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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 20 Jan 2017 (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-ND-NDNDND
8 - 31-0.32-ND-NDND
32 - 91---0.37NDNDND
92 - 183-ND-0.28ND-ND
184 - 274-ND-NDNDND
275 - 366-ND-0.18-NDND
of which Rating 1
0 - 7-ND-NDNDND
8 - 31--NDNDNDND
32 - 91---0.37NDNDND
92 - 183-ND-0.28ND-ND
184 - 274-ND-NDNDND
275 - 366-0.18ND-0.18NDNDND
of which Rating 2
0 - 7NDNDNDNDNDND
8 - 31-NDND-NDND
32 - 91-ND-NDNDND
92 - 183-ND-NDNDND
184 - 274NDNDNDNDNDND
275 - 366-ND-0.12-NDND

"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 20 Jan 2017 (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
EONIA0.1439ND0.1439NDNDND
EURIBOR 1 weekNDNDNDNDNDND
EURIBOR 1 monthNDNDNDNDNDND
EURIBOR 3 monthsNDNDNDNDNDND
EURIBOR 6 monthsNDNDNDNDNDND
EURIBOR 9 monthsNDNDNDNDNDND
EURIBOR 1 yearNDNDNDNDNDND
of which Rating 1
EONIA0.1257ND0.1257NDNDND
EURIBOR 1 weekNDNDNDNDNDND
EURIBOR 1 monthNDNDNDNDNDND
EURIBOR 3 monthsNDNDNDNDNDND
EURIBOR 6 monthsNDNDNDNDNDND
EURIBOR 9 monthsNDNDNDNDNDND
EURIBOR 1 yearNDNDNDNDNDND
of which Rating 2
EONIA-ND-NDNDND
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 20 Jan 2017 (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)
  2015 2016
  Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec.
Total issuance 405 417.6 403.9 416.2 417.3 402.2 409.7 405.6 400.1 409.2 414.7 413.5 417.1 421.3 413.2

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
  Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec.
Total issuance 405 417.6 403.9 416.2 417.3 402.2 409.7 405.6 400.1 409.2 414.7 413.5 417.1 421.3 413.2

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 maturity20 Jan 201719 Jan 201718 Jan 2017
Amount outstanding% of totalAmount outstanding% of totalAmount outstanding% of total
0 - 729,457726,862627,7366
8 - 3170,1941675,1191779,12918
32 - 91132,01930129,73830126,31829
92 - 18382,4801983,5631982,88019
184 - 27468,6531668,3911666,48015
275 - 36651,4121249,1061148,98911
Total434,216100432,779100431,532100
Amounts outstanding, broken down by sector of the issuer, residual time to maturity and rating category on 20 Jan 2017 (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 - 729,4576,64921,2871,0534690
8 - 3170,19422,43842,1183,5061,9920
32 - 91132,01919,283105,1864,7012,83910
92 - 18382,4806,02971,7383,0671,60244
184 - 27468,6531,12864,2772,9962520
275 - 36651,41233048,8281,47470872
Total434,21655,857353,43416,7967,862126
of which Rating 1
0 - 723,5934,99718,0341124500
8 - 3148,47111,61934,4013971,9120
32 - 91109,25619,28387,3801492,4440
92 - 18365,3196,02957,981351,2750
184 - 27452,8681,12851,56801710
275 - 36632,83213632,36603300
Total332,33943,193281,7306936,5820
of which Rating 2
0 - 72,49301,744730190
8 - 316,503144,2162,192800
32 - 9110,69106,9423,34439510
92 - 18314,262011,3962,49532744
184 - 27411,15008,2662,803810
275 - 36613,61019411,8861,08037872
Total58,70920844,45112,6441,280126
Amounts outstanding, broken down by currency, on 20 Jan 2017 (EUR millions; nominal values)
CurrencyAmount outstanding% of totalNumber of issues% of total
EUR260,20459.93,57463.6
USD115,36226.61,06418.9
GBP51,25411.877713.8
JPY00.000.0
Other7,3961.72063.7
Total434,216100.05,621100.0

Daily time series for STEP securities

Amounts outstanding by programme
Amounts outstanding of STEP securities by programme and currency from 13 Jan 2017 to 20 Jan 2017
