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Short-Term European Paper (STEP)

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The STEP statistics concern short-term debt securities issued in the context of programmes that have received the STEP label (www.stepmarket.org). STEP includes securities with a short maturity (less than one year) mostly issued by corporate banks. STEP establishes common practices and standards for the documentation of short-term paper programmes with the aim of enhancing standardisation and transparency, and ultimately market depth and liquidity.

The ECB collects data from market participants on a voluntary basis and publishes several aggregates as well as programme-by-programme information.

Available reports

Amounts outstanding of STEP securities by programme and currency from 30 Jan 2026 to 06 Feb 2026
(denominated in EUR millions irrespective of the accounting currency)1
STEP IDProgramme nameProgramme ceilingAccounting currencyAmount outstanding
30 Jan 2026		Amount outstanding
06 Feb 2026
+ 0003841Aareal Bank AG Multi-Currency Commercial Paper Programme 3,000 446 447
+ 0001911ABN AMRO Bank N.V. Euro-Commercial Paper Programme 25,000 2,433 2,496
+ 0002546Achmea Bank NV NEU CP Programme 2,500 1,229 1,219
+ 0002032ACOSS SOCIAL, NEU CP 70,000 18,191 16,717
+ 0003564adidas AG Multi-Currency Commercial Paper Programme 2,000 0 0
+ 0001693African Development Bank ECP 2,000 0 0
+ 0001970Agence Centrale des Organismes de Sécurité Sociale Euro-Commercial Paper Programme 70,000 52,448 42,223
+ 0002882Agence France Locale Guaranteed Euro-Commercial Paper Programme 2,000 166 316
+ 0003921AIRBUS SE, NEU CP 11,000 0 0
+ 0003622Akzo Nobel N.V. Euro Commercial Paper Programme 1,500 50 50
+ 0003750Allianz SE Euro-Commercial Paper Programme 5,000 914 915
+ 0004170Allied Irish Banks, p.l.c. Euro-Commercial Paper Programme 3,000 1,034 1,193
+ 0003815AMCO Asset Management Company S.p.A. Multi-Currency Commercial Paper Programme (Programma di Cambiali Finanziarie) 1,000 0 0
+ 0003670America Movil B.V. Euro-Commercial Paper Programme 2,000 205 205
+ 0000092Antalis SA Negotiable European Commercial Paper 11,072 3,751 3,877
+ 0004064Asian Development Bank Euro-Commercial Paper Programme 10,125 1,101 904
+ 0003232Asian Infrastructure Investment Bank, Euro-Commercial Paper Programme 4,219 1,771 1,956
+ 0002845ASN Bank N.V. Euro-Commercial Paper Programme 4,000 1,870 1,831
+ 0002856ASN BANK N.V., NEU CP 4,000 1,456 1,104
+ 0003152AXA Banque NEU CP Not guaranteed 6,000 3,299 3,249
+ 0003520B.A.T. International Finance p.l.c., B.A.T. Netherlands Finance B.V. and B.A.T. Capital Corporation Euro-Commercial Paper Programme 3,465 0 0
+ 0002433Banco Bilbao Vizcaya Argentaria S.A Paris Branch NEU CP 12,000 4,274 4,231
+ 0003301Banco Santander, S.A., acting through its London Branch Certificate of Deposit Programme 20,000 2,303 2,461
+ 0002171Bank of China Limited Paris Branch, NEU CP 8,000 950 450
+ 0003436Banque et Caisse d'Epargne de l'Etat, Luxembourg Euro-Commercial Paper Programme 4,219 1,168 1,197
+ 0000226Banque Federative du Credit Mutuel ECP and CD Programme 25,000 3,512 3,484
+ 0000081Banque Federative du Credit Mutuel NEU CP 30,000 24,425 23,653
+ 0004246Banque Internationale à Luxembourg, societe anonyme, Euro-Commercial Paper Programme 5,000 28 28
+ 0003276BANQUE NOMURA FRANCE, NEU CP 50 15 15
+ 0003221Barclays Bank Ireland PLC NEU CP 20,000 1,867 1,817
+ 0002754Barclays Global Commercial Paper and Certificate of Deposit ProgrammeUnlimited 11,678 11,685
+ 0000861Barry Callebaut Services NV Belgian Multi Currency Short-Term Treasury Notes Programm 900 94 94
+ 0003542Bayer Aktiengesellschaft Global Commercial Paper Programme 5,000 0 0
+ 0000172Bayerische Landesbank Multi-Currency Commercial Paper Programme 8,000 3,931 3,888
+ 0003516BayWa Aktiengesellschaft Euro Commercial Paper Programme 1,000 5 5
