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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 23 Oct 2020 (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 - 7NDNDNDNDNDND
8 - 31NDNDNDNDNDND
32 - 91-ND-NDNDND
92 - 183-0.47ND-0.53-0.42NDND
184 - 274-0.51ND-0.51NDNDND
275 - 366-ND-NDNDND
of which Rating 1
0 - 7NDNDNDNDNDND
8 - 31NDNDNDNDNDND
32 - 91-ND-NDNDND
92 - 183-0.51ND--NDND
184 - 274-ND-NDNDND
275 - 366-ND-NDNDND
of which Rating 2
0 - 7NDNDNDNDNDND
8 - 31NDNDNDNDNDND
32 - 91-ND-NDNDND
92 - 183-0.47ND--NDND
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 23 Oct 2020 (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
EONIANDNDNDNDNDND
EURIBOR 1 weekNDNDNDNDNDND
EURIBOR 1 monthNDNDNDNDNDND
EURIBOR 3 monthsNDNDNDNDNDND
EURIBOR 6 monthsNDNDNDNDNDND
EURIBOR 9 monthsNDNDNDNDNDND
EURIBOR 1 yearNDNDNDNDNDND
of which Rating 1
EONIANDNDNDNDNDND
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 23 Oct 2020 (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)
  2019 2020
  Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb.
Total issuance 400.5 406.5 404.3 386.3 408.3 416.2 422.5 411.2 388.9 372.9 420.2 413.2

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)
  2019 2020
  Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb.
Total issuance 400.5 406.5 404.3 386.3 408.3 416.2 422.5 411.2 388.9 372.9 420.2 413.2

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 maturity23 Oct 202022 Oct 202021 Oct 2020
Amount outstanding% of totalAmount outstanding% of totalAmount outstanding% of total
0 - 718,185416,366416,6334
8 - 3157,0331458,2021460,69615
32 - 91132,12632133,02332130,64532
92 - 18398,03124100,4442599,35724
184 - 27458,8671457,9141457,19014
275 - 36644,3911143,8701144,25111
Total408,634100409,819100408,771100
Amounts outstanding, broken down by sector of the issuer, residual time to maturity and rating category on 23 Oct 2020 (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 - 718,1854,69011,0522,0813620
8 - 3157,03319,04130,7555,1722,0650
32 - 91132,12627,58490,43611,0673,0390
92 - 18398,03116,81674,9405,3948810
184 - 27458,86715,55841,0061,7036000
275 - 36644,3917,30736,1806112930
Total408,63490,996284,36926,0287,2410
of which Rating 1
0 - 713,9694,6908,6582593620
8 - 3148,68118,91426,7241,0781,9650
32 - 91101,02727,45770,2854312,8540
92 - 18377,35816,81659,4172438810
184 - 27449,09615,55832,881586000
275 - 36634,4817,30727,07401000
Total324,61390,743225,0402,0686,7620
of which Rating 2
0 - 72,28001,0571,22400
8 - 314,14601,9272,1191010
32 - 9112,37107,0845,1021850
92 - 1838,12704,3743,75400
184 - 2745,50504,77073500
275 - 3664,86004,1205471930
Total37,291023,33313,4794790
Amounts outstanding, broken down by currency, on 23 Oct 2020 (EUR millions; nominal values)
CurrencyAmount outstanding% of totalNumber of issues% of total
EUR261,67164.02,98364.3
USD85,07620.886118.6
GBP57,89114.267514.5
JPY00.000.0
Other3,9951.01222.6
Total408,634100.04,641100.0

Daily time series for STEP securities

Amounts outstanding by programme
Amounts outstanding of STEP securities by programme and currency from 9 Oct 2020 to 16 Oct 2020
(denominated in EUR millions irrespective of the accounting currency)1
