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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 25 Nov 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-ND-0.44-NDND
8 - 31---0.36NDNDND
32 - 91-ND-0.36ND-ND
92 - 183-ND0.23-NDND
184 - 274NDNDNDNDNDND
275 - 366-ND-0.03ND-ND
of which Rating 1
0 - 7-0.45ND-0.45NDNDND
8 - 31---0.36NDNDND
32 - 91-ND-ND-ND
92 - 1830.23ND0.23NDNDND
184 - 274NDNDNDNDNDND
275 - 366NDNDNDNDNDND
of which Rating 2
0 - 7-NDND-NDND
8 - 31NDNDNDNDNDND
32 - 91-ND-NDNDND
92 - 183-NDND-NDND
184 - 274NDNDNDNDNDND
275 - 366-ND-0.03ND-ND

"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 25 Nov 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
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 25 Nov 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)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
  Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct.
Total issuance 407.9 405 417.6 403.9 416.2 417.3 402.2 409.7 405.6 400.1 409.2 414.7 413.5 417.1

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
  Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct.
Total issuance 407.9 405 417.6 403.9 416.2 417.3 402.2 409.7 405.6 400.1 409.2 414.7 413.5 417.1

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 maturity25 Nov 201624 Nov 201623 Nov 2016
Amount outstanding% of totalAmount outstanding% of totalAmount outstanding% of total
0 - 719,976523,542619,6995
8 - 3152,6601254,5191359,45614
32 - 91147,48235144,17234140,03533
92 - 18391,9312292,7312293,68622
184 - 27451,8151251,9341252,39112
275 - 36658,9161457,1311357,18914
Total422,781100424,029100422,456100
Amounts outstanding, broken down by sector of the issuer, residual time to maturity and rating category on 25 Nov 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 - 719,9761,78516,1291,9031580
8 - 3152,66010,53337,3723,91383210
32 - 91147,48222,494115,5686,6772,70340
92 - 18391,9315,30582,0232,5922,0110
184 - 27451,8151,54648,7581,2612490
275 - 36658,91621555,1573,2303140
Total422,78141,879355,00919,5766,26850
of which Rating 1
0 - 715,62074714,3104041580
8 - 3143,91410,53331,9826107890
32 - 91120,62122,13195,5564572,4770
92 - 18377,4255,30570,437501,6320
184 - 27439,6701,54637,93101930
275 - 36640,54721540,332000
Total337,79640,477290,5481,5215,2500
of which Rating 2
0 - 72,16708601,30700
8 - 313,55201,3892,1104310
32 - 9115,6853639,8155,24122640
92 - 18310,19507,8631,9533780
184 - 2749,99908,8191,124560
275 - 36613,576010,4482,8143140
Total55,17436339,19414,5491,01850
Amounts outstanding, broken down by currency, on 25 Nov 2016 (EUR millions; nominal values)
CurrencyAmount outstanding% of totalNumber of issues% of total
EUR255,12560.33,66264.1
USD115,34627.31,09819.2
GBP45,44510.774613.1
JPY00.000.0
Other6,8651.62103.7
Total422,781100.05,716100.0