+ 0001506Belfius Bank SA/NV Global Multi Currency Short and Medium Term Certificates of Deposit Programme 25,000 5,882 3,666
+ 0002513Belfius Financing Company, societe anonyme, Euro-Commercial Paper Programme 10,000 724 727
+ 0002903BGL BNP Paribas Euro-Commercial Paper Programme 2,531 417 378
+ 0003356BNG Bank N.V. Euro-commercial paper programme. 20,000 3,554 6,596
+ 0000066BNP Paribas Fortis SA/NV Global Multi-currency Short Term Certficates of Deposit ProgrammeUnlimited 4,702 4,803
+ 0000055BNP Paribas Negotiable European Commercial Paper 70,000 11,613 11,510
+ 0001623BPCE Euro-Commercial Paper Programme 10,000 1,946 1,821
+ 0001645BPCE NEU CP 60,000 20,009 18,694
+ 0002685Bpifrance NEU CP Guaranteed 9,000 7,119 6,910
+ 0001116BRED Banque Populaire, NEU CP 15,000 8,814 8,600
+ 0003126Bridgestone Europe NV/SA Euro Commercial Paper Programme 500 50 50
+ 0003046CA Auto Bank S.p.A. (acting through its Irish Branch) Euro-Commercial Paper Programme 1,250 50 50
+ 0002561Caisse Centrale du Crédit Immobilier de France 3CIF Guaranteed Negotiable European Commercial Paper 8,000 0 0
+ 0002663Cassa Depositi e Prestiti S.p.A. Multi-Currency Commercial Paper Programme 6,000 1,345 1,345
+ 0003713Caterpillar International Finance DAC, Caterpillar International Finance Luxembourg S.à r.l. and Caterpillar Financial Services Corporation Euro-Commercial Paper Programme 1,500 0 0
+ 0004267Clearstream Banking S.A. Euro-Commercial Paper Programme 3,000 0 0
+ 0002583Coca-Cola HBC Finance B.V. Guaranteed Euro-Commercial Paper 1,000 583 538
+ 0002524COFACE SA, NEU CP 800 640 641
+ 0003863Cofinimmo SA/NV Global Multi-Currency Short and Medium Term Belgian Sustainable Treasury Notes Programme 1,250 830 830
+ 0002652Collateralized Commercial Paper III Co., LLC Commercial Paper Notes Programme 16,875 9,648 8,546
+ 0000376Commerzbank Aktiengesellschaft Euro Commercial Paper Programme 20,000 11,617 12,343
+ 0000033Compagnie Generale des Etablissements Michelin, NEU CP 2,500 250 250
+ 0003611Continental Aktiengesellschaft Euro Commercial Paper Programme 1,500 773 823
+ 0002240Council of Europe Development Bank Euro-Commercial Paper Programme 5,000 706 713
+ 0000296Credit Agricole Corporate and Investment Bank, NEU CP 30,000 1,129 144
+ 0002455Credit Agricole SA NEU CP 40,000 20,197 19,912
+ 0004122Credito Emiliano S.p.A. Multi-Currency Commercial Paper Programme (Programma di Cambiali Finanziarie) 1,000 180 180
+ 0003265Crédit Municipal de Paris NEU CP 1,000 484 504
+ 0002353Danske Bank A/S Euro-Commercial Paper and Certificate of Deposit Programme 13,000 5,199 5,156
+ 0001955Danske Bank A/S, NEU CP 10,000 353 353
+ 0002765DekaBank Commercial Paper Programme 15,000 480 484
+ 0002823Deutsche Apotheker- und Ärztebank eG Commercial Paper programme 5,000 225 225
+ 0002626Dexia S.A. Guaranteed Euro-Commercial Paper Programme 15,000 4,229 4,168
+ 0002801DIAC S.A. NEU CP 1,000 37 37
+ 0003440DSM B.V. Euro Commercial Paper Programme 2,000 0 0
+ 0002065DZ BANK AG Deutsche Zentral-Genossenschaftsbank, Frankfurt am Main, DZ PRIVATBANK S.A., DZ BANK Multi-Issuer Euro Commercial Paper Programme 25,000 9,597 10,023
+ 0003403E.ON SE Multi-Currency Commercial Paper Programme 10,000 105 195
+ 0002925Ecolab euro-commercial paper programme 1,687 0 0
+ 0004266Elia Transmission Belgium SA/NV, Multi-currency Short-Term Treasury Notes Programme. 700 0 0
+ 0002193ELO, NEU CP 300 0 0
+ 0003414ENEL FINANCE INTERNATIONAL N.V. Sustainable Development Goal (SDG) Target Guaranteed Euro- Commercial Paper Programme 8,000 2,482 2,482
+ 0000733Eni S.p.A. Euro-Commercial Paper Programme 6,000 3,982 4,290
+ 0002951Erste Group Bank AG Commercial Paper and Certificates of Deposit ProgrammeUnlimited 2,898 2,565
+ 0004086Esprinet S.p.A. Euro-Commercial Paper Programme 300 6 11
+ 0003185Euroclear Bank SA/NV Multi-currency Programme for the issue of short-term Certificates of Deposit 20,000 1,438 1,445
+ 0004265Eurogrid GmbH Euro Commercial Paper Programme 750 0 0