+STEP IDProgram nameProgram ceilingAccounting currencyAmount outstanding
9 Oct 2020
Amount outstanding
16 Oct 2020
+ 0001911 ABN AMRO Bank N.V. Euro-Commercial Paper Programme25,000 1,0301,026
+ 0001532 ABN Amro Bank N.V. NEU CP25,000 00
+ 0002546 Achmea Bank NV NEU CP Programme1,500 346346
+ 0002032 ACOSS NEU CP70,000 33,95930,286
  0003564 adidas AG Multi-Currency Commercial Paper Programme2,000 --
+ 0003035 Aegon Euro-commercial Paper Programme2,500 00
+ 0001693 African Development Bank ECP2,000 00
+ 0001970 Agence Centrale des Organismes de Securite Sociale Euro-Commercial Paper Programme70,000 44,70346,960
+ 0002882 Agence France Locale Guaranteed Euro-Commercial Paper Programme1,000 220221
+ 0000161 AIRBUS Finance B.V. Negotiable European Commercial Paper (NEU CP)11,000 897897
+ 0003622 Akzo Nobel N.V. Euro Commercial Paper Programme1,500 3333
+ 0002743 AMADEUS FINANCE B.V. Guaranteed ECP programme1,500 559557
  0003670 America Movil B.V. Euro-Commercial Paper Programme2,000 --
+ 0000092 Antalis SA Negotiable European Commercial Paper11,072 2,8052,807
  0003232 Asian Infrastructure Investment Bank, Euro-Commercial Paper Programme5,000 --
+ 0002193 Auchan Holding French Billets de Tresorerie1,000 210210
+ 0003152 AXA Banque NEU CP6,000 4,0354,080
+ 0003520 B.A.T. International Finance p.l.c., B.A.T. Netherlands Finance B.V. and B.A.T. Capital Corporation Euro-Commercial Paper Programme3,000 727230
+ 0002433 Banco Bilbao Vizcaya Argentaria S.A Paris Branch NEU CP12,000 2,0222,314
+ 0000930 Banco de Sabadell SA London Branch Euro Commercial Paper Programme3,500 1515
+ 0003301 Banco Santander, S.A., acting through its London Branch Certificate of Deposit Programme20,000 1,2741,237
+ 0002171 Bank of China Limited NEU CP10,000 335335
+ 0003436 Banque et Caisse d Epargne de l Etat, Luxembourg Euro-Commercial Paper Programme5,000 2,2632,243
+ 0000226 Banque Federative du Credit Mutuel ECP and CD Programme25,000 10,79411,427
+ 0000081 Banque Federative du Credit Mutuel NEU CP30,000 16,31216,322
+ 0003276 Banque Nomura France NEU CP50 1515
+ 0003221 Barclays Bank Ireland PLC NEU CP5,000 1,061961
+ 0003115 Barclays Bank PLC NEU CP30,000 7,9127,912
+ 0002754 Barclays Global Commercial Paper Programme40,000 2,5602,578
+ 0000861 Barry Callebaut Services NV Belgian Multi Currency Short-Term Treasury Notes Programm750 148148
+ 0003542 Bayer Aktiengesellschaft Global Commercial Paper Programme8,000 00
+ 0000172 Bayerische Landesbank Multi-Currency Commercial Paper Programme8,000 897829
+ 0003516 BayWa Aktiengesellschaft Euro Commercial Paper Programme1,000 917911
+ 0001506 Belfius Bank SA/NV Global Multi Currency Short and Medium Term Certificates of Deposit Programme25,000 1,5071,418
+ 0002513 Belfius Financing Company, societe anonyme, Euro-Commercial Paper Programme10,000 427428
+ 0003553 Berlin Hyp AG, Euro-Commercial Paper Programme2,000 329432
+ 0002903 BGL BNP Paribas Euro-Commercial Paper Programme3,000 649599
+ 0003356 BNG Bank N.V. Euro-commercial paper programme.20,000 252509
+ 0000066 BNP Paribas Fortis SA/NV Global Multi-currency Short Term Certficates of Deposit ProgrammeNaN 4,8684,716
+ 0000055 BNP Paribas Negotiable European Commercial Paper70,000 13,29013,323
+ 0001623 BPCE Euro-Commercial Paper Programme10,000 4,7024,709
