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Short-term European Paper (STEP)

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, new issues, yields and spreads of STEP securities with different breakdowns on the ECB website and in the Statistical Data Warehouse at weekly intervals. Granular information on outstanding amounts per programme is also published on the ECB website only.

The ECB publishes daily statistics on the full STEP market, covering yields and volumes of primary market issues, broken down by maturity, sector of the issuer, credit rating and interest rate type (fixed/variable). The statistics are published on the ECB website and in the Statistical Data Warehouse 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. STEP data presented in the ECB Statistical Data Warehouse (SDW) are organized within two sub-categories:

1. Yields and spreads above benchmark rates

2. Volume data

For more information on the STEP data structure, please refer to the STEP Data Structure Definition page.


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STEP statistics aim at providing a timely and transparent overview of the short-term European papers (STEP) market and are based on data provided by securities settlement systems, central banks or issuers and paying agents. STEP statistics encompass aggregated volumes and prices collected on a security-by-security basis as well as individual outstanding amounts (published on the ECB website only).

Volume statistics cover both categories outstanding amounts and new issues. Outstanding amounts of STEP securities include data on the nominal values of all STEP securities that have been issued but not redeemed at the end of the reference period. New issues concern primary market issuances that took place on the reference day. Transactions on the secondary market or bridge transactions between settlement systems are not transmitted to the ECB nor published.

Data providers report all volumes in the actual original currencies, which are converted into euro by the ECB, The daily spot rates vis-à-vis the Euro as at 2:15 p.m. (C.E.T.) are applied. The volumes are published at their nominal value in EUR equivalents.

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.


STEP Methodological Notes

Reporting Instructions

STEP Market Convention