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 21 May 2018 (percentages per annum)
Original time to maturity
(in calendar days)
Total issuanceGeneral government and
international organisations
Monetary financial
institutions
Non-financial
corporations
Other financial intermediariesInsurance corporations and
pension funds
All ratings
0 - 7-ND-NDNDND
8 - 31-NDND-NDND
32 - 91-ND-0.42-NDND
92 - 183-0.34ND-0.38--ND
184 - 274-0.18ND-0.18NDNDND
275 - 366-ND-NDNDND
of which Rating 1
0 - 7-ND-NDNDND
8 - 31NDNDNDNDNDND
32 - 91-ND-NDNDND
92 - 183-0.34ND-ND-ND
184 - 274-0.18ND-0.18NDNDND
275 - 366-ND-NDNDND
of which Rating 2
0 - 7NDNDNDNDNDND
8 - 31NDNDNDNDNDND
32 - 91-NDND-NDND
92 - 183-NDND-NDND
184 - 274NDNDNDNDNDND
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 21 May 2018 (percentage points per annum)
Benchmark rateTotal issuanceGeneral government and
international organisations
Monetary financial
institutions
Non-financial
corporations
Other financial intermediariesInsurance corporations and
pension funds
All ratings
EONIA-ND-NDNDND
EURIBOR 1 weekNDNDNDNDNDND
EURIBOR 1 monthNDNDNDNDNDND
EURIBOR 3 monthsNDNDNDNDNDND
EURIBOR 6 monthsNDNDNDNDNDND
EURIBOR 9 monthsNDNDNDNDNDND
EURIBOR 1 yearNDNDNDNDNDND
of which Rating 1
EONIA-ND-NDNDND
EURIBOR 1 weekNDNDNDNDNDND
EURIBOR 1 monthNDNDNDNDNDND
EURIBOR 3 monthsNDNDNDNDNDND
EURIBOR 6 monthsNDNDNDNDNDND
EURIBOR 9 monthsNDNDNDNDNDND
EURIBOR 1 yearNDNDNDNDNDND
of which Rating 2
EONIANDNDNDNDNDND
EURIBOR 1 weekNDNDNDNDNDND
EURIBOR 1 monthNDNDNDNDNDND
EURIBOR 3 monthsNDNDNDNDNDND
EURIBOR 6 monthsNDNDNDNDNDND
EURIBOR 9 monthsNDNDNDNDNDND
EURIBOR 1 yearNDNDNDNDNDND

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

Spread between the EONIA and the yield on new issues of euro-denominated STEP securities, broken down by sector of the issuer, original time to maturity and rating category for variable rate instruments, on 21 May 2018 (percentage points per annum)
Benchmark rate and
original time to maturity (in calendar days)
Total issuanceGeneral government and
international organisations
Monetary financial
institutions
Non-financial
corporations
Other financial intermediariesInsurance corporations and
pension funds
All ratings
OvernightNDNDNDNDNDND
1 week (4-9)NDNDNDNDNDND
1 month (20-40)NDNDNDNDNDND
2 months (50-70)NDNDNDNDNDND
3 months (80-100)NDNDNDNDNDND
6 months (165-195)NDNDNDNDNDND
of which Rating 1
OvernightNDNDNDNDNDND
1 week (4-9)NDNDNDNDNDND
1 month (20-40)NDNDNDNDNDND
2 months (50-70)NDNDNDNDNDND
3 months (80-100)NDNDNDNDNDND
6 months (165-195)NDNDNDNDNDND
of which Rating 2
OvernightNDNDNDNDNDND
1 week (4-9)NDNDNDNDNDND
1 month (20-40)NDNDNDNDNDND
2 months (50-70)NDNDNDNDNDND
3 months (80-100)NDNDNDNDNDND
6 months (165-195)NDNDNDNDNDND

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

Daily time series for STEP securities

Amounts outstanding
Drag/swipe to pan the table See at full screen
Total amounts outstanding of STEP debt securities (EUR billions; end-of-period data)
  2017 2018
  May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr.
Total issuance 402.7 401.4 397.7 406.2 398.6 404.1 404.9 411.8 420.4 420.2 419.2 431.5

