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 22 Jul 2016 (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 - 31-0.38--NDNDND
32 - 91-ND-0.40-NDND
92 - 183-ND0.03-NDND
184 - 274-ND-NDNDND
275 - 366-0.10ND-0.10NDNDND
of which Rating 1
0 - 7-0.42ND-0.42NDNDND
8 - 31-0.38--NDNDND
32 - 91-0.40ND-0.40NDNDND
92 - 1830.05ND0.05NDNDND
184 - 274-ND-NDNDND
275 - 366-0.10ND-0.10NDNDND
of which Rating 2
0 - 7NDNDNDNDNDND
8 - 31NDNDNDNDNDND
32 - 91NDNDNDNDNDND
92 - 183-0.10ND--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 22 Jul 2016 (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
EONIA0.3028ND0.3028NDNDND
EURIBOR 1 weekNDNDNDNDNDND
EURIBOR 1 monthNDNDNDNDNDND
EURIBOR 3 monthsNDNDNDNDNDND
EURIBOR 6 monthsNDNDNDNDNDND
EURIBOR 9 monthsNDNDNDNDNDND
EURIBOR 1 yearNDNDNDNDNDND
of which Rating 1
EONIA0.3028ND0.3028NDNDND
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 22 Jul 2016 (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)-ND-NDNDND
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)-ND-NDNDND
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)
  2015 2016
  June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June
Total issuance 420.3 419.1 418.8 407.9 405 417.6 403.9 416.2 417.3 402.2 409.7 405.6 400.1

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)
  2015 2016
  June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June
Total issuance 420.3 419.1 418.8 407.9 405 417.6 403.9 416.2 417.3 402.2 409.7 405.6 400.1

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 maturity22 Jul 201621 Jul 201620 Jul 2016
Amount outstanding% of totalAmount outstanding% of totalAmount outstanding% of total
0 - 735,413830,582726,1006
8 - 3159,9791465,4121671,50317
32 - 91139,74733138,73333134,32932
92 - 18399,44324101,88124102,26825
184 - 27446,5881146,0731143,66610
275 - 36637,524936,525938,9439
Total418,695100419,206100416,809100
Amounts outstanding, broken down by sector of the issuer, residual time to maturity and rating category on 22 Jul 2016 (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 - 735,41315,03517,8732,0594450
8 - 3159,97912,86342,2293,1901,6980
32 - 91139,74721,996107,2398,6791,74490
92 - 18399,4434,18186,9446,8381,44140
184 - 27446,58873544,9035234280
275 - 36637,52482935,2521,2432000
Total418,69555,639334,43922,5315,955130
of which Rating 1
0 - 723,1516,16816,4901123810
8 - 3149,07012,82134,2715051,4740
32 - 91115,99921,35492,6734401,5320
92 - 18374,9853,82269,4593151,3900
184 - 27433,42073532,52201630
275 - 36627,58782926,758000
Total324,21245,728272,1731,3724,9390
of which Rating 2
0 - 72,5282914411,732640
8 - 316,12604,1161,7872240
32 - 9114,3796426,5616,95321210
92 - 18317,41235911,2725,730510
184 - 2748,73208,1113562650
275 - 3668,21306,8731,1402000
Total57,3901,29137,37417,6981,01610
Amounts outstanding, broken down by currency, on 22 Jul 2016 (EUR millions; nominal values)
CurrencyAmount outstanding% of totalNumber of issues% of total
EUR250,42359.83,77866.9
USD120,56328.81,01518.0
GBP40,1139.664311.4
JPY00.000.0
Other7,5961.82123.8
Total418,695100.05,648100.0

Daily time series for STEP securities

Amounts outstanding by programme
Amounts outstanding of STEP securities by programme and currency from 15 Jul 2016 to 22 Jul 2016
(denominated in EUR millions irrespective of the accounting currency)1
+STEP IDProgram nameProgram ceilingAccounting currencyAmount outstanding
15 Jul 2016
Amount outstanding
22 Jul 2016
+ 0002550 Abbey National Treasury Service plc Euro Commercial Paper Programme10,000 227228
+ 0002572 Abbey National Treasury Services Plc Guaranteed French Certificates of Deposit5,000 341341
