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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 17 Feb 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 - 7-0.43--0.43-NDND
8 - 31-0.41---NDND
32 - 91-0.37--0.38-NDND
92 - 183-ND-ND-ND
184 - 274-ND-NDNDND
275 - 366-0.29ND-0.29NDNDND
of which Rating 1
0 - 7---0.43NDNDND
8 - 31-0.44---NDND
32 - 91---0.43NDNDND
92 - 183-ND-ND-ND
184 - 274-ND-NDNDND
275 - 366-0.29ND-0.29NDNDND
of which Rating 2
0 - 7-NDND-NDND
8 - 31-NDND-NDND
32 - 91-NDND-NDND
92 - 183NDNDNDNDNDND
184 - 274-ND-NDNDND
275 - 366NDNDNDNDNDND

"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 17 Feb 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
EONIA0.1015ND0.1015NDNDND
EURIBOR 1 weekNDNDNDNDNDND
EURIBOR 1 monthNDNDNDNDNDND
EURIBOR 3 monthsNDNDNDNDNDND
EURIBOR 6 monthsNDNDNDNDNDND
EURIBOR 9 monthsNDNDNDNDNDND
EURIBOR 1 yearNDNDNDNDNDND
of which Rating 1
EONIA0.0894ND0.0894NDNDND
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 17 Feb 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)
  2016 2017
  Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan.
Total issuance 416.2 417.3 402.2 409.7 405.6 400.1 409.2 414.7 413.5 417.1 421.3 413.2 421.3

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)
  2016 2017
  Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan.
Total issuance 416.2 417.3 402.2 409.7 405.6 400.1 409.2 414.7 413.5 417.1 421.3 413.2 421.3

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 maturity17 Feb 201716 Feb 201715 Feb 2017
Amount outstanding% of totalAmount outstanding% of totalAmount outstanding% of total
0 - 723,544523,342523,2685
8 - 3158,7501457,8681361,30514
32 - 91139,71232140,39232137,57032
92 - 18390,7132192,7442192,84021
184 - 27467,6841667,2441567,31416
275 - 36652,7581252,3331251,90312
Total433,160100433,924100434,201100
Amounts outstanding, broken down by sector of the issuer, residual time to maturity and rating category on 17 Feb 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 - 723,5444,10217,7861,0995560
8 - 3158,7508,43644,4934,0631,72810
32 - 91139,71222,909108,2735,4222,7540
92 - 18390,7138,86077,7952,4221,59244
184 - 27467,6841,33062,2143,4946450
275 - 36652,75851849,4402,148545107
Total433,16046,155360,00318,6487,820161
of which Rating 1
0 - 720,6714,10215,8861275560
8 - 3146,8438,40536,3454621,6120
32 - 91116,32122,89990,6651042,2990
92 - 18373,6558,86063,368351,3910
184 - 27450,0621,33048,35103800
275 - 36634,14732433,47303500
Total341,69845,921288,0887296,5890
of which Rating 2
0 - 71,637088875000
8 - 316,126313,4032,56611610
32 - 9111,17096,7293,9764550
92 - 18313,843011,6611,93720044
184 - 27412,65609,3383,0542640
275 - 36613,35119411,0971,758195107
Total58,78223443,11614,0401,231161
Amounts outstanding, broken down by currency, on 17 Feb 2017 (EUR millions; nominal values)
CurrencyAmount outstanding% of totalNumber of issues% of total
EUR264,34361.03,62963.5
USD108,93625.11,07418.8
GBP50,57011.779914.0
JPY00.000.0
Other9,3102.12123.7
Total433,160100.05,714100.0

