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 Sep 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 - 7-0.47ND-0.47NDNDND
8 - 31-ND-NDNDND
32 - 91-ND-0.19-0.20-ND
92 - 183-0.01ND-0.01NDNDND
184 - 274NDNDNDNDNDND
275 - 366-0.04ND--NDND
of which Rating 1
0 - 7-0.47ND-0.47NDNDND
8 - 31-ND-NDNDND
32 - 91-ND-0.13ND-ND
92 - 183-ND-NDNDND
184 - 274NDNDNDNDNDND
275 - 366-ND-NDNDND
of which Rating 2
0 - 7NDNDNDNDNDND
8 - 31NDNDNDNDNDND
32 - 91-NDND-NDND
92 - 183-ND-NDNDND
184 - 274NDNDNDNDNDND
275 - 366-ND--NDND

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

Yield spreads above benchmark rates on new issues for euro-denominated STEP securities, broken down by sector of the issuer, original time to maturity and rating category for variable rate instruments, on 23 Sep 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 23 Sep 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)-ND-NDNDND
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)-ND-NDNDND
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
  Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug.
Total issuance 418.8 407.9 405 417.6 403.9 416.2 417.3 402.2 409.7 405.6 400.1 409.2 414.7

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
  Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug.
Total issuance 418.8 407.9 405 417.6 403.9 416.2 417.3 402.2 409.7 405.6 400.1 409.2 414.7

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 Sep 201622 Sep 201621 Sep 2016
Amount outstanding% of totalAmount outstanding% of totalAmount outstanding% of total
0 - 730,583725,504625,3226
8 - 3164,8391567,0151669,58517
32 - 91126,08730126,54230125,54130
92 - 18397,3442398,6512498,42224
184 - 27443,3191043,3141043,30110
275 - 36656,5991455,3371354,72013
Total418,770100416,362100416,891100
Amounts outstanding, broken down by sector of the issuer, residual time to maturity and rating category on 23 Sep 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 - 730,58315,88412,7481,95200
8 - 3164,83911,12648,2394,5938810
32 - 91126,08713,007102,7648,3541,95210
92 - 18397,3444,79986,7123,5412,25140
184 - 27443,31980440,6901,0807450
275 - 36656,59964554,9031,010410
Total418,77046,265346,05520,5305,87050
of which Rating 1
0 - 720,9529,59711,2738200
8 - 3155,50610,62142,9791,0898170
32 - 91101,44812,97486,2534811,7390
92 - 18377,1454,45670,531152,1440
184 - 27433,49680432,33703540
275 - 36642,97564542,330000
Total331,52239,097285,7031,6675,0540
of which Rating 2
0 - 72,20604551,75100
8 - 315,1435051,7862,788640
32 - 9115,883339,6395,98821310
92 - 18314,26034310,5873,2221070
184 - 2747,08805,9377613910
275 - 36610,03009,112877410
Total54,61088137,51715,38781610
Amounts outstanding, broken down by currency, on 23 Sep 2016 (EUR millions; nominal values)
CurrencyAmount outstanding% of totalNumber of issues% of total
EUR259,47862.03,75164.9
USD109,30026.11,09318.9
GBP42,12410.170512.2
JPY00.000.0
Other7,8681.92283.9
Total418,770100.05,777100.0