+ 0001911 ABN AMRO Bank N.V. Euro-Commercial Paper Programme25,000 799822
+ 0001532 ABN Amro Bank N.V. French Certificats de Depot25,000 99
+ 0002546 Achmea Hypotheekbank NV French Certificats de Depot1,500 189189
+ 0001864 AEGON N.V. French Billets de Tresorerie1,000 1010
+ 0001693 African Development Bank ECP2,000 00
+ 0001970 Agence Centrale des Organismes de Securite Sociale Euro-Commercial Paper Programme20,000 16,63417,102
+ 0002032 Agence Centrale des Organismes de Securite Sociale French Billets de Tresorerie25,000 7,7764,781
+ 0000161 AIRBUS Finance B.V. Guaranteed French Billets de Tresorerie3,000 520520
+ 0001890 Allied Irish Bank Plc Euro Commercial Paper5,000 99100
+ 0002743 AMADEUS FINANCE B.V. Guaranteed ECP programme500 300300
+ 0001105 Anglesea Funding plc Euro Commercial Paper Programme30,000 2223
+ 0000092 Antalis SA French Billets de tresorerie5,633 987994
+ 0002193 Auchan Holding French Billets de Tresorerie2,250 830844
+ 0000150 AXA Bank Europe SA Multi Currency Certifcates of Deposit Programme1,000 00
+ 0001302 Banca Monte dei Paschi di Siena SpA London Branch Euro Certificates of Deposit Global Programme15,000 00
+ 0001394 Banca Monte dei Paschi di Siena SpA London Branch French Certificats de Depot5,000 00
+ 0002433 Banco Bilbao Vizcaya Argentaria S.A French Certificats de Depot12,000 7,2147,207
+ 0000930 Banco de Sabadell SA London Branch Euro Commercial Paper Programme3,500 262257
+ 0002171 Bank of China, Limited Paris Branch French Certificats de Depot3,000 742979
+ 0002331 Bank of Ireland (The Governor and Company of the) Euro-Commercial Paper and Euro-Certificate of Deposit Programme10,000 4950
+ 0001703 Banque Accord French Certificats de Depot1,000 410390
+ 0000226 Banque Federative du Credit Mutuel ECP and CD Programme25,000 14,55415,230
+ 0000081 Banque Federative du Credit Mutuel French Certificats de Depot30,000 10,97210,655
+ 0000321 Barclays Bank PLC French Certificats de depot30,000 10,77010,830
+ 0002754 Barclays Global ECP and USCP Notes40,000 539530
+ 0000861 Barry Callebaut Services nv Multi Currency Short Term Treasury Notes600 459439
+ 0000172 Bayerische Landesbank Multi-Currency Commercial Paper Programme20,000 7121,714
+ 0001506 Belfius Bank SA/NV Global Multi Currency Short and Medium Term Certificates of Deposit Programme25,000 2,3552,352
+ 0002513 Belfius Financing Company, societe anonyme, Euro-Commercial Paper Programme10,000 1,0291,016
+ 0000066 BNP Paribas Fortis SA/NV Global Multi-currency Short Term Certficates of Deposit ProgrammeNaN 5,7375,683
+ 0000055 BNP Paribas Negotiable European Commercial Paper70,000 27,32225,920
+ 0000996 BNP Paribas Personal Finance SA French Certificats de depot10,000 00
+ 0001623 BPCE Euro-Commercial Paper Programme10,000 1,2581,427
+ 0001645 BPCE French CD60,000 14,55214,938
+ 0002685 Bpifrance Financement French Certificat de Depot4,000 2,7332,810
+ 0001116 BRED Banque Populaire French Certificats de depot10,000 3,7814,253
+ 0002160 Bremer Landesbank Kreditanstalt Oldenburg Girozentrale Commercial Paper Programme5,000 5050
+ 0002561 Caisse Centrale du Credit Immobilier de France 3CIF Guaranteed French Negotiable Certificates of Deposit8,000 00
+ 0002710 Caisse Federale du Credit Mutuel Ocean French Certificats de depot Programme1,100 618568
+ 0002284 Caixa Geral de Depositos Multi-Issuer Euro-Commercial Paper and Certificates of Deposit Programme10,000 1010
+ 0002663 Cassa Depositi e Prestiti S.p.A. Multi-Currency Commercial Paper Programme3,000 869869
+ 0002583 Coca-Cola HBC Finance B.V. Guaranteed Euro-Commercial Paper1,000 119119