+ 0000343European Investment Bank Global Commercial Paper ProgrammeUnlimited 25,788 27,805
+ 0004213European Stability Mechanism Euro-Commercial Paper Programme 20,000 0 0
+ 0004263Federal State of Saxony-Anhalt Zero Coupon State Treasury Note Programme 3,000 826 830
+ 0004100Ferrovial SE Sustainability Target Euro-Commercial Paper Programme 1,500 50 50
+ 0004155Ferrovie dello Stato Italiane S.p.A. Euro-Commercial Paper Programme 2,000 640 500
+ 0003002Fincantieri S.p.A Euro-Commercial Paper Programme 500 305 325
+ 0002860Fingrid Oyj Green Euro-Commercial Paper Programme 600 100 100
+ 0003702Fraport AG Frankfurt Airport Services Worldwide Euro Commercial Paper Programme 500 0 0
+ 0003666GEA Group Euro-Commercial Paper Programme 500 0 0
+ 0003783Generalfinance S.p.A. Commercial Paper Programme 100 35 35
+ 0003980Goldman Sachs Bank Europe SE Certificate of Deposit ProgrammeUnlimited 71 71
+ 0002641Goldman Sachs International Bank Certificate of Deposit ProgrammeUnlimited 23,010 22,463
+ 0003943Hamburg Commercial Bank AG Multi-Currency Commercial Paper Programme 1,500 65 0
+ 0004235Haniel NowCM Euro Commercial Paper Programme 1,000 0 10
+ 0004031HeidelbergCement AG Multi-Currency Sustainability Target Commercial Paper Programme 2,000 0 0
+ 0002776Heineken N.V. Euro-Commercial Paper Programme 3,000 490 420
+ 0001496HELABA Landesbank Hessen Thuringen Girozentrale Multi Currency Euro Commercial Paper and Euro Certificate of Deposit Programme 10,000 1,469 1,434
+ 0000926HELABA Landesbank Hessen Thuringen Girozentrale NEU CP 6,000 194 194
+ 0003425Henkel AG & Co. KGaA Multi-Currency Commercial Paper Programme 2,000 100 100
+ 0003495HOCHTIEF Aktiengesellschaft Euro Commercial Paper Programme 750 0 0
+ 0004042Holcim Sterling Finance (Netherlands) B.V. and Holcim Finance (Luxembourg) S.A. Euro-Commercial Paper Programme for the issuance of Notes and ESG Notes 3,000 0 0
+ 0000230HSBC CONTINENTAL EUROPE NEU CP 20,000 4,292 4,151
+ 0004264HUGO BOSS International B.V. Multi-Currency Commercial Paper Programme 500 0 0
+ 0004090Hungary Euro-Commercial Paper Programme 2,000 418 423
+ 0000766Iberdrola International B.V. Sustainability Euro-Commercial Paper Programme 6,000 3,407 3,187
+ 0003724IDB Invest Sustainable Commercial Paper Programme 2,531 0 0
+ 0002182Industrial and Commercial Bank of China Limited acting through its Luxembourg Branch NEU CP 2,700 25 26
+ 0004166ING Bank N.V. and ING Bank N.V. acting through its Sydney Branch Green Euro-Commercial Paper and Certificate of Deposit Programme. 20,000 57 57
+ 0000135ING Bank NV ECP and CD Programme 20,000 17,810 17,759
+ 0001036ING Bank NV NEU CP 20,000 13,729 13,894
+ 0003254International Development Association Bills Programme, Euro-Commercial Paper ProgrammeUnlimited 2,673 2,539
+ 0000215Intesa Sanpaolo Bank Ireland p.l.c., Intesa Sanpaolo Bank Luxembourg, société anonyme and Intesa Sanpaolo S.p.A. Guaranteed Euro Commercial Paper and Certificate of Deposit and Commercial Paper (Cambiali Finanziarie) Programme 30,000 13,250 13,222
+ 0001383Intesa Sanpaolo S.p.A NEU CP 15,000 840 969
+ 0001900Investec Bank plc Euro-Commercial Paper and Certificate of Deposit Programme 1,000 0 0
+ 0002706Ireland, acting through The National Treasury Management Agency, Euro Commercial Paper Programme 42,187 12 12
+ 0002940Johnson Controls International plc euro-commercial paper prorgamme 2,000 500 500
+ 0002936JT International Financial Services B.V. Guaranteed Euro-Commercial Paper Programme 1,000 0 0
+ 0004005Jungheinrich Aktiengesellschaft Euro Commercial Paper Programme 300 0 0
+ 0000755Jyske Bank A/S NEU CP 10,000 3,906 4,141
+ 0001415KBC Bank NV Multi Currency Short Term Certificate of Deposit Programme 20,000 14,397 10,151
+ 0003954KBC Group NV Multicurrency Short Term Certificate of Deposit Program 2,000 905 905
+ 0000274KfW Multi Currency Commercial Paper Programme 90,000 32,752 31,137
+ 0001543Kingdom of Sweden ECP ProgrammeUnlimited 13,922 14,003