+ 0001645 BPCE NEU CP60,000 15,18114,696
+ 0002685 Bpifrance Financement NEU CP6,000 3,2033,193
+ 0001116 BRED Banque Populaire, Negotiable European Commercial Paper12,000 7,9697,772
+ 0003126 Bridgestone Europe NV/SA Euro Commercial Paper Programme500 500500
+ 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 Paper1,600 678678
+ 0002663 Cassa Depositi e Prestiti S.p.A. Multi-Currency Commercial Paper Programme6,000 2,5092,509
+ 0002583 Coca-Cola HBC Finance B.V. Guaranteed Euro-Commercial Paper1,000 218207
+ 0001200 Codralux SA MultiCurrency Short-Term Treasury Notes400 99
+ 0002524 COFACE SA, NEU CP650 602620
+ 0002652 Collateralized Commercial Paper III Co., LLC. Commercial Paper Notes Programme20,000 2,4192,424
+ 0000376 Commerzbank Aktiengesellschaft Euro Commercial Paper Programme10,000 897897
+ 0000033 Compagnie Generale des Etablissements Michelin CGEM NEU CP2,500 1,3861,386
+ 0003611 Continental Aktiengesellschaft Euro Commercial Paper Programme1,500 359509
+ 0000941 Cooperatieve Rabobank U.A. NEU CP20,000 10
+ 0002240 Council of Europe Development Bank Euro-Commercial Paper Programme5,000 1,415995
  0003130 CP Funding PLC 1 Euro-commercial Paper5,000 --
+ 0000296 Credit Agricole Corporate and Investment Bank Commercial Paper, NEU CP30,000 175175
+ 0002455 Credit Agricole SA NEU CP40,000 5,9897,207
+ 0003265 Credit Municipal de Paris NEU CP1,000 588578
+ 0001510 Credit Mutuel Arkea NEU CP11,500 2,9312,931
+ 0002353 Danske Bank A/S Euro-Commercial Paper and Certificate of Deposit Programme13,000 1,2401,340
+ 0001955 Danske Bank A/S, NEU CP10,000 50250
+ 0002845 de Volksbank N.V Euro-Commercial Paper Programme4,000 00
+ 0002856 de Volksbank N.V. NEU CP Programme4,000 150100
+ 0002765 DekaBank Deutsche Girozentrale Commercial Paper Programme15,000 752285
+ 0002823 Deutsche Apotheker- und Arztebank eG Commercial Paper programme5,000 412412
+ 0003393 Deutsche Lufthansa Aktiengesellschaft Multi-Currency Commercial Paper Programme1,000 200200
+ 0002626 Dexia Credit Local Guaranteed Euro-Commercial Paper Programme30,000 7,0236,939
+ 0002262 Dexia Credit Local, Guaranteed Negotiable European Commercial Paper (NEU CP)20,000 552526
+ 0002801 DIAC S.A. NEU CP1,000 3583
  0003345 DS Smith euro-commercial paper multi-issuer programme1,000 --
+ 0002065 DZ BANK AG Deutsche Zentral-Genossenschaftsbank, Frankfurt am Main, DZ PRIVATBANK S.A., DZ BANK Multi-Issuer Euro Commercial Paper Programme25,000 6,1956,130
+ 0003403 E.ON SE Multi-Currency Commercial Paper Programme10,000 00
+ 0002925 Ecolab Euro-commercial paper programme2,000 00
+ 0003414 ENEL FINANCE INTERNATIONAL N.V. SDG7 (AFFORDABLE AND CLEAN ENERGY) TARGET GUARANTEED EURO-COMMERCIAL PAPER PROGRAMME6,000 3,1663,166
+ 0000733 ENI S.p.A and ENI Finance International SA Guaranteed Euro Commercial Paper4,000 1,0861,159
+ 0002951 Erste Group Bank AG Commercial Paper and Certificates of Deposit Programme10,000 2525
+ 0003185 Euroclear Bank SA/NV Multi-currency Programme for the issue of short-term Certificates of Deposit20,000 1,9902,019
+ 0000343 European Investment Bank Global Commercial Paper ProgrammeNaN 4,3484,594
+ 0003061 EXOR N.V. Euro-commercial Paper Programme500 100100