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

Total amounts outstanding of STEP debt securities (EUR billions; end-of-period data)
  2017 2018
  May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr.
Total issuance 402.7 401.4 397.7 406.2 398.6 404.1 404.9 411.8 420.4 420.2 419.2 431.5

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 maturity21 May 201818 May 201817 May 2018
Amount outstanding% of totalAmount outstanding% of totalAmount outstanding% of total
0 - 719,302522,401522,0035
8 - 3163,7761559,4031455,40413
32 - 91134,98032139,04133142,11833
92 - 18397,5972395,5032296,27923
184 - 27466,6711668,7651668,05416
275 - 36641,5681042,0261041,39710
Total423,892100427,140100425,255100
Amounts outstanding, broken down by sector of the issuer, residual time to maturity and rating category on 21 May 2018 (EUR millions; nominal values)
Residual time to maturityTotal issuanceGeneral government and
international organisations
Monetary financial
institutions
Non-financial
corporations
Other financial intermediariesInsurance corporations and
pension funds
All ratings
0 - 719,3026,48810,5581,7614941
8 - 3163,77614,35941,0546,4881,8740
32 - 91134,98021,502101,6377,7043,7230
92 - 18397,5974,94287,0464,2411,3680
184 - 27466,6711,33962,1342,0841,1150
275 - 36641,56858937,5563,1153080
Total423,89249,219339,98525,3938,8811
of which Rating 1
0 - 715,5286,4038,639943911
8 - 3149,19012,89733,7967321,7640
32 - 91107,15421,35781,4248003,1610
92 - 18379,1704,47273,3821261,1900
184 - 27449,89299948,3581204160
275 - 36628,33741927,86643100
Total329,27246,547273,4651,9156,9311
of which Rating 2
0 - 72,39201,3459471010
8 - 316,350122,6333,5951110
32 - 9117,78714511,3465,7335620
92 - 18314,29047010,1953,4471780
184 - 27412,5933409,9371,6176990
275 - 36610,9821707,4853,0292980
Total64,3951,13742,94118,3691,9480
Amounts outstanding, broken down by currency, on 21 May 2018 (EUR millions; nominal values)
CurrencyAmount outstanding% of totalNumber of issues% of total
EUR278,30065.73,34865.3
USD84,06819.885316.6
GBP56,86213.476514.9
JPY40.010.0
Other4,6581.11603.1
Total423,892100.05,127100.0