+ 0001200 Codralux SA Multi Currency Short Term Treasury Notes400 9488
+ 0002524 COFACE SA Billets de Tresorerie600 525500
+ 0002652 Collateralized Commercial Paper III Co., LLC. Commercial Paper Notes Programme20,000 2,5452,536
  0002856 Commercial Paper Programme - SNS Bank N.V4,000 --
+ 0000376 Commerzbank Aktiengesellschaft Euro Commercial Paper Programme10,000 3,9474,059
+ 0000033 Companie Generale des Etablissements Michelin CGEM French Billets de Tresorerie1,500 245250
+ 0000941 Cooperatieve Rabobank U.A. French Certificates of Deposit Programme20,000 2,7442,744
+ 0000310 Cooperatieve Rabobank U.A. Euro Commercial Paper and Certificate of Deposit Programme25,000 7,5877,902
+ 0002240 Council of Europe Development Bank Euro-Commercial Paper Programme3,000 611981
+ 0000296 Credit Agricole Corporate and Investment Bank French CD Programme30,000 5,3115,145
+ 0002455 Credit Agricole SA French Certificats de Depot40,000 4,9516,113
+ 0001510 Credit Mutuel Arkea French Certificats de Depot11,500 1,8382,042
+ 0002353 Danske Bank A/S Euro-Commercial Paper and Certificate of Deposit Programme13,000 1,1821,339
+ 0001955 Danske Bank A/S French Certificats de Depot10,000 744749
+ 0002765 DekaBank Deutsche Girozentrale Commercial Paper Programme15,000 6,7907,190
+ 0002043 Delta Lloyd N.V. and Delta Loyd Treasury B.V. Guaranteed Euro Commercial Paper Programme1,500 120120
+ 0002823 Deutsche Apotheker- und Arztebank eG Commercial Paper programme5,000 1,1281,078
+ 0001164 Deutsche Postbank AG French CD5,000 00
+ 0001682 Dexia Credit Local French CD3,000 00
+ 0002626 Dexia Credit Local Guaranteed Euro-Commercial Paper Programme15,000 9,8209,496
+ 0002262 Dexia Credit Local Guaranteed French Certificats de Depot50,000 10,96110,936
+ 0002801 DIAC sa French Certificats de depot1,000 103103
+ 0002065 DZ BANK AG Deutsche Zentral-Genossenschaftsbank Frankfurt am Main DZ PRIVATBANK SA Multi Issuer ECP25,000 6,6216,651
+ 0002470 Eneco Holding NV Euro-Commercial Paper Programme750 00
+ 0000733 ENI Spa and ENI Finance International SA Guaranteed Euro Commercial Paper4,000 2,2911,972
+ 0000343 European Investment Bank Global Commercial Paper ProgrammeNaN 20,76420,234
+ 0002860 Fingrid Oyj Euro-Commercial Paper Programme600 9085
+ 0002390 Fromageries Bel SA Commercial Papers500 105105
+ 0002641 Goldman Sachs International Bank Certificate of Deposit ProgrammeNaN 1,3111,303
+ 0002776 Heineken N.V. Euro-Commercial Paper Programme1,000 00
+ 0000926 HELABA Landesbank Hessen Thuringen Girozentrale French Certificats de Depot6,000 1,6881,686
+ 0001496 HELABA Landesbank Hessen Thuringen Girozentrale Multi Currency Euro Commercial Paper and Euro Certificate of Deposit Programme10,000 4,1424,740
+ 0000230 HSBC France French Certificats de Depot20,000 3,6193,574
+ 0000766 Iberdrola International BV Guaranteed ECP3,000 1,7881,743
+ 0002305 Iliad French Billets de Tresorerie Programme500 200200
+ 0002182 Industrial and Commercial Bank of China Limited French Certificats de Depot1,000 268269
+ 0000135 ING Bank NV ECP and CD Programme20,000 2,2652,287
+ 0001036 ING Bank NV French Certificates of Deposit Programme20,000 3,1213,089
+ 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 3,7733,735
+ 0001383 Intesa Sanpaolo French Certificats de Depot15,000 2,0792,080
+ 0001900 Investec Bank plc Euro Commercial Paper and Certificate of Deposit Programme1,000 1717
+ 0002706 IRELAND, acting through NTMA, EURO-COMMERCIAL PAPER PROGRAMME50,000 9551,291
+ 0002214 Italcementi Finance SA Guaranteed French Billets de Tresorerie400 157124
+ 0000755 Jyske Bank A.S. French CD5,000 2,8512,942