Daily time series for STEP securities

Amounts outstanding by programme
Amounts outstanding of STEP securities by programme and currency from 16 Sep 2016 to 23 Sep 2016
(denominated in EUR millions irrespective of the accounting currency)1
+STEP IDProgram nameProgram ceilingAccounting currencyAmount outstanding
16 Sep 2016
Amount outstanding
23 Sep 2016
+ 0002550 Abbey National Treasury Service plc Euro Commercial Paper Programme10,000 467463
+ 0002572 Abbey National Treasury Services Plc Guaranteed French Certificates of Deposit5,000 3535
+ 0001911 ABN AMRO Bank N.V. Euro-Commercial Paper Programme25,000 2,0552,512
+ 0001532 ABN Amro Bank N.V. Commercial Paper25,000 3635
+ 0002546 Achmea Bank NV Commercial Paper Programme1,500 224224
+ 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 18,28117,697
+ 0002032 Agence Centrale des Organismes de Securite Sociale French Billets de Tresorerie25,000 6,8645,428
  0002882 Agence France Locale Guaranteed Euro-Commercial Paper Programme1,000 --
+ 0000161 AIRBUS Finance B.V. Guaranteed Negotiable European Commercial Paper (NEU CP)3,000 995940
+ 0001890 Allied Irish Bank Plc Euro Commercial Paper5,000 9898
+ 0002743 AMADEUS FINANCE B.V. Guaranteed ECP programme750 435435
+ 0001105 Anglesea Funding plc Euro Commercial Paper Programme30,000 2727
+ 0000092 Antalis SA French Billets de tresorerie5,633 979979
+ 0002193 Auchan Holding French Billets de Tresorerie2,250 881851
+ 0001302 Banca Monte dei Paschi di Siena SpA London Branch Euro Certificates of Deposit Global Programme15,000 00
+ 0001394 Banca Monte dei Paschi di Siena SpA London NEU CP5,000 00
+ 0002433 Banco Bilbao Vizcaya Argentaria S.A French Certificats de Depot12,000 5,7535,725
+ 0000930 Banco de Sabadell SA London Branch Euro Commercial Paper Programme3,500 232232
+ 0002171 Bank of China, Limited Paris Branch French Certificats de Depot3,000 1,1801,231
+ 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 12,97912,454
+ 0000226 Banque Federative du Credit Mutuel ECP and CD Programme25,000 14,53414,235
+ 0000321 Barclays Bank PLC Negotiable European Commercial Paper30,000 11,50811,618
+ 0002754 Barclays Global ECP and USCP Notes40,000 505505
+ 0000861 Barry Callebaut Services nv Multi Currency Short Term Treasury Notes600 313333
+ 0000172 Bayerische Landesbank Multi-Currency Commercial Paper Programme20,000 882896
+ 0001506 Belfius Bank SA/NV Global Multi Currency Short and Medium Term Certificates of Deposit Programme25,000 3,2703,354
+ 0002513 Belfius Financing Company, societe anonyme, Euro-Commercial Paper Programme10,000 817816
+ 0002903 BGL BNP Paribas Euro-Commercial Paper Programme3,000 205119
+ 0000066 BNP Paribas Fortis SA/NV Global Multi-currency Short Term Certficates of Deposit ProgrammeNaN 6,7686,709
+ 0000055 BNP Paribas Negotiable European Commercial Paper70,000 29,93629,483
+ 0000996 BNP Paribas Personal Finance SA Commercial Paper10,000 00
+ 0001623 BPCE Euro-Commercial Paper Programme10,000 1,7811,674
+ 0001645 BPCE French Negotiable European Commercial Paper60,000 16,37316,611
+ 0002685 Bpifrance Financement French Certificat de Depot4,000 2,3952,402
+ 0001116 BRED Banque Populaire, Negotiable European Commercial Paper10,000 3,7413,982
+ 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 571521
+ 0002284 Caixa Geral de Depositos Multi-Issuer Euro-Commercial Paper and Certificates of Deposit Programme10,000 105
+ 0002663 Cassa Depositi e Prestiti S.p.A. Multi-Currency Commercial Paper Programme3,000 608648
+ 0002583 Coca-Cola HBC Finance B.V. Guaranteed Euro-Commercial Paper1,000 149149
+ 0001200 Codralux SA Multi Currency Short Term Treasury Notes400 100100
+ 0002524 COFACE SA, Negotiable European Commerical Paper (NEU CP)600 438473
+ 0002652 Collateralized Commercial Paper III Co., LLC. Commercial Paper Notes Programme20,000 2,7232,709
  0002856 Commercial Paper Programme - SNS Bank N.V4,000 --
+ 0000376 Commerzbank Aktiengesellschaft Euro Commercial Paper Programme10,000 3,8553,940
+ 0000033 Companie Generale des Etablissements Michelin CGEM French Billets de Tresorerie1,500 249251