+ 0003046 FCA Bank S.p.A (acting through its Irish branch) Euro-Commercial Paper Programme750 246246
+ 0003002 Fincantieri S.p.A Euro-Commercial Paper Programme500 132132
+ 0002860 Fingrid Oyj Euro-Commercial Paper Programme600 8080
  0003666 GEA Group Euro-Commercial Paper Programme500 --
+ 0002641 Goldman Sachs International Bank Certificate of Deposit ProgrammeNaN 5,7825,659
+ 0002776 Heineken N.V. Euro-Commercial Paper Programme2,000 700700
+ 0001496 HELABA Landesbank Hessen Thuringen Girozentrale Multi Currency Euro Commercial Paper and Euro Certificate of Deposit Programme10,000 1,2771,146
+ 0000926 HELABA Landesbank Hessen Thuringen Girozentrale NEU CP6,000 195195
+ 0003425 Henkel AG Co. KGaA Multi-Currency Commercial Paper Programme2,000 111111
+ 0003495 HOCHTIEF AG Single-Issuer Euro Commercial Paper Programme750 499499
+ 0000230 HSBC France NEU CP20,000 4,4004,251
+ 0000766 Iberdrola International BV Euro-Commercial Paper Programme3,000 2,4352,435
  0003334 ICBC Standard Bank Plc Euro-Commercial Paper and Certificate of Deposit Programme1,000 --
+ 0002182 Industrial and Commercial Bank of China Limited acting through its Luxembourg Branch NEU CP2,700 1,0121,248
+ 0000135 ING Bank NV ECP and CD Programme20,000 3,1163,123
+ 0001036 ING Bank NV NEU CP20,000 4,7094,709
+ 0003254 International Development Association Bills Programme, Euro-Commercial Paper ProgrammeNaN 2,9702,725
+ 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 6,5936,880
+ 0001383 Intesa Sanpaolo S.p.A NEU CP15,000 00
+ 0001900 Investec Bank plc Euro-Commercial Paper and Certificate of Deposit Programme1,000 00
+ 0002706 IRELAND, acting through NTMA, EURO-COMMERCIAL PAPER PROGRAMME50,000 2,2592,009
  0003590 Italian Treasury Bills Programme20,000 --
+ 0002984 Itau BBA International plc Euro-Certificates of Deposit Programme3,000 00
+ 0002940 Johnson Controls International plc euro-commercial paper prorgamme2,000 00
+ 0002936 JT International Financial Services B.V. Guaranteed Euro-Commercial Paper Programme1,000 5960
+ 0000755 Jyske Bank A/S NEU CP6,000 4,5284,373
+ 0001415 KBC Bank NV Multi Currency Short Term Certificate of Deposit Programme20,000 8,3318,369
+ 0000274 KfW Multi Currency Commercial Paper Programme70,000 9,1338,890
+ 0001543 Kingdom of Sweden ECP ProgrammeNaN 3,0001,500
+ 0003462 KION GROUP AG Euro Commercial Paper Programme500 115235
+ 0000412 Klepierre S.A. NEU CP1,500 1,2201,200
+ 0001820 Kommunalbanken AS Euro-Commercial Paper5,000 1,5331,676
+ 0001671 Kommuninvest i Sverige Aktiebolag (publ) Euro-Commercial Paper10,000 00
+ 0003575 Koninklijke Ahold Delhaize N.V. Euro- Commercial Paper Programme1,000 400400
+ 0003440 Koninklijke DSM N.V. Euro Commercial Paper Programme2,000 121121
+ 0002973 KONINKLIJKE FRIESLANDCAMPINA N.V. Euro-Commercial Paper Programme1,000 789986
+ 0003484 Koninklijke KPN N.V. Euro-Commercial Paper Programme1,000 5050
+ 0003083 La Banque Postale Euro-Commercial Paper Programme10,000 733837
+ 0002466 La Banque Postale NEU CP20,000 5,8275,676
+ 0003094 La Poste Euro Commercial Paper500 3939
+ 0000551 La Poste, NEU CP3,000 261261
+ 0000904 Landesbank Baden Wurttemberg Commercial Paper Programme10,000 268269
+ 0001324 Landesbank Baden Wurttemberg NEU CP5,000 00