Daily time series for STEP securities

Amounts outstanding by programme
Amounts outstanding of STEP securities by programme and currency from 18 Nov 2016 to 25 Nov 2016
(denominated in EUR millions irrespective of the accounting currency)1
+STEP IDProgram nameProgram ceilingAccounting currencyAmount outstanding
18 Nov 2016
Amount outstanding
25 Nov 2016
+ 0002550 Abbey National Treasury Service plc Euro Commercial Paper Programme10,000 579584
+ 0002572 Abbey National Treasury Services Plc Negotiable European Commercial Paper5,000 296297
+ 0001911 ABN AMRO Bank N.V. Euro-Commercial Paper Programme25,000 3,0753,552
+ 0001532 ABN Amro Bank N.V. Commercial Paper25,000 244656
+ 0002546 Achmea Bank NV Commercial Paper Programme1,500 208208
+ 0002032 ACOSS Commercial Paper25,000 3,5993,199
+ 0001864 AEGON N.V. Negotiable European Commercial Paper1,000 1010
+ 0001693 African Development Bank ECP2,000 00
+ 0001970 Agence Centrale des Organismes de Securite Sociale Euro-Commercial Paper Programme20,000 14,95416,893
  0002882 Agence France Locale Guaranteed Euro-Commercial Paper Programme1,000 --
+ 0000161 AIRBUS Finance B.V. Guaranteed Negotiable European Commercial Paper (NEU CP)3,000 600600
+ 0001890 Allied Irish Bank Plc Euro Commercial Paper5,000 1030
+ 0002743 AMADEUS FINANCE B.V. Guaranteed ECP programme750 435435
+ 0001105 Anglesea Funding plc Euro Commercial Paper Programme30,000 55
+ 0000092 Antalis SA Negotiable European Commercial Paper5,979 1,0881,128
+ 0002193 Auchan Holding French Billets de Tresorerie2,250 505441
+ 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 4,0125,477
+ 0000930 Banco de Sabadell SA London Branch Euro Commercial Paper Programme3,500 272272
+ 0002171 Bank of China, Limited Paris Branch French Certificats de Depot3,000 2,4442,493
+ 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 13,10511,970
+ 0000226 Banque Federative du Credit Mutuel ECP and CD Programme25,000 15,38017,867
+ 0000321 Barclays Bank PLC Negotiable European Commercial Paper30,000 12,48711,900
+ 0002754 Barclays Global ECP and USCP Notes40,000 388481
+ 0000861 Barry Callebaut Services nv Multi Currency Short Term Treasury Notes600 259266
+ 0000172 Bayerische Landesbank Multi-Currency Commercial Paper Programme20,000 760770
+ 0001506 Belfius Bank SA/NV Global Multi Currency Short and Medium Term Certificates of Deposit Programme25,000 4,4174,192
+ 0002513 Belfius Financing Company, societe anonyme, Euro-Commercial Paper Programme10,000 1,0111,018
+ 0002903 BGL BNP Paribas Euro-Commercial Paper Programme3,000 5497
+ 0000066 BNP Paribas Fortis SA/NV Global Multi-currency Short Term Certficates of Deposit ProgrammeNaN 6,2285,450
+ 0000055 BNP Paribas Negotiable European Commercial Paper70,000 27,36426,929
+ 0000996 BNP Paribas Personal Finance SA Commercial Paper10,000 00
+ 0001623 BPCE Euro-Commercial Paper Programme10,000 1,3981,402
+ 0001645 BPCE French Negotiable European Commercial Paper60,000 19,77219,678
+ 0002685 Bpifrance Financement NEU CP4,000 2,9072,907
+ 0001116 BRED Banque Populaire, Negotiable European Commercial Paper10,000 4,5404,193
+ 0002160 Bremer Landesbank Kreditanstalt Oldenburg Girozentrale Commercial Paper Programme5,000 5050
+ 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 580580
+ 0002284 Caixa Geral de Depositos Multi-Issuer Euro-Commercial Paper and Certificates of Deposit Programme10,000 55
+ 0002663 Cassa Depositi e Prestiti S.p.A. Multi-Currency Commercial Paper Programme3,000 358358
+ 0002583 Coca-Cola HBC Finance B.V. Guaranteed Euro-Commercial Paper1,000 129154
+ 0001200 Codralux SA MultiCurrency Short-Term Treasury Notes400 100100
+ 0002524 COFACE SA, Negotiable European Commerical Paper (NEU CP)600 455470
+ 0002652 Collateralized Commercial Paper III Co., LLC. Commercial Paper Notes Programme20,000 2,8182,830
  0002856 Commercial Paper Programme - SNS Bank N.V4,000 --
+ 0000376 Commerzbank Aktiengesellschaft Euro Commercial Paper Programme10,000 3,8843,646
+ 0000033 Companie Generale des Etablissements Michelin CGEM French Billets de Tresorerie1,500 253254
+ 0000941 Cooperatieve Rabobank U.A. French Certificates of Deposit Programme20,000 5,5165,516
+ 0000310 Cooperatieve Rabobank U.A. Euro Commercial Paper and Certificate of Deposit Programme25,000 5,9515,687