+ 0003462KION GROUP AG Euro Commercial Paper Programme 750 0 0
+ 0000412Klepierre NEU CP 1,500 1,000 1,030
+ 0001820Kommunalbanken AS Euro-Commercial PaperUnlimited 1,539 1,453
+ 0001671Kommuninvest i Sverige Aktiebolag (publ) Euro-Commercial Paper 20,000 401 404
+ 0003575Koninklijke Ahold Delhaize N.V. Sustainability-Linked Euro-Commercial Paper Programme 1,500 150 252
+ 0002973KONINKLIJKE FRIESLANDCAMPINA N.V. Euro-Commercial Paper Programme 1,000 0 0
+ 0003484Koninklijke KPN N.V. Euro-Commercial Paper Programme 1,000 0 0
+ 0003083La Banque Postale Euro-Commercial Paper Programme 10,000 437 444
+ 0002466La Banque Postale NEU CP 20,000 7,627 9,209
+ 0000904Landesbank Baden Wurttemberg Commercial Paper Programme 10,000 7,298 6,971
+ 0001324Landesbank Baden Wurttemberg NEU CP 5,000 100 100
+ 0004133Landwirtschaftliche Rentenbank Multi-Currency Commercial Paper Programme 20,000 1,510 1,722
+ 0003965Leonardo S.p.A. Multi-Currency Commercial Paper Programme (Programma di Cambiali Finanziarie) 1,000 0 0
+ 0003072Lloyds Bank Corporate Markets plc Euro-Commercial Paper and Certificate of Deposit Programme 7,500 4,733 4,640
+ 0003976LMA Euro-Commercial Paper Programme 20,000 10,456 10,802
+ 0003991LMA, NEU CP 25,000 237 240
+ 0004053London Stock Exchange Group plc, LSEGA Financing PLC and LSEG Netherlands B.V. Guaranteed Euro-Commercial Paper Programme 2,598 898 875
+ 0004269Luminor Bank AS Euro-Commercial Paper Programme 1,000 0 0
+ 0003735M&G plc Unlimited Global Commercial Paper Programme for the issuance of Euro Commercial Paper and US Commercial PaperUnlimited 0 0
+ 0003906MAIRE S.p.A. Euro-Commercial Paper Programme for the issuance of Notes 300 251 251
+ 0000700Matchpoint Finance plc Negotiable European Commercial Paper 20,000 1,275 1,290
+ 0003896Mediobanca Banca di Credito Finanziario S.p.A. Multi-Currency Commercial Paper Programme (Programma di Cambiali Finanziarie) 4,000 0 0
+ 0001372Mediobanca International (Luxembourg) SA Euro Commercial Paper Guaranteed Programme 4,000 0 0
+ 0001255Mediobanca International Luxembourg S.A. NEU CP 4,000 1,633 1,694
+ 0003531Merck Euro-Commercial Paper Programme 2,500 0 0
+ 0003382METRO AG Multi-Currency Commercial Paper Programme 2,000 303 312
+ 0002674Mitsui & Co. Financial Services (Europe) Plc Euro-Commercial Paper 1,266 0 0
+ 0001426MUFG BANK Ltd., NEU CP 4,000 0 0
+ 0000963Munchener Hypothekenbank eG Euro Commercial Paper Programme 5,000 166 166
+ 0003692Municipality Finance Plc euro-commercial paper programme 10,000 4,724 3,907
+ 0003243My Money Bank NEU CP 500 0 0
+ 0003050N.V. Eneco Euro-Commercial Paper Programme 1,250 325 225
+ 0003013National Westminster Bank plc Euro-Commercial Paper Programme 20,000 792 797
+ 0000770NATIXIS, NEU CP 45,000 11,346 11,259
+ 0002411NatWest Group plc Euro-Commercial Paper Programme 10,000 0 0
+ 0003360NatWest Markets N.V. Euro Commercial Paper Programme 5,000 1,966 1,867
+ 0001014NatWest Markets plc Euro Commercial Paper Programme 20,000 1,592 1,592
+ 0004262Nederlandse Financierings-Maatschappij voor Ontwikkelingslanden N.V. Euro-Commercial Paper Programme 1,500 0 0
+ 0002721Nederlandse Waterschapsbank N.V. Euro-Commercial Paper and Certificate of Deposit Programme 25,000 6,085 10,429
+ 0003910NEU CP DEXIA Guaranteed Senior Unsecured 5,000 256 259
+ 0002696NIBC Bank N.V. Euro-Commercial Paper Programme 3,000 0 0
+ 0003280Nomura Bank International PLC Multi-currency Euro-commercial paper and Euro-certificate of Deposit programme 1,266 461 443
+ 0000974Norddeutsche Landesbank Girozentrale Commercial Paper Programme 10,000 191 191
+ 0003141Nordea Bank Abp Euro-commercial Paper Programme 20,000 3,601 3,800
+ 0003174Nordea Bank Abp NEU CP 15,000 900 900
+ 0001142Nordic Investment Bank Euro Commercial Paper Programme 2,000 0 0
+ 0004020Novo Nordisk A/S and Novo Nordisk Finance (Netherlands) B.V. Euro-Commercial Paper Programme 3,000 200 200