(denominated in EUR millions irrespective of the accounting currency)1
+STEP IDProgram nameProgram ceilingAccounting currencyAmount outstanding
13 Jan 2017
Amount outstanding
20 Jan 2017
+ 0002550 Abbey National Treasury Service plc Euro Commercial Paper Programme10,000 540544
+ 0002572 Abbey National Treasury Services Plc Negotiable European Commercial Paper5,000 295296
+ 0001911 ABN AMRO Bank N.V. Euro-Commercial Paper Programme25,000 2,6102,552
+ 0001532 ABN Amro Bank N.V. Commercial Paper25,000 634639
+ 0002546 Achmea Bank NV Commercial Paper Programme1,500 258258
+ 0002032 ACOSS Commercial Paper25,000 8,4844,491
+ 0001970 Acoss Euro-Commercial Paper Programme20,000 17,78117,731
+ 0001864 AEGON N.V. Negotiable European Commercial Paper1,000 1010
+ 0001693 African Development Bank ECP2,000 4747
  0002882 Agence France Locale Guaranteed Euro-Commercial Paper Programme1,000 --
+ 0000161 AIRBUS Finance B.V. Guaranteed Negotiable European Commercial Paper (NEU CP)3,000 00
+ 0001890 Allied Irish Bank Plc Euro Commercial Paper5,000 145146
+ 0002743 AMADEUS FINANCE B.V. Guaranteed ECP programme750 435365
+ 0001105 Anglesea Funding plc Euro Commercial Paper Programme30,000 264264
+ 0000092 Antalis SA Negotiable European Commercial Paper5,979 1,9851,915
+ 0002193 Auchan Holding French Billets de Tresorerie2,250 671571
+ 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 NEU CP5,000 00
+ 0002433 Banco Bilbao Vizcaya Argentaria S.A French Certificats de Depot12,000 5,7925,806
+ 0000930 Banco de Sabadell SA London Branch Euro Commercial Paper Programme3,500 248253
+ 0002171 Bank of China, Limited Paris Branch French Certificats de Depot3,000 2,7092,355
+ 0002331 Bank of Ireland (The Governor and Company of the) Euro-Commercial Paper and Euro-Certificate of Deposit Programme10,000 197198
+ 0000081 Banque Federative du Credit Mutuel Commercial Paper30,000 10,30010,063
+ 0000226 Banque Federative du Credit Mutuel ECP and CD Programme25,000 15,97116,144
+ 0000321 Barclays Bank PLC Negotiable European Commercial Paper30,000 14,62114,940
+ 0002754 Barclays Global ECP and USCP Notes40,000 540541
+ 0000861 Barry Callebaut Services nv Multi Currency Short Term Treasury Notes600 335401
+ 0000172 Bayerische Landesbank Multi-Currency Commercial Paper Programme20,000 612613
+ 0001506 Belfius Bank SA/NV Global Multi Currency Short and Medium Term Certificates of Deposit Programme25,000 3,9554,429
+ 0002513 Belfius Financing Company, societe anonyme, Euro-Commercial Paper Programme10,000 1,2791,280
+ 0002903 BGL BNP Paribas Euro-Commercial Paper Programme3,000 8788
+ 0000066 BNP Paribas Fortis SA/NV Global Multi-currency Short Term Certficates of Deposit ProgrammeNaN 6,0787,190
+ 0000055 BNP Paribas Negotiable European Commercial Paper70,000 24,49925,689
+ 0000996 BNP Paribas Personal Finance SA Commercial Paper10,000 00
+ 0001623 BPCE Euro-Commercial Paper Programme10,000 1,2281,256
+ 0001645 BPCE French Negotiable European Commercial Paper60,000 22,67823,473
+ 0002685 Bpifrance Financement NEU CP4,000 3,1133,100
+ 0001116 BRED Banque Populaire, Negotiable European Commercial Paper10,000 4,7064,781
+ 0002160 Bremer Landesbank Kreditanstalt Oldenburg Girozentrale Commercial Paper Programme5,000 500
+ 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 Paper1,000 333313
+ 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 Programme3,000 4080