Daily time series for STEP securities

Amounts outstanding by programme
Amounts outstanding of STEP securities by programme and currency from 11 May 2018 to 18 May 2018
(denominated in EUR millions irrespective of the accounting currency)1
+STEP IDProgram nameProgram ceilingAccounting currencyAmount outstanding
11 May 2018
Amount outstanding
18 May 2018
+ 0002550 Abbey National Treasury Service plc Euro Commercial Paper Programme10,000 4546
+ 0002572 Abbey National Treasury Services Plc Negotiable European Commercial Paper5,000 00
+ 0001911 ABN AMRO Bank N.V. Euro-Commercial Paper Programme25,000 1,7721,879
+ 0001532 ABN Amro Bank N.V. NEU CP25,000 00
+ 0002546 Achmea Bank NV Commercial Paper Programme1,500 242242
+ 0001970 Acoss Euro-Commercial Paper Programme40,000 23,25721,967
+ 0002032 ACOSS NEU CP25,000 8,1895,273
  0003035 Aegon Euro-commercial Paper Programme2,500 --
+ 0001693 African Development Bank ECP2,000 00
+ 0002882 Agence France Locale Guaranteed Euro-Commercial Paper Programme1,000 00
+ 0000161 AIRBUS Finance B.V. Negotiable European Commercial Paper (NEU CP)3,000 00
+ 0001890 Allied Irish Bank Plc Euro Commercial Paper5,000 00
+ 0002743 AMADEUS FINANCE B.V. Guaranteed ECP programme750 450450
+ 0000092 Antalis SA Negotiable European Commercial Paper5,979 2,3142,318
+ 0002193 Auchan Holding French Billets de Tresorerie2,250 1,3051,305
+ 0001302 Banca Monte dei Paschi di Siena SpA London Branch Euro Certificates of Deposit Global Programme15,000 00
+ 0002433 Banco Bilbao Vizcaya Argentaria S.A Paris Branch NEU CP12,000 1,6341,844
+ 0000930 Banco de Sabadell SA London Branch Euro Commercial Paper Programme3,500 795820
+ 0002171 Bank of China, Limited Paris Branch French Certificats de Depot3,000 5,4395,316
+ 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 13,43313,289
+ 0000226 Banque Federative du Credit Mutuel ECP and CD Programme25,000 17,60418,927
+ 0000321 Barclays Bank PLC Negotiable European Commercial Paper30,000 14,87114,335
+ 0002754 Barclays Global Commercial Paper Programme40,000 1,6702,060
+ 0000861 Barry Callebaut Services nv Multi Currency Short Term Treasury Notes600 422468
+ 0000172 Bayerische Landesbank Multi-Currency Commercial Paper Programme20,000 1,4881,343
+ 0001506 Belfius Bank SA/NV Global Multi Currency Short and Medium Term Certificates of Deposit Programme25,000 2,5193,026
+ 0002513 Belfius Financing Company, societe anonyme, Euro-Commercial Paper Programme10,000 1,3561,219
+ 0002903 BGL BNP Paribas Euro-Commercial Paper Programme3,000 897912
+ 0000066 BNP Paribas Fortis SA/NV Global Multi-currency Short Term Certficates of Deposit ProgrammeNaN 6,9536,937
+ 0000055 BNP Paribas Negotiable European Commercial Paper70,000 28,90328,145
+ 0000996 BNP Paribas Personal Finance SA NEU CP10,000 00
+ 0001623 BPCE Euro-Commercial Paper Programme10,000 2,3751,962
+ 0001645 BPCE NEU CP60,000 25,93025,090
+ 0002685 Bpifrance Financement NEU CP6,000 3,0322,925
+ 0001116 BRED Banque Populaire, Negotiable European Commercial Paper10,000 7,4816,941
+ 0002561 Caisse Centrale du Credit Immobilier de France 3CIF Guaranteed Negotiable European Commercial Paper8,000 00
+ 0002710 Caisse Federale du Credit Mutuel Ocean, Negotiable European Commercial Paper1,300 945955
+ 0002284 Caixa Geral de Depositos Multi-Issuer Euro-Commercial Paper and Certificates of Deposit Programme10,000 00
+ 0002663 Cassa Depositi e Prestiti S.p.A. Multi-Currency Commercial Paper Programme6,000 2,2562,257
+ 0002583 Coca-Cola HBC Finance B.V. Guaranteed Euro-Commercial Paper1,000 100100