+ 0001025Nykredit Bank A/S Euro-Commercial Paper and Certificate of Deposit Programme 3,000 313 440
+ 0001762OP Corporate Bank plc ECP and CD Programme 18,000 4,583 4,583
+ 0004016OPEL BANK, NEU CP 200 10 10
+ 0001660Paccar Financial Europe BV and Paccar Financial plc Multi Issuer ECP Programme 2,000 1,033 1,013
+ 0001751Proximus Multi-currency Multi-jurisdiction Programme for the Issue of Short Term Treasury Notes 1,000 0 0
+ 0000070RCI Banque S.A. NEU CP 4,500 864 864
+ 0002871RELX Finance B.V. Guaranteed Euro-Commercial Paper Programme 2,000 0 0
+ 0003586REN-Redes Energéticas Nacionais, SGPS, S.A. and REN Finance B.V. Euro-Commercial Paper Programme 600 310 310
+ 0003852Repsol Europe Finance Euro-Commercial Paper Programme 3,000 798 884
+ 0002342Republic of Cyprus Euro-Commercial Paper Programme 5,000 0 0
+ 0003590Republic of Italy Italian Treasury Bills Programme 20,000 0 0
+ 0003600RWE AG Euro Commercial Paper Programme 5,000 681 881
+ 0004268Région wallonne Multicurrency Euro-Commercial Paper Programme 2,000 0 0
+ 0000915Sanofi NEU CP 6,000 0 0
+ 0004075Santander Consumer Bank AG Euro-Commercial Paper Programme 7,000 2,255 2,255
+ 0002962Santander UK Plc Euro-commercial Paper Programme 8,437 67 67
+ 0002400SES and SES Global Americas Holdings GP Guaranteed Euro-Commercial Paper Programme 1,000 0 0
+ 0002812SFIL NEU CP 3,000 442 492
+ 0003826Siemens Energy AG and Siemens Energy Finance B.V. Euro Commercial Paper Programme 3,000 0 0
+ 0004224SMBC Bank EU AG Multi-Currency Commercial Paper Programme 5,000 716 717
+ 0003196SNAM S.p.A. Euro-commercial Paper Programme 3,500 1,335 1,405
+ 0000011SOCIETE GENERALE, NEU CP 60,000 14,440 13,960
+ 0000124Société Générale ECP and ECD Programme 20,000 889 901
+ 0001521Sony Global Treasury Services Plc Global Commercial Paper for the issuance of Euro Commercial Paper 2,531 0 0
+ 0004261Stedin Holding N.V. Green Euro-Commercial Paper Programme 1,500 0 0
+ 0002470Stedin Holding NV Euro-Commercial Paper Programme 1,500 0 0
+ 0004250Sumitomo Electric Finance UK Plc Guaranteed Euro-Commercial Paper Programme 1,000 510 510
+ 0002834Svenska Handelsbanken AB (publ) Euro-Commercial Paper Programme 25,000 13,896 13,554
+ 0002780Svenska Handelsbanken AB NEU CP 9,500 2,231 2,206
+ 0003633Südzucker AG Euro Commercial Paper Programme 600 390 390
+ 0003644Telekom Austria Euro-Commercial Paper Programme 1,000 0 0
+ 0003804TERNA - Rete Elettrica Nazionale Società per Azioni Euro-Commercial Paper Programme for the issuance of Notes and ESG Notes 2,000 0 0
+ 0003830The Kingdom of Denmark Euro Commercial Paper Programme 10,125 685 694
+ 0004144The OPEC Fund for International Development, Euro-Commercial Paper Programme 1,687 230 233
+ 0003323The Royal Bank of Scotland International Limited Euro-Commercial Paper Programme 5,000 1,469 1,520
+ 0000616The State of the Netherlands Global Commercial Paper ProgrammeUnlimited 17,571 9,863
+ 0003505TotalEnergies SE and TotalEnergies Capital Euro-Commercial Paper Programme 2,531 1,157 1,547
+ 0003885Toyota Motor Finance (Netherlands) B.V., Toyota Financial Services (UK) PLC, Toyota Finance Australia Limited (ABN 48 002 435 181) and Toyota Kreditbank GmbH Unlimited Euro Commercial Paper ProgrammeUnlimited 5,837 5,551
+ 0004111TRATON Euro-Commercial Paper Programme 2,500 1,368 1,330
+ 0004192UBS Europe SE Euro-Commercial Paper and Certificate of Deposit ProgrammeUnlimited 1,548 1,557
+ 0003874UniCredit S.p.A. Euro-Commercial Paper and Commercial Paper (Cambiali Finanziarie) Programme 15,000 2,415 2,415
+ 0001040UniCredit S.p.A., NEU CP 20,000 6,078 6,078
+ 0003451Uniper SE Euro Commercial Paper Programme 1,800 350 350
+ 0003761Vier Gas Transport GmbH Euro Commercial Paper Programme 500 0 0
+ 0002604Vodafone Group Plc Euro-Commercial Paper Programme 10,000 0 0
+ 0000792Warehouses De Pauw Belgian Multi-currency Short-Term Treasury Notes Programme 200 106 104
+ 0002320Whirlpool Corporation Negotiable European Commercial Paper 500 0 0