+ 0002583 Coca-Cola HBC Finance B.V. Guaranteed Euro-Commercial Paper1,000 109109
+ 0001200 Codralux SA MultiCurrency Short-Term Treasury Notes400 8890
+ 0002524 COFACE SA, Negotiable European Commerical Paper (NEU CP)600 315365
+ 0002652 Collateralized Commercial Paper III Co., LLC. Commercial Paper Notes Programme20,000 2,8592,874
  0002856 Commercial Paper Programme - SNS Bank N.V4,000 --
+ 0000376 Commerzbank Aktiengesellschaft Euro Commercial Paper Programme10,000 3,2873,273
+ 0000033 Companie Generale des Etablissements Michelin CGEM French Billets de Tresorerie1,500 248251
+ 0000941 Cooperatieve Rabobank U.A. French Certificates of Deposit Programme20,000 4,9204,920
+ 0000310 Cooperatieve Rabobank U.A. Euro Commercial Paper and Certificate of Deposit Programme25,000 4,8295,065
+ 0002240 Council of Europe Development Bank Euro-Commercial Paper Programme3,000 4431,096
+ 0000296 Credit Agricole Corporate and Investment Bank Commercial Paper30,000 3,5582,966
+ 0002455 Credit Agricole SA Negotiable European Commercial Paper40,000 5,2317,120
+ 0001510 Credit Mutuel Arkea French Certificats de Depot11,500 2,0401,987
+ 0002353 Danske Bank A/S Euro-Commercial Paper and Certificate of Deposit Programme13,000 2,7423,053
+ 0001955 Danske Bank A/S, Commercial Paper (NEU CP)10,000 276277
+ 0002845 de Volksbank N.V Euro-Commercial Paper Programme4,000 -94
+ 0002765 DekaBank Deutsche Girozentrale Commercial Paper Programme15,000 3,6093,398
+ 0002043 Delta Lloyd N.V. and Delta Loyd Treasury B.V. Guaranteed Euro Commercial Paper Programme1,500 116116
+ 0002823 Deutsche Apotheker- und Arztebank eG Commercial Paper programme5,000 371371
+ 0001164 Deutsche Postbank AG Negotiable European Commercial Paper5,000 00
+ 0002626 Dexia Credit Local Guaranteed Euro-Commercial Paper Programme30,000 13,85213,630
+ 0002262 Dexia Credit Local, Guaranteed Negotiable European Commercial Paper (NEU CP)30,000 11,41011,506
+ 0001682 Dexia Credit Negotiable European Commercial Paper (NEU CP)3,000 00
+ 0002801 DIAC S.A. Negotiable European Commercial Paper1,000 103103
+ 0002065 DZ BANK AG Deutsche Zentral-Genossenschaftsbank Frankfurt am Main DZ PRIVATBANK SA Multi Issuer ECP25,000 8,4778,404
  0002925 Ecolab Euro-commercial paper programme2,000 --
+ 0002470 Eneco Holding NV Euro-Commercial Paper Programme750 190190
+ 0000733 ENI S.p.A and ENI Finance International SA Guaranteed Euro Commercial Paper4,000 1,1181,108
+ 0000343 European Investment Bank Global Commercial Paper ProgrammeNaN 18,53817,031
+ 0002860 Fingrid Oyj Euro-Commercial Paper Programme600 130105
+ 0002390 Fromageries Bel SA Commercial Papers500 246246
+ 0002641 Goldman Sachs International Bank Certificate of Deposit ProgrammeNaN 542548
+ 0002776 Heineken N.V. Euro-Commercial Paper Programme1,000 00
+ 0000926 HELABA Landesbank Hessen Thuringen Girozentrale Commercial Paper6,000 1,8952,097
+ 0001496 HELABA Landesbank Hessen Thuringen Girozentrale Multi Currency Euro Commercial Paper and Euro Certificate of Deposit Programme10,000 2,8002,667
+ 0000230 HSBC France Negotiable European Commercial Paper20,000 5,0575,103
+ 0000766 Iberdrola International BV Guaranteed ECP3,000 1,4241,794
+ 0002305 Iliad NEU CP800 400400
+ 0002182 Industrial and Commercial Bank of China Limited NEU CP (Luxembourg branch)1,000 692692
+ 0000135 ING Bank NV ECP and CD Programme20,000 1,5971,657