+ 0000941 Cooperatieve Rabobank U.A. French Certificates of Deposit Programme20,000 3,1973,197
+ 0000310 Cooperatieve Rabobank U.A. Euro Commercial Paper and Certificate of Deposit Programme25,000 6,4085,915
+ 0002240 Council of Europe Development Bank Euro-Commercial Paper Programme3,000 1,2781,190
+ 0000296 Credit Agricole Corporate and Investment Bank Commercial Paper30,000 5,8225,316
+ 0002455 Credit Agricole SA French Certificats de Depot40,000 4,6505,549
+ 0001510 Credit Mutuel Arkea French Certificats de Depot11,500 2,0522,043
+ 0002353 Danske Bank A/S Euro-Commercial Paper and Certificate of Deposit Programme13,000 1,5521,630
+ 0001955 Danske Bank A/S, Commercial Paper (NEU CP)10,000 201200
+ 0002765 DekaBank Deutsche Girozentrale Commercial Paper Programme15,000 5,8965,309
+ 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 653593
+ 0001164 Deutsche Postbank AG Negotiable European Commercial Paper5,000 00
+ 0002626 Dexia Credit Local Guaranteed Euro-Commercial Paper Programme15,000 13,32213,015
+ 0002262 Dexia Credit Local, Guaranteed Negotiable European Commercial Paper (NEU CP)30,000 11,01710,882
+ 0001682 Dexia Credit Negotiable European Commercial Paper (NEU CP)3,000 00
+ 0002801 DIAC S.A. Negotiable European Commercial Paper1,000 103103
+ 0002065 DZ BANK AG Deutsche Zentral-Genossenschaftsbank Frankfurt am Main DZ PRIVATBANK SA Multi Issuer ECP25,000 8,5288,684
  0002925 Ecolab Euro-commercial paper programme2,000 .-
+ 0002470 Eneco Holding NV Euro-Commercial Paper Programme750 00
+ 0000733 ENI Spa and ENI Finance International SA Guaranteed Euro Commercial Paper4,000 1,8681,868
+ 0000343 European Investment Bank Global Commercial Paper ProgrammeNaN 13,93413,421
+ 0002860 Fingrid Oyj Euro-Commercial Paper Programme600 7575
+ 0002390 Fromageries Bel SA Commercial Papers500 210227
+ 0002641 Goldman Sachs International Bank Certificate of Deposit ProgrammeNaN 1,2391,225
+ 0002776 Heineken N.V. Euro-Commercial Paper Programme1,000 00
+ 0000926 HELABA Landesbank Hessen Thuringen Girozentrale Commercial Paper6,000 1,9902,477
+ 0001496 HELABA Landesbank Hessen Thuringen Girozentrale Multi Currency Euro Commercial Paper and Euro Certificate of Deposit Programme10,000 3,3463,361
+ 0000230 HSBC France Negotiable European Commercial Paper20,000 4,0654,100
+ 0000766 Iberdrola International BV Guaranteed ECP3,000 1,6231,405
+ 0002305 Iliad NEU CP800 215215
+ 0002182 Industrial and Commercial Bank of China Limited NEU CP (Luxembourg branch)1,000 279279
+ 0000135 ING Bank NV ECP and CD Programme20,000 2,3502,336
+ 0001036 ING Bank NV Negotiable European Commercial Paper20,000 3,8993,899
+ 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 3,9724,038
+ 0001383 Intesa Sanpaolo French Certificats de Depot15,000 1,2981,248
+ 0001900 Investec Bank plc Euro Commercial Paper and Certificate of Deposit Programme1,000 1717
+ 0002706 IRELAND, acting through NTMA, EURO-COMMERCIAL PAPER PROGRAMME50,000 936881
+ 0002214 Italcementi Finance SA Guaranteed Negotiable European Commercial Paper (NEU CP)400 9694
+ 0000755 Jyske Bank A.S. French CD5,000 3,3753,343
+ 0002145 KA Finanz AG Guaranteed Multi-Currency Commercial Paper Programme3,500 3,1883,199
+ 0001565 KA Finanz AG Multi Currency Commercial Paper Programme3,000 757727
+ 0001073 KBC Bank Ireland plc Global Guaranteed ECP and CD Programme1,000 2626
+ 0001415 KBC Bank NV Multi Currency Short Term Certificate of Deposit Programme15,000 4,0164,016
+ 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 1,0151,015
+ 0000274 KfW Multi Currency Commercial Paper Programme50,000 37,02237,235
+ 0001543 Kingdom of Sweden ECP ProgrammeNaN 00
+ 0000412 Klepierre, Commercial Paper1,300 1,2961,299
+ 0001820 Kommunalbanken AS Euro-Commercial Paper5,000 00
+ 0001671 Kommuninvest i Sverige Aktiebolag (publ) Euro-Commercial Paper7,000 2,0111,228
+ 0002466 La Banque Postale Negotiable European Commercial Paper20,000 4,7346,211
+ 0000551 La Poste Negotiable European Commercial Paper1,500 00
+ 0000904 Landesbank Baden Wurttemberg Commercial Paper Programme10,000 2,0431,607