Daily time series for STEP securities

Amounts outstanding by programme
Amounts outstanding of STEP securities by programme and currency from 10 Feb 2017 to 17 Feb 2017
(denominated in EUR millions irrespective of the accounting currency)1
+STEP IDProgram nameProgram ceilingAccounting currencyAmount outstanding
10 Feb 2017
Amount outstanding
17 Feb 2017
+ 0002550 Abbey National Treasury Service plc Euro Commercial Paper Programme10,000 691711
+ 0002572 Abbey National Treasury Services Plc Negotiable European Commercial Paper5,000 296296
+ 0001911 ABN AMRO Bank N.V. Euro-Commercial Paper Programme25,000 2,7452,854
+ 0001532 ABN Amro Bank N.V. Commercial Paper25,000 646643
+ 0002546 Achmea Bank NV Commercial Paper Programme1,500 274274
+ 0002032 ACOSS Commercial Paper25,000 6,2703,705
+ 0001970 Acoss Euro-Commercial Paper Programme20,000 18,28418,672
+ 0001864 AEGON N.V. Negotiable European Commercial Paper1,000 1010
+ 0001693 African Development Bank ECP2,000 470
+ 0002882 Agence France Locale Guaranteed Euro-Commercial Paper Programme1,000 139139
+ 0000161 AIRBUS Finance B.V. Guaranteed Negotiable European Commercial Paper (NEU CP)3,000 00
+ 0001890 Allied Irish Bank Plc Euro Commercial Paper5,000 146146
+ 0002743 AMADEUS FINANCE B.V. Guaranteed ECP programme750 365585
+ 0001105 Anglesea Funding plc Euro Commercial Paper Programme30,000 264264
+ 0000092 Antalis SA Negotiable European Commercial Paper5,979 1,9111,871
+ 0002193 Auchan Holding French Billets de Tresorerie2,250 552533
+ 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 4,8944,661
+ 0000930 Banco de Sabadell SA London Branch Euro Commercial Paper Programme3,500 244242
+ 0002171 Bank of China, Limited Paris Branch French Certificats de Depot3,000 2,6662,336
+ 0002331 Bank of Ireland (The Governor and Company of the) Euro-Commercial Paper and Euro-Certificate of Deposit Programme10,000 198197
+ 0000081 Banque Federative du Credit Mutuel Commercial Paper30,000 11,91312,023
+ 0000226 Banque Federative du Credit Mutuel ECP and CD Programme25,000 16,19416,168
+ 0000321 Barclays Bank PLC Negotiable European Commercial Paper30,000 15,06115,052
+ 0002754 Barclays Global Commercial Paper Programme40,000 583633
+ 0000861 Barry Callebaut Services nv Multi Currency Short Term Treasury Notes600 444399
+ 0000172 Bayerische Landesbank Multi-Currency Commercial Paper Programme20,000 498497
+ 0001506 Belfius Bank SA/NV Global Multi Currency Short and Medium Term Certificates of Deposit Programme25,000 4,4434,501
+ 0002513 Belfius Financing Company, societe anonyme, Euro-Commercial Paper Programme10,000 1,2321,231
+ 0002903 BGL BNP Paribas Euro-Commercial Paper Programme3,000 8787
+ 0000066 BNP Paribas Fortis SA/NV Global Multi-currency Short Term Certficates of Deposit ProgrammeNaN 7,6297,722
+ 0000055 BNP Paribas Negotiable European Commercial Paper70,000 25,69325,012
+ 0000996 BNP Paribas Personal Finance SA Commercial Paper10,000 00
+ 0001623 BPCE Euro-Commercial Paper Programme10,000 1,5191,657
+ 0001645 BPCE French Negotiable European Commercial Paper60,000 24,05723,974
+ 0002685 Bpifrance Financement NEU CP4,000 3,3413,314
+ 0001116 BRED Banque Populaire, Negotiable European Commercial Paper10,000 5,3985,347
+ 0002160 Bremer Landesbank Kreditanstalt Oldenburg Girozentrale Commercial Paper Programme5,000 00
+ 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 228208
+ 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 80220
+ 0002583 Coca-Cola HBC Finance B.V. Guaranteed Euro-Commercial Paper1,000 149149
+ 0001200 Codralux SA MultiCurrency Short-Term Treasury Notes400 8888
+ 0002524 COFACE SA, Negotiable European Commerical Paper (NEU CP)600 550580
+ 0002652 Collateralized Commercial Paper III Co., LLC. Commercial Paper Notes Programme20,000 2,8302,914
+ 0000376 Commerzbank Aktiengesellschaft Euro Commercial Paper Programme10,000 2,6532,643
+ 0000033 Companie Generale des Etablissements Michelin CGEM French Billets de Tresorerie1,500 252251
+ 0000941 Cooperatieve Rabobank U.A. French Certificates of Deposit Programme20,000 4,2354,434