+ 0002240 Council of Europe Development Bank Euro-Commercial Paper Programme3,000 1,4951,000
+ 0000296 Credit Agricole Corporate and Investment Bank Commercial Paper30,000 4,4263,515
+ 0002455 Credit Agricole SA Negotiable European Commercial Paper40,000 7,0346,215
+ 0001510 Credit Mutuel Arkea French Certificats de Depot11,500 2,0032,207
+ 0002353 Danske Bank A/S Euro-Commercial Paper and Certificate of Deposit Programme13,000 2,4992,450
+ 0001955 Danske Bank A/S, Commercial Paper (NEU CP)10,000 248249
+ 0002765 DekaBank Deutsche Girozentrale Commercial Paper Programme15,000 4,3654,048
+ 0002043 Delta Lloyd N.V. and Delta Loyd Treasury B.V. Guaranteed Euro Commercial Paper Programme1,500 4040
+ 0002823 Deutsche Apotheker- und Arztebank eG Commercial Paper programme5,000 471371
+ 0001164 Deutsche Postbank AG Negotiable European Commercial Paper5,000 00
+ 0002626 Dexia Credit Local Guaranteed Euro-Commercial Paper Programme30,000 14,31614,431
+ 0002262 Dexia Credit Local, Guaranteed Negotiable European Commercial Paper (NEU CP)30,000 13,29212,261
+ 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 9,3538,691
  0002925 Ecolab Euro-commercial paper programme2,000 --
+ 0002470 Eneco Holding NV Euro-Commercial Paper Programme750 00
+ 0000733 ENI S.p.A and ENI Finance International SA Guaranteed Euro Commercial Paper4,000 1,5391,589
+ 0000343 European Investment Bank Global Commercial Paper ProgrammeNaN 14,76116,737
+ 0002860 Fingrid Oyj Euro-Commercial Paper Programme600 120120
+ 0002390 Fromageries Bel SA Commercial Papers500 245245
+ 0002641 Goldman Sachs International Bank Certificate of Deposit ProgrammeNaN 934839
+ 0002776 Heineken N.V. Euro-Commercial Paper Programme1,000 00
+ 0000926 HELABA Landesbank Hessen Thuringen Girozentrale Commercial Paper6,000 2,0342,024
+ 0001496 HELABA Landesbank Hessen Thuringen Girozentrale Multi Currency Euro Commercial Paper and Euro Certificate of Deposit Programme10,000 3,2442,978
+ 0000230 HSBC France Negotiable European Commercial Paper20,000 3,3263,322
+ 0000766 Iberdrola International BV Guaranteed ECP3,000 1,5971,647
+ 0002305 Iliad NEU CP800 400400
+ 0002182 Industrial and Commercial Bank of China Limited NEU CP (Luxembourg branch)1,000 395434
+ 0000135 ING Bank NV ECP and CD Programme20,000 1,8531,486
+ 0001036 ING Bank NV Negotiable European Commercial Paper20,000 4,0114,012
+ 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 3,4693,720
+ 0001383 Intesa Sanpaolo S.p.A Negotiable European Commercial Paper Programme15,000 1,7351,735
+ 0001900 Investec Bank plc Euro-Commercial Paper and Certificate of Deposit Programme1,000 00
+ 0002706 IRELAND, acting through NTMA, EURO-COMMERCIAL PAPER PROGRAMME50,000 367363
+ 0002214 Italcementi Finance SA Guaranteed Negotiable European Commercial Paper (NEU CP)400 99
+ 0000755 Jyske Bank A/S Negotiable European Commercial Paper5,000 3,5333,509
+ 0002145 KA Finanz AG Guaranteed Multi-Currency Commercial Paper Programme3,500 3,3503,439
+ 0001565 KA Finanz AG Multi Currency Commercial Paper Programme3,000 482549
+ 0001073 KBC Bank Ireland plc Global Guaranteed ECP and CD Programme1,000 7171
+ 0001415 KBC Bank NV Multi Currency Short Term Certificate of Deposit Programme15,000 8,5179,331
+ 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 793758
+ 0000274 KfW Multi Currency Commercial Paper Programme60,000 37,05838,942
+ 0001543 Kingdom of Sweden ECP ProgrammeNaN 01,180
+ 0000412 Klepierre, Commercial Paper1,300 1,2921,292
+ 0001820 Kommunalbanken AS Euro-Commercial Paper5,000 00
+ 0001671 Kommuninvest i Sverige Aktiebolag (publ) Euro-Commercial Paper7,000 1,7411,468
+ 0002466 La Banque Postale Negotiable European Commercial Paper20,000 4,5204,587
+ 0000551 La Poste Negotiable European Commercial Paper1,500 00
+ 0000904 Landesbank Baden Wurttemberg Commercial Paper Programme10,000 1,0411,001
+ 0001324 Landesbank Baden Wurttemberg French Certificats de Depot5,000 2,3762,421
+ 0001933 Lloyds Bank plc NEU CP15,000 2,9132,913
+ 0000700 Matchpoint Finance plc Negotiable European Commercial Paper10,000 1,2861,288
+ 0001255 Mediobanca International Luxembourg SA French CD Programme4,000 359359
+ 0001372 Mediobanca International Luxembourg SA Guaranteed Euro Commercial Paper Programme4,000 179179