+ 0002145 KA Finanz AG Guaranteed Multi-Currency Commercial Paper Programme3,500 3,3263,401
+ 0001565 KA Finanz AG Multi Currency Commercial Paper Programme3,000 480480
+ 0001073 KBC Bank Ireland plc Global Guaranteed ECP and CD Programme1,000 2626
+ 0001415 KBC Bank NV Multi Currency Short Term Certificate of Deposit Programme15,000 6,2456,034
+ 0001784 KBC Bank SA/NV acting through its French Branch French Certificats de Depot5,000 45
+ 0000686 KBC Group NV Global Multi Currency Short Term Certificates of Deposit Programme2,000 1,0701,015
+ 0000274 KfW Multi Currency Commercial Paper Programme50,000 36,75034,865
+ 0001543 Kingdom of Sweden ECP ProgrammeNaN 00
+ 0000412 Klepierre French Billets de Tresorerie1,300 1,2301,222
+ 0001820 Kommunalbanken AS Euro-Commercial Paper5,000 00
+ 0001671 Kommuninvest i Sverige Aktiebolag (publ) Euro-Commercial Paper7,000 2,0072,027
+ 0002466 La Banque Postale French Certificats de Depot20,000 4,5454,272
+ 0000551 La Poste French Billets de Tresorerie1,500 00
+ 0000904 Landesbank Baden Wurttemberg Commercial Paper Programme10,000 9361,448
+ 0001324 Landesbank Baden Wurttemberg French Certificats de Depot5,000 2,2422,491
+ 0001933 Lloyds Bank plc French Certificats de Depot15,000 4,1284,247
+ 0000700 Matchpoint Finance plc French Billets de tresorerie10,000 1,3861,386
+ 0001255 Mediobanca International Luxembourg SA French CD Programme4,000 774777
+ 0001372 Mediobanca International Luxembourg SA Guaranteed Euro Commercial Paper Programme4,000 375372
+ 0002674 Mitsui Co. Financial Services (Europe) Plc Euro-Commercial Paper1,500 3949
+ 0000963 Munchener Hypothekenbank eG Euro Commercial Paper Programme5,000 666653
+ 0002295 Munchener Hypothekenbank eG Negotiable European Commercial Paper2,000 00
+ 0002791 National Bank of Abu Dhabi P.J.S.C. Euro-Commercial Paper Programme.5,000 1,3441,322
+ 0000770 Natixis French Certificates of Deposit45,000 12,94813,139
+ 0002721 Nederlandse Waterschapsbank N.V. Euro-Commercial Paper and Certificate of Deposit Programme25,000 15,42814,904
+ 0002696 NIBC Bank N.V. Euro-Commercial Paper Programme3,000 49122
+ 0000974 Norddeutsche Landesbank Girozentrale Commercial Paper Programme10,000 689670
+ 0002080 Norddeutsche Landesbank Girozentrale French Certificats de Depots4,000 103103
+ 0001350 Nordea Bank AB (publ) Euro Commercial Paper Programme15,000 6,3796,323
+ 0000493 Nordea Bank AB publ French Certificats de Depot15,000 1,004922
+ 0001142 Nordic Investment Bank Euro Commercial Paper Programme2,000 687604
+ 0002236 NV Nederlandse Gasunie Euro-commercial Paper Programme750 00
+ 0001025 Nykredit Bank AS Euro Commercial Paper and Certificate of Deposit Programme3,000 870869
+ 0001762 OP Corporate plc ECP and CD Programme12,000 6,8466,828
+ 0000525 Orange French Billets de Tresorerie5,000 1,2131,502
+ 0001660 Paccar Financial Europe BV and Paccar Financial plc Multi Issuer ECP Programme1,250 696692
  0002615 Propertize B.V for the issuance of guaranteed Euro Commercial Paper and guaranteed Medium Term Notes4,055 --
+ 0001751 Proximus Multi-currency Multi-jurisdiction Programme for the Issue of Short Term Treasury Notes1,000 00
+ 0002101 Raiffeisen Bank International Euro-Commercial Paper and Certificate of Deposit Programme15,000 92112
+ 0001554 RCI Banque ECP Programme2,000 442442
+ 0000070 RCI Banque French Certificats de Depot Programme4,500 428428
  0002871 RELX Finance B.V. Guaranteed Euro-Commercial Paper Programme2,000 --
+ 0001886 Repsol International Finance B.V. Guaranteed Euro-Commercial Paper2,000 1,5111,551
+ 0002342 Republic of Cyprus Euro-Commercial Paper Programme5,000 00