+ 0001324 Landesbank Baden Wurttemberg French Certificats de Depot5,000 2,3512,351
+ 0001933 Lloyds Bank plc NEU CP15,000 3,7343,712
+ 0000700 Matchpoint Finance plc Negotiable European Commercial Paper10,000 1,3341,340
+ 0001255 Mediobanca International Luxembourg SA French CD Programme4,000 777777
+ 0001372 Mediobanca International Luxembourg SA Guaranteed Euro Commercial Paper Programme4,000 266266
+ 0002674 Mitsui Co. Financial Services (Europe) Plc Euro-Commercial Paper1,500 8177
+ 0000963 Munchener Hypothekenbank eG Euro Commercial Paper Programme5,000 633633
+ 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 1,9241,906
+ 0000770 Natixis French Certificates of Deposit45,000 15,20914,966
+ 0002721 Nederlandse Waterschapsbank N.V. Euro-Commercial Paper and Certificate of Deposit Programme25,000 12,54712,752
+ 0002696 NIBC Bank N.V. Euro-Commercial Paper Programme3,000 139141
+ 0000974 Norddeutsche Landesbank Girozentrale Commercial Paper Programme10,000 735726
+ 0002080 Norddeutsche Landesbank Girozentrale French Certificats de Depots4,000 1313
+ 0001350 Nordea Bank AB (publ) Euro Commercial Paper Programme15,000 5,7385,702
+ 0000493 Nordea Bank AB publ French Certificats de Depot15,000 1,1071,346
+ 0001142 Nordic Investment Bank Euro Commercial Paper Programme2,000 134134
+ 0002236 NV Nederlandse Gasunie Euro-commercial Paper Programme750 050
+ 0001025 Nykredit Bank AS Euro Commercial Paper and Certificate of Deposit Programme3,000 751668
+ 0001703 ONEY BANK, Negotiable European Commercial Paper1,000 369319
+ 0001762 OP Corporate plc ECP and CD Programme12,000 6,8157,324
+ 0000525 Orange NEU CP5,000 1,2521,254
+ 0001660 Paccar Financial Europe BV and Paccar Financial plc Multi Issuer ECP Programme1,250 456452
+ 0002615 Propertize B.V for the issuance of guaranteed Euro Commercial Paper and guaranteed Medium Term Notes3,600 00
+ 0001751 Proximus Multi-currency Multi-jurisdiction Programme for the Issue of Short Term Treasury Notes1,000 00
+ 0002101 Raiffeisen Bank International Euro-Commercial Paper and Certificate of Deposit Programme15,000 110110
+ 0001554 RCI Banque ECP Programme2,000 151151
+ 0000070 RCI Banque S.A. Negotiable European Commercial Paper4,500 290290
+ 0002871 RELX Finance B.V. Guaranteed Euro-Commercial Paper Programme2,000 288338
+ 0001886 Repsol International Finance B.V. Guaranteed Euro-Commercial Paper2,000 1,5491,568
+ 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 932912
+ 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 7550
+ 0000722 SNCB Holding SA NMBS Holding NV Multi Currency Short Term Treasury Notes1,500 50150
+ 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 1,9431,916
+ 0000011 Societe Generale Negotiable European Commercial Paper60,000 5,2805,284
+ 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 6,2516,034
+ 0002780 Svenska Handelsbanken AB (publ) French Certificats de Depot7,500 2,0662,095
+ 0000642 Telekom Finanzmanagement GmbH Guaranteed Belgian Multi Currency Short Term Treasury Notes Programme300 00
+ 0001426 The Bank of Tokyo Mitsubishi UFJ Ltd French Certificats de depot4,000 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 00
+ 0000616 The State of the Netherlands Global Commercial Paper ProgrammeNaN 3,2966,287
+ 0002010 UBI BANCA International S.A. Guaranteed Euro-Commercial Paper Programme6,000 00
+ 0002364 Ubi Banca International SA Guaranteed Commercial Paper5,000 1,3031,303
+ 0002422 UBS AG (London Branch) Commercial Paper10,000 1,6401,520
+ 0002386 UBS AG London Branch Euro-Commercial Paper and Certificate of Deposit Programme20,000 4,6083,488
+ 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 2,6822,682
+ 0001040 UniCredit S.p.A., London Branch, Commercial Paper20,000 4,9734,928
+ 0002604 VODAFONE Group plc Euro-Commercial Paper programme8,000 5,4095,443
+ 0002091 Volkswagen Group Services SA Belgian Short-Term Treasury Notes5,000 1,3421,342
+ 0000391 VTB Bank SA Negotiable European Commercial Paper350 00
+ 0000792 Warehouses De Pauw Multi Currency Short Term Treasury Notes200 161160
+ 0002320 Whirlpool Corporation French Billets de Tresorerie500 176176