+ 0001200 Codralux SA MultiCurrency Short-Term Treasury Notes400 7474
+ 0002524 COFACE SA, NEU CP600 535529
+ 0002652 Collateralized Commercial Paper III Co., LLC. Commercial Paper Notes Programme20,000 3,2093,250
+ 0000376 Commerzbank Aktiengesellschaft Euro Commercial Paper Programme10,000 3,6364,817
+ 0000033 Compagnie Generale des Etablissements Michelin CGEM NEU CP1,500 988976
+ 0000941 Cooperatieve Rabobank U.A. NEU CP20,000 410410
+ 0000310 Cooperatieve Rabobank U.A. Euro Commercial Paper and Certificate of Deposit Programme25,000 6,6206,491
+ 0002240 Council of Europe Development Bank Euro-Commercial Paper Programme5,000 2,4472,518
+ 0000296 Credit Agricole Corporate and Investment Bank Commercial Paper30,000 504503
+ 0002455 Credit Agricole SA NEU CP40,000 5,8006,645
+ 0001510 Credit Mutuel Arkea NEU CP11,500 2,6932,287
+ 0002353 Danske Bank A/S Euro-Commercial Paper and Certificate of Deposit Programme13,000 2,3632,442
+ 0001955 Danske Bank A/S, Commercial Paper (NEU CP)10,000 5050
+ 0002845 de Volksbank N.V Euro-Commercial Paper Programme4,000 160160
+ 0002856 de Volksbank N.V. NEU CP Programme4,000 180184
+ 0002765 DekaBank Deutsche Girozentrale Commercial Paper Programme15,000 6,2246,595
+ 0002043 Delta Lloyd N.V. and Delta Loyd Treasury B.V. Guaranteed Euro Commercial Paper Programme1,500 00
+ 0002823 Deutsche Apotheker- und Arztebank eG Commercial Paper programme5,000 535535
+ 0001164 Deutsche Postbank AG, Negotiable European Commercial Paper - NEU CP5,000 00
+ 0002626 Dexia Credit Local Guaranteed Euro-Commercial Paper Programme30,000 11,51111,222
+ 0002262 Dexia Credit Local, Guaranteed Negotiable European Commercial Paper (NEU CP)30,000 3,0182,533
+ 0001682 Dexia Credit Negotiable European Commercial Paper (NEU CP)3,000 00
+ 0002801 DIAC S.A. NEU CP1,000 114114
+ 0002065 DZ BANK AG Deutsche Zentral-Genossenschaftsbank Frankfurt am Main DZ PRIVATBANK SA Multi Issuer ECP25,000 7,2267,343
+ 0002925 Ecolab Euro-commercial paper programme2,000 159100
+ 0000733 ENI S.p.A and ENI Finance International SA Guaranteed Euro Commercial Paper4,000 779777
  0002951 Erste Group Bank AG Commercial Paper and Certificates of Deposit Programme10,000 --
+ 0000343 European Investment Bank Global Commercial Paper ProgrammeNaN 16,65016,364
  0003061 EXOR N.V. Euro-commercial Paper Programme500 .-
  0003046 FCA Bank S.p.A (acting thourgh its Irish branch) Euro-Commercial Paper Programme750 --
+ 0003002 Fincantieri S.p.A Euro-Commercial Paper Programme500 307307
+ 0002860 Fingrid Oyj Euro-Commercial Paper Programme600 170170
+ 0002390 Fromageries Bel SA Commercial Papers500 4848
+ 0002641 Goldman Sachs International Bank Certificate of Deposit ProgrammeNaN 4,0784,160
+ 0002776 Heineken N.V. Euro-Commercial Paper Programme2,000 300300
+ 0001496 HELABA Landesbank Hessen Thuringen Girozentrale Multi Currency Euro Commercial Paper and Euro Certificate of Deposit Programme10,000 613764
+ 0000926 HELABA Landesbank Hessen Thuringen Girozentrale NEU CP6,000 6060
+ 0000230 HSBC France Negotiable European Commercial Paper20,000 3,2313,229
+ 0000766 Iberdrola International BV Guaranteed ECP3,000 1,9322,000
+ 0002305 Iliad NEU CP1,000 660660
+ 0002182 Industrial and Commercial Bank of China Limited NEU CP (Luxembourg branch)1,000 656727
+ 0000135 ING Bank NV ECP and CD Programme20,000 10,13811,347
+ 0001036 ING Bank NV Negotiable European Commercial Paper20,000 5,8545,944
+ 0000215 Intesa Sanpaolo Bank Ireland p.l.c. and Intesa Sanpaolo Bank Luxembourg S.A. Guaranteed Euro Commercial Paper and Certificate of Deposit Programme30,000 6,5556,456