+ 0000310 Cooperatieve Rabobank U.A. Euro Commercial Paper and Certificate of Deposit Programme25,000 5,6976,152
+ 0002240 Council of Europe Development Bank Euro-Commercial Paper Programme3,000 1,5381,556
+ 0000296 Credit Agricole Corporate and Investment Bank Commercial Paper30,000 3,1013,052
+ 0002455 Credit Agricole SA Negotiable European Commercial Paper40,000 6,5176,669
+ 0001510 Credit Mutuel Arkea French Certificats de Depot11,500 1,9911,921
+ 0002353 Danske Bank A/S Euro-Commercial Paper and Certificate of Deposit Programme13,000 3,4883,592
+ 0001955 Danske Bank A/S, Commercial Paper (NEU CP)10,000 751950
+ 0002845 de Volksbank N.V Euro-Commercial Paper Programme4,000 234234
+ 0002856 de Volksbank N.V. Commercial Paper Programme4,000 1515
+ 0002765 DekaBank Deutsche Girozentrale Commercial Paper Programme15,000 2,4662,654
+ 0002043 Delta Lloyd N.V. and Delta Loyd Treasury B.V. Guaranteed Euro Commercial Paper Programme1,500 121151
+ 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 14,57514,504
+ 0002262 Dexia Credit Local, Guaranteed Negotiable European Commercial Paper (NEU CP)30,000 11,90610,323
+ 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 7,5247,501
  0002925 Ecolab Euro-commercial paper programme2,000 --
+ 0000733 ENI S.p.A and ENI Finance International SA Guaranteed Euro Commercial Paper4,000 863863
+ 0000343 European Investment Bank Global Commercial Paper ProgrammeNaN 18,22218,957
+ 0002860 Fingrid Oyj Euro-Commercial Paper Programme600 105105
+ 0002390 Fromageries Bel SA Commercial Papers500 246246
+ 0002641 Goldman Sachs International Bank Certificate of Deposit ProgrammeNaN 555495
+ 0002776 Heineken N.V. Euro-Commercial Paper Programme1,000 00
+ 0000926 HELABA Landesbank Hessen Thuringen Girozentrale Commercial Paper6,000 2,0171,935
+ 0001496 HELABA Landesbank Hessen Thuringen Girozentrale Multi Currency Euro Commercial Paper and Euro Certificate of Deposit Programme10,000 2,3332,461
+ 0000230 HSBC France Negotiable European Commercial Paper20,000 5,2655,478
+ 0000766 Iberdrola International BV Guaranteed ECP3,000 1,8001,865
+ 0002305 Iliad NEU CP800 400400
+ 0002182 Industrial and Commercial Bank of China Limited NEU CP (Luxembourg branch)1,000 778730
+ 0000135 ING Bank NV ECP and CD Programme20,000 1,5891,662
+ 0001036 ING Bank NV Negotiable European Commercial Paper20,000 5,5605,427
+ 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 4,0684,063
+ 0001383 Intesa Sanpaolo S.p.A Negotiable European Commercial Paper Programme15,000 1,1051,022
+ 0001900 Investec Bank plc Euro-Commercial Paper and Certificate of Deposit Programme1,000 00
+ 0002706 IRELAND, acting through NTMA, EURO-COMMERCIAL PAPER PROGRAMME50,000 235234
+ 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 231372
+ 0000755 Jyske Bank A/S Negotiable European Commercial Paper5,000 3,2123,096
+ 0002145 KA Finanz AG Guaranteed Multi-Currency Commercial Paper Programme3,500 3,0363,069
+ 0001565 KA Finanz AG Multi Currency Commercial Paper Programme3,000 629665
+ 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 9,90310,574
+ 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 283283
+ 0000274 KfW Multi Currency Commercial Paper Programme60,000 29,79831,423
+ 0001543 Kingdom of Sweden ECP ProgrammeNaN 1,1761,174
+ 0000412 Klepierre, Commercial Paper1,300 1,2891,288
+ 0001820 Kommunalbanken AS Euro-Commercial Paper5,000 00
+ 0001671 Kommuninvest i Sverige Aktiebolag (publ) Euro-Commercial Paper7,000 1,9551,858
+ 0002466 La Banque Postale Negotiable European Commercial Paper20,000 6,0905,988
+ 0000551 La Poste Negotiable European Commercial Paper1,500 00
+ 0000904 Landesbank Baden Wurttemberg Commercial Paper Programme10,000 2,4622,691
+ 0001324 Landesbank Baden Wurttemberg French Certificats de Depot5,000 2,2872,382
+ 0001933 Lloyds Bank plc NEU CP15,000 2,6232,598
+ 0000700 Matchpoint Finance plc Negotiable European Commercial Paper10,000 1,5291,540
+ 0001255 Mediobanca International Luxembourg S.A. Negotiable European Commercial Paper4,000 795795
+ 0001372 Mediobanca International Luxembourg SA Guaranteed Euro Commercial Paper Programme4,000 06
