002604 VODAFONE Group plc Euro-Commercial Paper programme8,000 3,5293,561
+ 0002091 Volkswagen International Belgian Short-Term Treasury Notes5,000 2,6282,628
+ 0000391 VTB Bank SA Negotiable European Commercial Paper350 00
+ 0000792 Warehouses De Pauw200 193182
+ 0002320 Whirlpool Corporation Negotiable European Commercial Paper500 150150

The figures may not sum up to the aggregated amounts outstanding displayed in the other tab due to the fact that this table also includes programmes settled in Securities Settlement Systems that report data on a weekly basis.
“-”: the programme exists but has not issued
1) The daily spot rate vis-à-vis the Euro as at 2:15 p.m. (C.E.T.) is used.

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Gross issues

New issues, broken down by original maturity (EUR millions; nominal values)
Original time to maturity13 Jul 201812 Jul 201811 Jul 2018
New issues% of totalNew issues% of totalNew issues% of total
0 - 76601335972,76150
8 - 315381119541142
32 - 91852171,024211,15821
92 - 1832,091412,0284266812
184 - 274258544154210
275 - 366717141,161242975
Total5,1161004,8111005,540100

New issues, broken down by sector of the issuer, original time to maturity and rating category, on 13 Jul 2018 (EUR millions; nominal values)
Original time to maturityTotal issuanceGeneral government and
international organisations
Monetary financial
institutions
Non-financial
corporations
Other financial intermediariesInsurance corporations and
pension funds
All ratings
0 - 76600660000
8 - 31538420199900
32 - 91852352499000
92 - 1832,0911,3397213100
184 - 27425802270300
275 - 3667170717000
Total5,1162,1112,844130300
of which Rating 1
0 - 76600660000
8 - 31510420197100
32 - 91452352100000
92 - 1831,8501,339511000
184 - 27425802270300
275 - 3665020502000
Total4,2322,1112,01971300
of which Rating 2
0 - 7000000
8 - 3119001900
32 - 913050305000
92 - 18324102103100
184 - 274000000
275 - 3661650165000
Total73006805100

Daily time series for STEP securities

Background

On 9 June 2006, Euribor ACI and Euribor FBE adopted the STEP Market Convention. The Convention requires issuers to put in place any arrangements with the securities settlement systems, the issuing and paying agents, the dealers, the arrangers or any other relevant entity that are necessary to provide the eligible data provider with complete and accurate data for the production of statistics by the ECB.

Since 2 April 2007, the STEP market has been accepted as a non-regulated market for collateral purposes in Eurosystem credit operations. See the press release

In order to be eligible for use as collateral in Eurosystem operations, notes issued under STEP-compliant programmes also have to fulfil all the eligibility criteria listed in Chapter 6 of the document entitled “The implementation of monetary policy in the euro area: General documentation on the Eurosystem monetary policy instruments and procedures”. more.

Data providers

Data providers, which act on a voluntary basis, may be eligible securities settlement systems, national central banks or other institutional entities. These entities are eligible as statistical data providers if they are able to comply with the reporting instructions. The data providers are assessed by the ECB on the basis of their capacity to comply with these reporting instructions, and new data providers may only be accepted with the approval of the STEP Market Committee.

Each eligible data provider covers all STEP issues that are settled in its system or that are deposited in a securities settlement system for which the data provider has complete data coverage. The depository location of the securities is contained in the security ISIN code.

Should multiple settlement systems be deemed eligible to report issues for a given market, each settlement system that acts as a data provider will transmit data on those issues that it has settled in its system.

About STEP statistics

The STEP statistics concern primary market volumes of, and yields on, short-term debt securities issued in the context of programmes that have received the STEP label from the STEP Market Committee.

The ECB publishes aggregated daily data on outstanding amounts of STEP securities, i.e. data on the nominal values of all STEP securities that have been issued but not redeemed at the end of the reference period. Statistics on aggregated new issues are also available at daily intervals.

The daily yield statistics encompass annualised yields on euro-denominated STEP-labelled zero coupon issues, referring to the primary market interest rates originally agreed between an issuer and an investor. Issues refer to short-term debt securities with an original maturity of up to one year. Yield statistics are also available for euro-denominated STEP issues priced with a spread against reference interest rates.

The STEP statistics cover all issues made under STEP labelled programmes. However, in order to allow the data providers to adapt their systems as necessary, a transitional period has been provided for. Therefore, some issues made under STEP-labelled programmes may not be covered by the daily STEP statistics. In order to cover the whole STEP market, outstanding amounts of STEP securities, including the amounts issued in any securities settlement system during its transitional period, are also published on a monthly basis.

“Total issuance” refers to all the STEP securities issued by all sectors. Sectors other than those comprising monetary financial institutions and non-financial corporations are currently not presented separately as the issuance volumes involved are small. Sector definitions are available in the glossary.

Issues published under the credit rating category “All ratings” refer to all STEP-labelled securities for which data are collected by the ECB.

Issues published under the credit rating category “Rating 1” refer to issues under those programmes that have the highest credit ratings.

Issues under programmes allocated to the credit rating categories “Rating 2” and “Rating 3” refer to those STEP securities that have high or medium credit ratings respectively. Currently, statistics for issues allocated to credit rating category “Rating 3” are not published, given the small issuance volumes.

In this way, the ECB ensures transparency while respecting the confidentiality of individual price or yield data.

The statistics are published on the ECB’s website at weekly intervals on the first business day of each week, except in the case of ECB holidays when publication will follow on the subsequent working day. The data refer to each day of the previous week.

For more detailed methodological information, please refer to the STEP Methodological Notes

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