+ 0001036 ING Bank NV Negotiable European Commercial Paper20,000 4,8445,710
+ 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 3,9984,007
+ 0001383 Intesa Sanpaolo S.p.A Negotiable European Commercial Paper Programme15,000 8741,105
+ 0001900 Investec Bank plc Euro-Commercial Paper and Certificate of Deposit Programme1,000 00
+ 0002706 IRELAND, acting through NTMA, EURO-COMMERCIAL PAPER PROGRAMME50,000 361208
+ 0002214 Italcementi Finance SA Guaranteed Negotiable European Commercial Paper (NEU CP)400 44
  0002940 Johnson Controls International plc euro-commercial paper prorgamme2,000 --
+ 0002936 JT International Financial Services B.V. Guaranteed Euro-Commercial Paper Programme1,000 141141
+ 0000755 Jyske Bank A/S Negotiable European Commercial Paper5,000 3,7293,658
+ 0002145 KA Finanz AG Guaranteed Multi-Currency Commercial Paper Programme3,500 3,4143,286
+ 0001565 KA Finanz AG Multi Currency Commercial Paper Programme3,000 672692
+ 0001073 KBC Bank Ireland plc Global Guaranteed ECP and CD Programme1,000 6565
+ 0001415 KBC Bank NV Multi Currency Short Term Certificate of Deposit Programme15,000 9,8909,818
+ 0001784 KBC Bank SA/NV acting through its French Branch, Negotiable European Commercial Paper5,000 00
+ 0000686 KBC Group NV Global Multi Currency Short Term Certificates of Deposit Programme2,000 448448
+ 0000274 KfW Multi Currency Commercial Paper Programme60,000 33,02932,481
+ 0001543 Kingdom of Sweden ECP ProgrammeNaN 1,1721,176
+ 0000412 Klepierre, Commercial Paper1,300 1,2871,288
+ 0001820 Kommunalbanken AS Euro-Commercial Paper5,000 00
+ 0001671 Kommuninvest i Sverige Aktiebolag (publ) Euro-Commercial Paper7,000 1,6751,621
+ 0002466 La Banque Postale Negotiable European Commercial Paper20,000 6,6515,967
+ 0000551 La Poste Negotiable European Commercial Paper1,500 00
+ 0000904 Landesbank Baden Wurttemberg Commercial Paper Programme10,000 1,5561,553
+ 0001324 Landesbank Baden Wurttemberg French Certificats de Depot5,000 2,1362,261
+ 0001933 Lloyds Bank plc NEU CP15,000 2,1042,094
+ 0000700 Matchpoint Finance plc Negotiable European Commercial Paper10,000 1,5291,529
+ 0001255 Mediobanca International Luxembourg SA French CD Programme4,000 359359
+ 0001372 Mediobanca International Luxembourg SA Guaranteed Euro Commercial Paper Programme4,000 176100
+ 0002674 Mitsui Co. Financial Services (Europe) Plc Euro-Commercial Paper1,500 4848
+ 0000963 Munchener Hypothekenbank eG Euro Commercial Paper Programme5,000 698673
+ 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 996900
+ 0000770 Natixis Negotiable European Commercial Paper45,000 13,16714,758
+ 0002721 Nederlandse Waterschapsbank N.V. Euro-Commercial Paper and Certificate of Deposit Programme25,000 12,09712,592
+ 0002696 NIBC Bank N.V. Euro-Commercial Paper Programme3,000 108107
+ 0002080 Norddeutsche Landesbank - Girozentrale Commercial Paper4,000 2020
+ 0000974 Norddeutsche Landesbank Girozentrale Commercial Paper Programme10,000 817838
+ 0001350 Nordea Bank AB (publ) Euro Commercial Paper Programme15,000 8,9958,997
+ 0000493 Nordea Bank AB publ French Certificats de Depot15,000 714707
+ 0001142 Nordic Investment Bank Euro Commercial Paper Programme2,000 00
+ 0002236 NV Nederlandse Gasunie Euro-commercial Paper Programme750 00
+ 0001025 Nykredit Bank AS Euro Commercial Paper and Certificate of Deposit Programme3,000 494556
+ 0001703 ONEY BANK, Negotiable European Commercial Paper1,000 564564