+ 0002674 Mitsui Co. Financial Services (Europe) Plc Euro-Commercial Paper1,500 7676
+ 0000963 Munchener Hypothekenbank eG Euro Commercial Paper Programme5,000 604603
+ 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 1,007987
+ 0000770 Natixis Negotiable European Commercial Paper45,000 14,94514,878
+ 0002721 Nederlandse Waterschapsbank N.V. Euro-Commercial Paper and Certificate of Deposit Programme25,000 14,61514,940
+ 0002696 NIBC Bank N.V. Euro-Commercial Paper Programme3,000 92115
+ 0002080 Norddeutsche Landesbank - Girozentrale Commercial Paper4,000 4343
+ 0000974 Norddeutsche Landesbank Girozentrale Commercial Paper Programme10,000 580579
+ 0001350 Nordea Bank AB (publ) Euro Commercial Paper Programme15,000 9,4649,498
+ 0000493 Nordea Bank AB publ French Certificats de Depot15,000 1,0501,053
+ 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 586558
+ 0001703 ONEY BANK, Negotiable European Commercial Paper1,000 514514
+ 0001762 OP Corporate plc ECP and CD Programme12,000 7,2117,114
+ 0000525 Orange NEU CP5,000 868867
+ 0001660 Paccar Financial Europe BV and Paccar Financial plc Multi Issuer ECP Programme1,250 618624
+ 0001751 Proximus Multi-currency Multi-jurisdiction Programme for the Issue of Short Term Treasury Notes1,000 335285
+ 0002101 Raiffeisen Bank International Euro-Commercial Paper and Certificate of Deposit Programme15,000 3939
+ 0001554 RCI Banque ECP Programme2,000 173188
+ 0000070 RCI Banque S.A. Negotiable European Commercial Paper4,500 365421
+ 0002871 RELX Finance B.V. Guaranteed Euro-Commercial Paper Programme2,000 295285
+ 0001886 Repsol International Finance B.V. Guaranteed Euro-Commercial Paper2,000 1,9971,993
+ 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 Commercial Paper2,000 636631
+ 0000124 Societe Generale ECP and ECD Programme20,000 573488
+ 0000011 Societe Generale Negotiable European Commercial Paper60,000 4,2814,281
+ 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 335335
+ 0002834 Svenska Handelsbanken AB (publ) Euro-Commercial Paper Programme15,000 5,3255,325
+ 0002780 Svenska Handelsbanken AB (publ) French Certificats de Depot7,500 2,2312,231
+ 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 963963
+ 0000616 The State of the Netherlands Global Commercial Paper ProgrammeNaN 2250
+ 0002010 UBI BANCA International S.A. Guaranteed Euro-Commercial Paper Programme6,000 00
+ 0002364 Ubi Banca International SA Guaranteed Commercial Paper5,000 00
+ 0002422 UBS AG (London Branch) Commercial Paper10,000 3,5143,514
+ 0002386 UBS AG London Branch Euro-Commercial Paper and Certificate of Deposit Programme20,000 2,6252,595
+ 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 2,8972,897
+ 0001040 UniCredit S.p.A., London Branch, Commercial Paper20,000 4,9375,013
+ 0002604 VODAFONE Group plc Euro-Commercial Paper programme8,000 2,7902,790
+ 0002091 Volkswagen Group Services SA Belgian Short-Term Treasury Notes5,000 3,2643,528
+ 0000391 VTB Bank SA Negotiable European Commercial Paper350 00
+ 0000792 Warehouses De Pauw Multi Currency Short Term Treasury Notes200 169169
+ 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 maturity17 Feb 201716 Feb 201715 Feb 2017
New issues% of totalNew issues% of totalNew issues% of total
0 - 72,333382,051313,05837
8 - 317501259592693
32 - 911,835301,636251,49618
92 - 183401652682,06125
184 - 27441571,060162533
275 - 3664878748111,12714
Total6,2211006,6171008,265100

New issues, broken down by sector of the issuer, original time to maturity and rating category, on 17 Feb 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 - 72,333102,3131000
8 - 317508038428600
32 - 911,8353961,31512500
92 - 18340103760250
184 - 27441503270870
275 - 3664870487000
Total6,2214865,2014211130
of which Rating 1
0 - 72,323102,313000
8 - 31493803842900
32 - 911,5963961,200000
92 - 18334303170250
184 - 27436502770870
275 - 3664370437000
Total5,5564864,929291130
of which Rating 2
0 - 710001000
8 - 312300023000
32 - 911250012500
92 - 18358058000
184 - 27450050000
275 - 36650050000
Total523015836500

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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