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Home > Statistics > Explanatory Notes - Capital Issuance

Explanatory Notes - Capital Issuance


Capital issuance statistics consist of UK-based primary market issuance of bonds, commercial paper and equity and so represent finance raised in the UK. These data are split by instrument type, economic sector and industry.


Data are available in both monthly and quarterly form from January 2003.  The data are not seasonally adjusted.  Publication of data occurs on the 14th working day of each month schedule of releases.


The statistics are derived from information provided by UK-based Issuing and Paying Agents (IPAs), who act on behalf of companies issuing debt on the UK capital markets, and the London Stock Exchange (LSE).

Each IPA submits a monthly return to the Bank of England listing security-by-security information on each bond issue and repayment transacted during the reported month, and issuer-by-issuer information on Commercial Paper (CP) transactions.  The LSE submit a similar return each month listing new shares issued and existing shares removed under rolling share buyback programmes.  These statistics do not include debt issued by central or local government institutions.


All data are subject to revision if and when new data become available. Revisions are highlighted where data have been revised by more than £1bn in each category when compared to previously published data. Unless otherwise stated revisions to data are due to changes to the underlying contributor’s reported data. For more information on revisions practices see the Explanatory Note on revisions.


Capital Issuance comprises sterling and foreign currency issuance by UK resident issuers and sterling issuance by issuers resident outside the UK. All issuance is based in the UK.

Programme bonds use a common set of legal documentation for an ongoing series of issues.  Stand alone bonds are not issued as part of a programme.  Commercial Paper is marketable paper issued with maturities of up to and including one year.  Shares comprise ordinary and preference shares constituting the share capital of a company.  Share buybacks comprise shares bought back for the purpose of cancellation as well as shares bought back to be held in treasury.

Definitions of sector categories can be found on the Information for Reporting Institutions page. When banks issue or buyback shares, this is generally done through the bank's holding company which would be classified as an Other Financial Corporation (OFC).

In the industry split of net capital issuance by UK residents table, 'Other' comprises public administration, defence, education, health and other personal and social services.

The statistics in these tables represent the sterling equivalent of total new capital issued and existing capital repaid during each period.  Net issuance figures are derived by subtracting repayments from issues whereas gross issuance is solely issues. Some figures may be omitted (indicated by ..) for reasons of confidentiality.

Valuation and Breaks

From October 2004 the previously published tables on Sterling commercial paper and sterling programme bonds (E1) and Capital issues (E2) have been withdrawn.  They are replaced by new Capital issuance tables (E3).  The changes are described in the article below.

Key Resources


Reynolds, H (2004), Bank of England Bankstats (Monetary and Financial Statistics), October.