+ 0003072 Lloyds Bank Corporate Markets plc Euro-Commercial Paper and Certificate of Deposit Programme5,000 2,0102,042
+ 0001933 Lloyds Bank plc NEU CP15,000 125125
+ 0000700 Matchpoint Finance plc Negotiable European Commercial Paper20,000 1,4951,540
+ 0001255 Mediobanca International Luxembourg S.A. NEU CP4,000 735735
+ 0001372 Mediobanca International Luxembourg SA Euro Commercial Paper Guaranteed Programme4,000 5050
+ 0003531 Merck Euro-Commercial Paper Programme2,000 270170
+ 0003382 METRO AG Multi-Currency Commercial Paper Programme2,000 295295
+ 0002674 Mitsui Co. Financial Services (Europe) Plc Euro-Commercial Paper1,500 8080
+ 0001426 MUFG Bank, Ltd. acting through its Paris Branch NEU CP4,000 00
+ 0003024 Multi-currency Commercial Paper of HSH portfoliomanagement AoR1,000 733740
+ 0000963 Munchener Hypothekenbank eG Euro Commercial Paper Programme5,000 272272
+ 0003692 Municipality Finance Plc euro-commercial paper programme10,000 3,5633,069
+ 0003243 My Money Bank NEU CP500 5656
+ 0003050 N.V. Eneco Beheer Euro-Commercial Paper Programme750 00
+ 0002236 N.V. Nederlandse Gasunie Euro-commercial Paper Programme750 9090
+ 0003013 National Westminster Bank plc Euro-Commercial Paper Programme20,000 1,2621,221
+ 0000770 Natixis Negotiable European Commercial Paper45,000 9,5679,565
+ 0002411 NatWest Group plc Euro-Commercial Paper Programme10,000 00
+ 0003360 NatWest Markets N.V. Euro Commercial Paper Programme5,000 1,3251,325
+ 0001014 NatWest Markets plc Euro Commercial Paper Programme20,000 795705
+ 0002721 Nederlandse Waterschapsbank N.V. Euro-Commercial Paper and Certificate of Deposit Programme25,000 7,6466,121
+ 0002696 NIBC Bank N.V. Euro-Commercial Paper Programme3,000 2020
  0003681 Nokia Corporation Euro-Commercial Paper Programme1,500 --
+ 0003280 Nomura Bank International PLC Multi-currency Euro-commercial paper and Euro-certificate of Deposit programme1,500 339275
+ 0002080 Norddeutsche Landesbank - Girozentrale - NEU CP4,000 00
+ 0000974 Norddeutsche Landesbank Girozentrale Commercial Paper Programme10,000 2020
+ 0003141 Nordea Bank Abp Euro-commercial Paper Programme20,000 7,5187,719
+ 0003174 Nordea Bank Abp NEU CP15,000 1,4601,460
+ 0001142 Nordic Investment Bank Euro Commercial Paper Programme2,000 00
+ 0001025 Nykredit Bank A/S Euro-Commercial Paper and Certificate of Deposit Programme3,000 824825
+ 0001762 OP Corporate Bank plc ECP and CD Programme18,000 7,5417,553
+ 0001660 Paccar Financial Europe BV and Paccar Financial plc Multi Issuer ECP Programme2,000 866866
+ 0001751 Proximus Multi-currency Multi-jurisdiction Programme for the Issue of Short Term Treasury Notes1,000 00
+ 0003104 Rabobank ESG Leader Euro-commercial paper and certificate of deposit programme5,000 00
+ 0000310 Rabobank Euro Commercial Paper and Certificate of Deposit Programme35,000 1,6441,796
+ 0001554 RCI Banque ECP Programme2,000 00
+ 0000070 RCI Banque S.A. Negotiable European NEU CP4,500 659559
+ 0002871 RELX Finance B.V. Guaranteed Euro-Commercial Paper Programme2,000 00
  0003586 REN-Redes Energeticas Nacionais, SGPS, S.A. and REN Finance B.V. Euro-Commercial Paper Programme600 --
+ 0001886 Repsol International Finance B.V. Guaranteed Euro-Commercial Paper2,000 1,3521,334