+ 0001762 OP Corporate plc ECP and CD Programme12,000 7,6747,582
+ 0000525 Orange NEU CP5,000 542542
+ 0001660 Paccar Financial Europe BV and Paccar Financial plc Multi Issuer ECP Programme1,250 582588
+ 0001751 Proximus Multi-currency Multi-jurisdiction Programme for the Issue of Short Term Treasury Notes1,000 405335
+ 0002101 Raiffeisen Bank International Euro-Commercial Paper and Certificate of Deposit Programme15,000 3939
+ 0001554 RCI Banque ECP Programme2,000 282272
+ 0000070 RCI Banque S.A. Negotiable European Commercial Paper4,500 705575
+ 0002871 RELX Finance B.V. Guaranteed Euro-Commercial Paper Programme2,000 283235
+ 0001886 Repsol International Finance B.V. Guaranteed Euro-Commercial Paper2,000 1,6381,692
+ 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 100100
+ 0002812 SFIL Commercial Paper2,000 595606
+ 0000124 Societe Generale ECP and ECD Programme20,000 481549
+ 0000011 Societe Generale Negotiable European Commercial Paper60,000 4,3414,341
+ 0001521 Sony Global Treasury Services Plc Global Commercial Paper for the issuance of Euro Commercial Paper3,000 00
+ 0002834 Svenska Handelsbanken AB (publ) Euro-Commercial Paper Programme15,000 4,8155,204
+ 0002780 Svenska Handelsbanken AB (publ) French Certificats de Depot7,500 2,2882,108
+ 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 796888
+ 0000616 The State of the Netherlands Global Commercial Paper ProgrammeNaN 7,11912,456
+ 0002010 UBI BANCA International S.A. Guaranteed Euro-Commercial Paper Programme6,000 00
+ 0002364 Ubi Banca International SA Guaranteed Commercial Paper5,000 1000
+ 0002422 UBS AG (London Branch) Commercial Paper10,000 2,3472,347
+ 0002386 UBS AG London Branch Euro-Commercial Paper and Certificate of Deposit Programme20,000 2,8592,796
+ 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 2,7442,780
+ 0001040 UniCredit S.p.A., London Branch, Commercial Paper20,000 4,4984,563
+ 0002604 VODAFONE Group plc Euro-Commercial Paper programme8,000 3,0092,894
+ 0002091 Volkswagen Group Services SA Belgian Short-Term Treasury Notes5,000 2,4762,681
+ 0000391 VTB Bank SA Negotiable European Commercial Paper350 00
+ 0000792 Warehouses De Pauw Multi Currency Short Term Treasury Notes200 169164
+ 0002320 Whirlpool Corporation Negotiable European Commercial Paper500 5050

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 maturity20 Jan 201719 Jan 201718 Jan 2017
New issues% of totalNew issues% of totalNew issues% of total
0 - 72,284241,153152,20524
8 - 311,323144711,22113
32 - 912,022222,358311,79219
92 - 1831,1281266391,92221
184 - 274265364394855
275 - 3662,324252,627351,59017
Total9,3461007,4911009,215100

New issues, broken down by sector of the issuer, original time to maturity and rating category, on 20 Jan 2017 (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 - 72,2842122,0442900
8 - 311,32381511139700
32 - 912,0227911,1963500
92 - 1831,12816985801000
184 - 2742650265000
275 - 3662,32402,2695500
Total9,3461,9876,7445151000
of which Rating 1
0 - 72,04402,044000
8 - 31158301111700
32 - 911,9827911,190000
92 - 1831,07816980901000
184 - 2741400140000
275 - 3662,07302,073000
Total7,4759906,368171000
of which Rating 2
0 - 729002900
8 - 313800038000
32 - 9120061400
92 - 18349049000
184 - 2741250125000
275 - 36623601815500
Total839036147700

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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