+ 0002674 Mitsui Co. Financial Services (Europe) Plc Euro-Commercial Paper1,500 5353
+ 0000963 Munchener Hypothekenbank eG Euro Commercial Paper Programme5,000 662612
+ 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 1,7931,729
+ 0000770 Natixis Negotiable European Commercial Paper45,000 14,88714,623
+ 0002721 Nederlandse Waterschapsbank N.V. Euro-Commercial Paper and Certificate of Deposit Programme25,000 13,15113,019
+ 0002696 NIBC Bank N.V. Euro-Commercial Paper Programme3,000 181176
+ 0002080 Norddeutsche Landesbank - Girozentrale Commercial Paper4,000 00
+ 0000974 Norddeutsche Landesbank Girozentrale Commercial Paper Programme10,000 812833
+ 0001350 Nordea Bank AB (publ) Euro Commercial Paper Programme15,000 6,5047,272
+ 0000493 Nordea Bank AB publ French Certificats de Depot15,000 749819
+ 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 542577
+ 0001703 ONEY BANK, Negotiable European Commercial Paper1,000 499499
+ 0001762 OP Corporate plc ECP and CD Programme12,000 8,2328,266
+ 0000525 Orange NEU CP5,000 418418
+ 0001660 Paccar Financial Europe BV and Paccar Financial plc Multi Issuer ECP Programme1,250 525531
+ 0001751 Proximus Multi-currency Multi-jurisdiction Programme for the Issue of Short Term Treasury Notes1,000 0155
+ 0002101 Raiffeisen Bank International Euro-Commercial Paper and Certificate of Deposit Programme15,000 7171
+ 0001554 RCI Banque ECP Programme2,000 146161
+ 0000070 RCI Banque S.A. Negotiable European Commercial Paper4,500 713732
+ 0002871 RELX Finance B.V. Guaranteed Euro-Commercial Paper Programme2,000 383428
+ 0001886 Repsol International Finance B.V. Guaranteed Euro-Commercial Paper2,000 1,8201,755
+ 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 129145
+ 0002812 SFIL Commercial Paper2,000 749655
+ 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 150100
+ 0000722 SNCB Holding SA NMBS Holding NV Multi Currency Short Term Treasury Notes1,500 125170
+ 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 1,0721,076
+ 0000011 Societe Generale Negotiable European Commercial Paper60,000 4,9054,856
+ 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 4,5574,129
+ 0002780 Svenska Handelsbanken AB (publ) French Certificats de Depot7,500 2,0072,007
+ 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 407407
+ 0000616 The State of the Netherlands Global Commercial Paper ProgrammeNaN 01,039
+ 0002010 UBI BANCA International S.A. Guaranteed Euro-Commercial Paper Programme6,000 00
+ 0002364 Ubi Banca International SA Guaranteed Commercial Paper5,000 150150
+ 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 3,4043,425
+ 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 2,3352,335
+ 0001040 UniCredit S.p.A., London Branch, Commercial Paper20,000 4,6464,446
+ 0002604 VODAFONE Group plc Euro-Commercial Paper programme8,000 5,2734,924
+ 0002091 Volkswagen Group Services SA Belgian Short-Term Treasury Notes5,000 2,0042,044
+ 0000391 VTB Bank SA Negotiable European Commercial Paper350 00
+ 0000792 Warehouses De Pauw Multi Currency Short Term Treasury Notes200 160159
+ 0002320 Whirlpool Corporation Negotiable European Commercial Paper500 206206

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 maturity25 Nov 201624 Nov 201623 Nov 2016
New issues% of totalNew issues% of totalNew issues% of total
0 - 71,156151,134372,84338
8 - 31772101502383
32 - 911,0561412544386
92 - 1832,69035876293,40445
184 - 27416122649501
275 - 3661,84024649215457
Total7,6761003,0631007,517100

New issues, broken down by sector of the issuer, original time to maturity and rating category, on 25 Nov 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 - 71,15601,1362000
8 - 31772540227500
32 - 911,05663432150510
92 - 1832,6902582,3825000
184 - 2741619467000
275 - 3661,84001,8200200
Total7,6761,5275,953125710
of which Rating 1
0 - 79360936000
8 - 31767540227000
32 - 9190263419640320
92 - 1832,1062581,848000
184 - 2741619467000
275 - 3662700270000
Total5,1441,5273,54540320
of which Rating 2
0 - 720002000
8 - 31000000
32 - 91840650190
92 - 183640145000
184 - 274000000
275 - 3661,57001,5500200
Total1,73801,62970390

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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