+ 0002342 Republic of Cyprus Euro-Commercial Paper Programme5,000 00
+ 0003600 RWE AG Euro Commercial Paper Programme5,000 00
+ 0000915 Sanofi NEU CP6,000 00
+ 0002962 Santander UK Plc Euro-commercial Paper Programme10,000 331311
+ 0002995 Santander UK plc, Negotiable European Commercial Paper5,000 00
+ 0002400 SES and SES Global Americas Holdings GP Guaranteed Euro-Commercial Paper Programme1,000 00
+ 0002812 SFIL NEU CP2,000 1,0891,089
+ 0003196 SNAM S.p.A. Euro-commercial Paper Programme2,000 2,0002,000
+ 0000124 Societe Generale ECP and ECD Programme20,000 204205
+ 0000011 Societe Generale Negotiable European Commercial Paper60,000 9,3339,315
+ 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 100100
+ 0003633 Sudzucker AG Euro Commercial Paper Programme600 4848
+ 0002834 Svenska Handelsbanken AB (publ) Euro-Commercial Paper Programme20,000 12,29412,300
+ 0002780 Svenska Handelsbanken AB (publ) NEU CP7,500 3,4453,895
  0003644 Telekom Austria Euro-Commercial Paper Programme500 --
+ 0003473 TenneT Holding B.V. Euro-Commercial Paper Programme3,300 00
+ 0002331 The Governor and Company of the Bank of Ireland Euro-Commercial Paper and Euro-Certificate of Deposit Programme10,000 00
+ 0003323 THE ROYAL BANK OF SCOTLAND INTERNATIONAL LIMITED3,000 195195
+ 0000616 The State of the Netherlands Global Commercial Paper ProgrammeNaN 954756
  0003505 Total S.A. and Total Capital Euro-Commercial Paper Programme3,000 --
+ 0002386 UBS AG London Branch Euro-Commercial Paper and Certificate of Deposit Programme20,000 9,50610,027
+ 0002422 UBS AG, London Branch, NEU CP10,000 375375
+ 0002732 UniCredit Bank AG,London Branch, NEU CP10,000 1,4781,158
+ 0001190 UniCredit Bank Ireland plc Euro Commercial Paper Programme15,000 127128
  0003312 UniCredit Bank Ireland plc NEU CP10,000 --
+ 0001040 UniCredit S.p.A., NEU CP20,000 6,7447,119
+ 0003451 Uniper SE Euro Commercial Paper Programme1,800 6060
+ 0002604 VODAFONE Group plc Euro-Commercial Paper programme10,000 00
+ 0002091 Volkswagen International Belgium SA -Short-Term Treasury Notes Programme5,000 500500
+ 0000792 Warehouses De Pauw200 200188
+ 0002320 Whirlpool Corporation Negotiable European Commercial Paper500 00

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 maturity23 Oct 202022 Oct 202021 Oct 2020
New issues% of totalNew issues% of totalNew issues% of total
0 - 733711523111,22728
8 - 31424137431642410
32 - 917421,259271,23728
92 - 183801251,771381,44733
184 - 2741,019320000
275 - 366541174069892
Total3,1961004,7031004,424100

New issues, broken down by sector of the issuer, original time to maturity and rating category, on 23 Oct 2020 (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 - 73370337000
8 - 31424337424400
32 - 91741460000
92 - 1838016739733600
184 - 2741,01901,019000
275 - 3665410541000
Total3,1964192,39738000
of which Rating 1
0 - 73370337000
8 - 31424337424400
32 - 91641450000
92 - 183299671775400
184 - 2749490949000
275 - 3665410541000
Total2,6144192,0979800
of which Rating 2
0 - 7000000
8 - 31000000
32 - 9110010000
92 - 183502022028200
184 - 27470070000
275 - 366000000
Total582030028200

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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