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.

Download

Gross issues

New issues, broken down by original maturity (EUR millions; nominal values)
Original time to maturity23 Sep 201622 Sep 201621 Sep 2016
New issues% of totalNew issues% of totalNew issues% of total
0 - 72,578352,0624254424
8 - 31905123768793
32 - 911,900266561361727
92 - 18368996081278634
184 - 2740047510181
275 - 3661,260177841625911
Total7,3321004,9611002,303100

New issues, broken down by sector of the issuer, original time to maturity and rating category, on 23 Sep 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 - 72,5782,290288000
8 - 3190508782700
32 - 911,90001,6661301040
92 - 1836890689000
184 - 274000000
275 - 3661,26001,16010000
Total7,3322,2904,6822571040
of which Rating 1
0 - 7616328288000
8 - 318780878000
32 - 911,73001,62601040
92 - 1836370637000
184 - 274000000
275 - 3661600160000
Total4,0223283,59001040
of which Rating 2
0 - 7000000
8 - 31000000
32 - 911250012500
92 - 18340040000
184 - 274000000
275 - 3661,10001,00010000
Total1,26501,04022500

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

Disclaimer and limitation of liability

The European Central Bank (ECB) maintains this site for information purposes only, within the context of the STEP Market Convention. The content thereof, including quotes, data and other information, is not intended

  • to address any specific purposes (including, without limitation, trading purposes); or
  • to constitute any form of advice (including, without limitation, professional, legal or investment advice); or
  • to make any recommendations regarding particular financial instruments, investments or products.

While making reasonable efforts to obtain reliable content from third-party data contributors, the ECB accepts no responsibility or liability for any errors or inaccuracies or delays in the content of this site. The ECB accepts no responsibility or liability whatsoever with regard to the material on this website. In particular, without limitation, the ECB does not accept any responsibility or liability for any economic loss or any indirect or consequential loss or damage (including, without limitation, loss of business and loss of profits) as a direct or indirect consequence of, or in connection with, any actions taken in reliance thereon (including, without limitation, any investment decision or the results of any investment made by a user of this site).

While endeavouring to minimise disruption caused by technical errors, the ECB cannot guarantee that its service will not be interrupted or otherwise affected by such problems. The ECB accepts no responsibility or liability with regard to any problems occurring as a result of using this website or any linked external websites THE ECB EXPRESSLY DISCLAIMS ALL WARRANTIES, EXPRESSED OR IMPLIED, AS TO THE ACCURACY OF ANY OF THE CONTENT PROVIDED, OR AS TO THE MERCHANTABILITY OR FITNESS OF THE CONTENT PROVIDED FOR ANY PURPOSE.

The ECB does not endorse or take responsibility for the content on any other site(s) of relevance to the contents of this site that this site may be linked to.

This disclaimer is not intended to limit the ECB’s liability in contravention of any requirements laid down in applicable national law or to exclude its liability for matters which cannot be excluded under such law.