+ 0000915 Sanofi Negotiable European Commercial Paper6,000 00
+ 0002400 SES and SES Global Americas Holdings GP Guaranteed Euro-Commercial Paper Programme1,000 00
+ 0002812 SFIL French Certificats de Depot2,000 932932
+ 0002112 SNCB Holding S.A./NMBS Holding N.V. Multi-Currency Short Term Treasury Notes500 00
+ 0000620 SNCB Holding SA NMBS Holding NV Multi Currency Short Term Treasury Notes1,500 075
+ 0000722 SNCB Holding SA NMBS Holding NV Multi Currency Short Term Treasury Notes1,500 00
+ 0000664 SNCB Holding SA NMBS Holding NV Multi Currency Short Term Treasury Notes Programme500 00
  0002845 SNS Bank N.V Euro-Commercial Paper Programme4,000 --
+ 0000124 Societe Generale ECP and ECD Programme20,000 1,7501,765
+ 0000011 Societe Generale French Certificats de depot60,000 6,0796,084
+ 0001521 Sony Global Treasury Services Plc Global Commercial Paper for the issuance of Euro Commercial Paper3,000 00
+ 0002502 SUEZ ENVIRONNEMENT COMPANY French Billets de Tresorerie1,500 871871
+ 0002834 Svenska Handelsbanken AB (publ) Euro-Commercial Paper Programme15,000 5,6695,716
+ 0002780 Svenska Handelsbanken AB (publ) French Certificats de Depot7,500 1,0991,258
+ 0000642 Telekom Finanzmanagement GmbH Guaranteed Belgian Multi Currency Short Term Treasury Notes Programme300 00
+ 0001426 The Bank of Tokyo Mitsubishi UFJ Ltd French Certificats de depot4,000 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 00
+ 0000616 The State of the Netherlands Global Commercial Paper ProgrammeNaN 6,5138,619
+ 0002010 UBI BANCA International S.A. Guaranteed Euro-Commercial Paper Programme6,000 00
+ 0002364 Ubi Banca International SA Guaranteed French Certificats de Depots5,000 1,2071,207
+ 0002422 UBS AG (London Branch) French Certificates of Deposit10,000 790790
+ 0002386 UBS AG London Branch Euro-Commercial Paper and Certificate of Deposit Programme20,000 4,2014,065
+ 0002732 UniCredit Bank AG, acting through its London Branch, French Certificats de Depot10,000 00
+ 0001190 UniCredit Bank Ireland plc Euro Commercial Paper Programme15,000 2,3862,386
+ 0001040 UniCredit SpA French Certificats de Depot Programme20,000 5,4005,401
+ 0002604 VODAFONE Group plc Euro-Commercial Paper programme8,000 6,7866,800
+ 0002091 Volkswagen Group Services SA Belgian Short-Term Treasury Notes5,000 1,2001,177
+ 0000391 VTB Bank SA Negotiable European Commercial Paper350 00
+ 0000792 Warehouses De Pauw Multi Currency Short Term Treasury Notes200 151151
+ 0002320 Whirlpool Corporation French Billets de Tresorerie500 176176

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 maturity22 Jul 201621 Jul 201620 Jul 2016
New issues% of totalNew issues% of totalNew issues% of total
0 - 71,622231,931331,99728
8 - 3176311004006
32 - 911,445211,388241,22517
92 - 1831,628231,339232,24231
184 - 27453187741396013
275 - 3661,0051437563525
Total6,9931005,8071007,176100

New issues, broken down by sector of the issuer, original time to maturity and rating category, on 22 Jul 2016 (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 - 71,622371,585000
8 - 317634202598400
32 - 911,44501,4331200
92 - 1831,628961,41212000
184 - 27453111520000
275 - 3661,005157847000
Total6,9937216,05621600
of which Rating 1
0 - 71,58501,585000
8 - 317584202558400
32 - 911,43301,433000
92 - 1831,361961,265000
184 - 27453111520000
275 - 366995157837000
Total6,6636845,8958400
of which Rating 2
0 - 7000000
8 - 31000000
32 - 91000000
92 - 183267014712000
184 - 274000000
275 - 36610010000
Total277015712000

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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