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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Amounts outstanding of STEP securities by programme
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Background

On 9 June 2006, Euribor ACI and Euribor FBE adopted the Short-Term European Paper (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 entities 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 general documentation on the Eurosystem monetary policy instruments and procedures

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.

As of January 2025, STEP statistics are produced using the ECB’s CSDB (Centralised Securities Database). This means these statistics benefit not only from data provided by eligible STEP data providers but also from all other high-quality data available in the CSDB. Find out more about the enhancements and impact on STEP statistics resulting from the new compilation 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 STEP statistics cover all issues made under STEP-labelled programmes.

Once a week, the ECB publishes aggregates referring to daily data on outstanding amounts of STEP securities, i.e. data on the face values of all STEP securities that have been issued but not redeemed at the end of the reference period. Statistics on aggregated daily new issues, yields and spreads are also published once a week.

The 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. In addition to the daily data, the ECB also publishes weekly aggregates on STEP yields and spreads.

Sectors included in STEP statistics are:

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 category “Rating 2” refer to those STEP securities that have lower credit ratings.

Broad rating categories are needed to provide information on credit quality while respecting the confidentiality of the individual price and yield data of the underlying securities.

The statistics are published on the ECB’s website and Data Portal at weekly intervals on the second 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 or to weekly averages for yield statistics.

STEP data were revised back to the beginning of January 2025 following the migration of STEP statistics compilation to the CSDB on 21 January 2025.

For more detailed methodological information, please refer to the 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

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.

SEE ALSO

Find out more about related content

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