+ 0001383 Intesa Sanpaolo S.p.A Negotiable European Commercial Paper Programme15,000 8251,215
+ 0001900 Investec Bank plc Euro-Commercial Paper and Certificate of Deposit Programme1,000 00
+ 0002706 IRELAND, acting through NTMA, EURO-COMMERCIAL PAPER PROGRAMME50,000 1,1531,135
+ 0002984 Itau BBA International plc Euro-Certificates of Deposit Programme3,000 11
+ 0002940 Johnson Controls International plc euro-commercial paper prorgamme2,000 242242
+ 0002936 JT International Financial Services B.V. Guaranteed Euro-Commercial Paper Programme1,000 574412
+ 0000755 Jyske Bank A/S NEU CP5,000 2,0122,083
+ 0001073 KBC Bank Ireland plc Global Guaranteed ECP and CD Programme1,000 151151
+ 0001415 KBC Bank NV Multi Currency Short Term Certificate of Deposit Programme20,000 8,7578,439
+ 0000686 KBC Group NV Global Multi Currency Short Term Certificates of Deposit Programme2,000 00
+ 0000274 KfW Multi Currency Commercial Paper Programme60,000 8,1148,464
+ 0001543 Kingdom of Sweden ECP ProgrammeNaN 00
+ 0000412 Klepierre S.A. NEU CP1,500 1,4961,496
+ 0001820 Kommunalbanken AS Euro-Commercial Paper5,000 00
+ 0001671 Kommuninvest i Sverige Aktiebolag (publ) Euro-Commercial Paper10,000 00
+ 0002973 KONINKLIJKE FRIESLANDCAMPINA N.V. Euro-Commercial Paper Programme1,000 862787
+ 0002466 La Banque Postale NEU CP20,000 5,0365,130
+ 0000551 La Poste, NEU CP3,000 155155
+ 0000904 Landesbank Baden Wurttemberg Commercial Paper Programme10,000 640674
+ 0001324 Landesbank Baden Wurttemberg NEU CP5,000 220150
+ 0001933 Lloyds Bank plc NEU CP15,000 4,0904,060
+ 0000700 Matchpoint Finance plc Negotiable European Commercial Paper10,000 1,3531,373
+ 0001255 Mediobanca International Luxembourg S.A. Negotiable European Commercial Paper4,000 1,5061,506
+ 0001372 Mediobanca International Luxembourg SA Guaranteed Euro Commercial Paper Programme4,000 8989
+ 0002674 Mitsui Co. Financial Services (Europe) Plc Euro-Commercial Paper1,500 00
+ 0003024 Multi-currency Commercial Paper of HSH Finanzfonds AoR and HSH Portfoliomanagement AoR2,000 442496
+ 0000963 Munchener Hypothekenbank eG Euro Commercial Paper Programme5,000 243243
+ 0002295 Munchener Hypothekenbank eG NEU CP2,000 00
+ 0003050 N.V. Eneco Beheer Euro-Commercial Paper Programme750 8025
+ 0002236 N.V. Nederlandse Gasunie Euro-commercial Paper Programme750 150150
+ 0002791 National Bank of Abu Dhabi P.J.S.C. Euro-Commercial Paper Programme.5,000 1,2001,151
  0003013 National Westminster Bank plc Euro-Commercial Paper Programme20,000 --
+ 0000770 Natixis Negotiable European Commercial Paper45,000 11,55511,052
+ 0002721 Nederlandse Waterschapsbank N.V. Euro-Commercial Paper and Certificate of Deposit Programme25,000 17,87216,111
+ 0002696 NIBC Bank N.V. Euro-Commercial Paper Programme3,000 2525
+ 0002080 Norddeutsche Landesbank - Girozentrale - Commercial Paper4,000 261261
+ 0000974 Norddeutsche Landesbank Girozentrale Commercial Paper Programme10,000 227227
+ 0001350 Nordea Bank AB (publ) Euro Commercial Paper Programme15,000 7,2306,782
+ 0000493 Nordea Bank AB (publ) NEU CP15,000 117100
+ 0001142 Nordic Investment Bank Euro Commercial Paper Programme2,000 00
+ 0001025 Nykredit Bank A/S Euro-Commercial Paper and Certificate of Deposit Programme3,000 9394
+ 0001703 ONEY BANK, NEU CP1,000 7070
+ 0001762 OP Corporate Bank plc ECP and CD Programme15,000 9,1409,190
+ 0000525 Orange NEU CP5,000 441441
+ 0001660 Paccar Financial Europe BV and Paccar Financial plc Multi Issuer ECP Programme1,250 768567
