CSDB-Derived Securities Issues Statistics (CSEC) provide data on outstanding stocks, gross issues, redemptions, net issues, revaluations and other changes in volume of debt securities and listed shares in the euro area and non-euro area EU Member States. CSEC data are broken down by sector of issuer, maturity of issuance, coupon type and currency of issuance.
As part of the CSEC data set, experimental indicators on issuances of sustainable debt securities comprise a breakdown by sustainability classification (i.e. green, social, sustainability and sustainability-linked) for the euro area and EU aggregate. Breakdowns by issuer sector and individual euro area country are only available for green bonds; the same applies for net issues (financial transactions), which are available for the euro area only. Data on sustainable debt securities are published for two levels of assurance: i) all sustainable debt securities, i.e. with all degrees of assurance including only self-labelled instruments, and ii) securities with a second party opinion validating the sustainability claims of the issuer.
Debt securities and listed shares with an ISIN code issued by EU residents.
Euro area and non-euro area EU member states.
S1 (Total economy)
S11 (Non financial corporations)
S12 (Financial corporations)
S121 (Central bank)
S122 (Deposit taking corporations, except the Central Bank)
S12M (Financial corporations other than MFIs)
S12P (Other financial institutions: Financial corporations other than MFIs, insurance corporations and pension funds)
S124 (Non MMF investment funds)
S125A (Financial vehicle corporations engaged in securitisation)
S126 (Financial auxiliaries)
S127 (Captive financial institutions and money lenders)
S12Q (Insurance corporations and pension funds)
S13 (General government)
S1311 (Central government excluding social security)
S13M (State and local government excluding social security)
S1314 (Social security funds)
S1M (Households and non profit institutions serving households)
CSEC data are available from reference period December 2020 onwards. Data for debt securities at face value and listed shares prior to December 2020 are taken from the SEC data set. Breaks between November and December 2020 may exist for selected series due to methodological differences between SEC and CSEC data (see "Imputation" paragraph for more details).
In all I9 series, HR is not covered before December 2020, as no back data is available.
CSEC series are compiled using security-by-security micro data from the Centralised Securities Databases (CSDB).
CSEC data are available from reference period December 2020 onwards. Data for debt securities at face value and listed shares prior to December 2020 are taken from the SEC data set. Breaks between November and December 2020 may exist for selected series due to methodological differences between SEC and CSEC data (see "Imputation" paragraph for more details).
December 2020 serves as a base period for the calculation of the index of notional stocks, which is used for the calculation of growth rates.
Monthly
Follows the European System of National and Regional Accounts (ESA 2010). For the sustainable classification, the following breakdowns are used:
G_XX : Green (use of proceeds), assurance level unspecified
G_SX : Green (use of proceeds), second party opinion
C_XX : Social (use of proceeds), assurance level unspecified
C_SX : Social (use of proceeds), second party opinion
S_XX : Sustainability (use of proceeds), assurance level unspecified
S_SX : Sustainability (use of proceeds), second party opinion
L_XX : Sustainability-linked, assurance level unspecified
L_SX : Sustainability-linked, second party opinion
where,
- Green: debt securities where the proceeds are used to finance green projects
- Social: debt securities where the proceeds are used to finance social projects
- Sustainability: debt securities where the proceeds are used to finance a combination of both green and social projects
- Sustainability-linked: debt securities where the issuers are committed to future improvements in sustainability outcome(s) with no restrictions on how the proceeds can be used
For information about the naming convention (series key dimensions and metadata), refer to the CSEC underlying DSD (NA_SEC) maintained by the ESTAT.
EUR (million), in addition domestic currency (million) for non-euro area EU Member States.
Face value for debt securities; market value for debt securities and listed shares. In addition, positions for debt securities are also provided in nominal value.
Data on sustainable debt securities are compiled for two levels of assurance: i) all sustainable debt securities, i.e. with all degrees of assurance including only self-labelled instruments, and ii) securities with a second party opinion validating the sustainability claims of the issuer. All the standards/frameworks recognised for the classification of sustainable debt securities are accepted.