+ 0001751 Proximus Multi-currency Multi-jurisdiction Programme for the Issue of Short Term Treasury Notes1,000 252252
+ 0002101 Raiffeisen Bank International Euro-Commercial Paper and Certificate of Deposit Programme15,000 00
+ 0001554 RCI Banque ECP Programme2,000 5455
+ 0000070 RCI Banque S.A. Negotiable European Commercial Paper4,500 439439
+ 0002871 RELX Finance B.V. Guaranteed Euro-Commercial Paper Programme2,000 3080
+ 0001886 Repsol International Finance B.V. Guaranteed Euro-Commercial Paper2,000 1,9581,852
+ 0002342 Republic of Cyprus Euro-Commercial Paper Programme5,000 00
+ 0000915 Sanofi Negotiable European Commercial Paper6,000 00
+ 0002962 Santander UK Plc Euro-commercial Paper Programme10,000 9551,023
  0002995 Santander UK plc, Negotiable European Commercial Paper5,000 --
+ 0002400 SES and SES Global Americas Holdings GP Guaranteed Euro-Commercial Paper Programme1,000 00
+ 0002812 SFIL Commercial Paper2,000 616616
+ 0000124 Societe Generale ECP and ECD Programme20,000 99100
+ 0000011 Societe Generale Negotiable European Commercial Paper60,000 5,2705,257
+ 0001521 Sony Global Treasury Services Plc Global Commercial Paper for the issuance of Euro Commercial Paper3,000 00
+ 0002470 Stedin Holding NV Euro-Commercial Paper Programme750 00
+ 0002834 Svenska Handelsbanken AB (publ) Euro-Commercial Paper Programme15,000 8,4378,472
+ 0002780 Svenska Handelsbanken AB (publ) NEU CP7,500 4,3054,325
+ 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 1431,746
+ 0000616 The State of the Netherlands Global Commercial Paper ProgrammeNaN 01,532
+ 0002386 UBS AG London Branch Euro-Commercial Paper and Certificate of Deposit Programme20,000 8,5028,646
+ 0002422 UBS AG, London Branch, NEU CP10,000 7,1857,085
+ 0002732 UniCredit Bank AG,London Branch, NEU CP10,000 1,1901,190
+ 0001190 UniCredit Bank Ireland plc Euro Commercial Paper Programme15,000 3,4263,239
+ 0001040 UniCredit S.p.A., NEU CP20,000 3,9803,725
+ 0002604 VODAFONE Group plc Euro-Commercial Paper programme8,000 4,2984,274
+ 0002091 Volkswagen Group Services SA Belgian Short-Term Treasury Notes5,000 2,7862,771
+ 0000391 VTB Bank SA Negotiable European Commercial Paper350 00
+ 0000792 Warehouses De Pauw200 177171
+ 0002320 Whirlpool Corporation Negotiable European Commercial Paper500 300300

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 maturity21 May 201818 May 201817 May 2018
New issues% of totalNew issues% of totalNew issues% of total
0 - 7500211,480216809
8 - 3115062,320331,38319
32 - 91205954481,19617
92 - 183479201,176172,56036
184 - 27482634917136078
275 - 36624810622973010
Total2,4081007,0581007,155100

New issues, broken down by sector of the issuer, original time to maturity and rating category, on 21 May 2018 (EUR millions; nominal values)
Original time to maturityTotal issuanceGeneral government and
international organisations
Monetary financial
institutions
Non-financial
corporations
Other financial intermediariesInsurance corporations and
pension funds
All ratings
0 - 75000500000
8 - 311500015000
32 - 9120501852000
92 - 183479040920500
184 - 2748260826000
275 - 3662480248000
Total2,40802,168190500
of which Rating 1
0 - 75000500000
8 - 31000000
32 - 9119019000
92 - 18341503650500
184 - 2748260826000
275 - 3662340234000
Total1,99401,9440500
of which Rating 2
0 - 7000000
8 - 3110001000
32 - 9120002000
92 - 183410212000
184 - 274000000
275 - 36614014000
Total860365000

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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