To provide for historical time series information on securities issuances, data for debt securities at face value and listed shares prior to December 2020 are taken from the discontinued SEC data set. To avoid breaks due to methodological differences between the CSEC and SEC data from November 2020 to December 2020, the following adjustments have been performed for the SEC data prior to December 2020:
- SEC aggregates prior to December 2020 for AT (from December 2015 onwards), FR (from December 2012 onwards), GR (from December 2018 onwards), NL (from December 1989 onwards), and PT (from December 2007 onwards) have been adjusted for the impact of non-ISIN instruments, which are only covered in the SEC data set but not in the CSEC data set;
- SEC aggregates for the IT central government (S1311) sector from July 2020 to November 2020 have been adjusted for the impact of stepped-coupon debt securities, which were classified as variable-rate securities in the SEC data but are classified as fixed-rate securities in the CSEC data.
Differences between the CSEC and SEC data sets in terms of compilation, coverage, breakdowns and methodology are described in the fact sheet on CSEC-SEC differences .
Breaks between November 2020 and December 2020 exist for some aggregates, namely:
- short-term debt securities denominated in EUR issued by NFCs and local governments in FI and long-term debt securities issued by SFVCs in LU, as non-ISIN instruments are only covered in SEC data but not in CSEC data;
- certificates (structured products) issued by MFIs in DE were classified as zero-coupon securities in the SEC data but are classified as zero-coupon securities, variable-rate securities and fixed-rate securities (as applicable) in the CSEC data.
CSEC - CSDB Derived Securities Issues Statistics
European Central Bank
The data quality management of the CSDB and CSEC data is jointly performed by the ECB and ESCB NCBs. The data are compiled on the basis of Guideline ECB/2022/25 of 19th May 2022 on the Centralised Securities Database and the production of securities issues statistics. The Guideline is complemented by the Recommendation ECB/2022/26 of 19th May 2022 on the Centralised Securities Database and the production of securities issues statistics.
The new indicators on issuances of sustainable debt securities are experimental and as such their quality assurance is not foreseen in the above listed legal acts.
CSDB data are produced with a timeliness of t+8 working days. CSEC data are compiled and disseminated afterwards with a timeliness of t+10 working days.
CSEC data are disseminated as time series. The series keys are 19 dimensions long, each dimension being separated by a dot:
1. Dataset: CSEC
2. Frequency: M (Monthly)
3. Adjustment: N (Non-adjusted)
4. Issuer (reference) area, e.g. I8 (Euro area 19), AT (Austria)
5. Counterparty area: W0 (World)
6. Issuer (reference) sector, e.g. S1 (Total economy), S11 (Non financial corporations)
7. Counterparty sector: S1 (Total economy)
8. Consolidation: N (Non-consolidated)
9. Accounting entry, e.g. L (Liabilities), LI (Gross incurrence of liabilities)
10. Stocks, transactions, other flows, e.g. LE (Positions) or F (Transactions)
11. Instrument classification, e.g. F3 (Debt securities)
12. Maturity, e.g. L (Long-term), LS (Long-term original maturity with short-term residual maturity)
13. Expenditure: _Z (Not applicable)
14. Unit measure, e.g. EUR (Euro), XDC (Domestic currency)
15. Currency of denomination: nominal currency of the securities, e.g. _T (All currencies combined)
16. Valuation: M (Market value) or F (Face value)
17. Prices: V (Current prices)
18. Transformation: e.g. N (Non-transformed data), GY (Annual growth rate of index of notional stocks)
19. Custom breakdown: _T (Total)
The data are compiled on the basis of Guideline ECB/2022/25 of 19th May 2022 on the Centralised Securities Database and the production of securities issues statistics. The Guideline is complemented by the Recommendation ECB/2022/26 of 19th May 2022 on the Centralised Securities Database and the production of securities issues statistics.
Download the series catalogue containing a full list of series and associated metadata of the dataset CSEC in CSV format (zipped)