Capital Issuance - February 2023

Key points

• Net capital issuance by UK residents was £1.7bn in February, compared to £15.2bn in January and the previous six-month average of £6.0bn (Chart 1).
• The decrease in net issuance was mainly driven by the decrease in net bond issuance which fell to £1.6bn in February, compared to £11.2bn in January and the previous six-month average of £6.1bn (Chart 4).
• The decrease in net issuance was also driven by an increase in commercial paper repayments across all sectors which amounted to £10.0bn, this was partially offset by an increase in issuance of £7.2bn by the MFI sector.

In addition to the summary statistics contained within this release and the associated tables, the Bank publishes a number of more granular series; please see our Bankstats tables (E3.1) and the full list of series and interactive charts.

All sectors

• Gross capital issuance by UK residents was £50.9bn in February, compared to £50.2bn in January and the previous six-month average of £47.6bn (Chart 1).
• Net issuance was £1.7bn in February, compared to £15.2bn in January and the previous six-month average of £6.0bn (Chart 1).
• Year to date gross issuance was £101.1bn, £23.3bn higher than at the same point the previous year (Chart 2) and £24.5bn higher than the previous four-year average at this point in the year.
• Year to date net issuance was £16.9bn, £21.4bn higher than at the same point the previous year (Chart 3) and £9.9bn higher than the previous four-year average at this point in the year.

Chart 2: Gross year to date capital issuance by UK residents (all currencies)

Non seasonally adjusted

Bond issuance

• Gross bond issuance was £22.9bn in February, compared to £28.4bn in January and the previous six-month average of £25.1bn (Chart 4).
• Net bond issuance was £1.6bn in February, compared to £11.2bn in January and the previous six-month average of £6.1bn (Chart 4).
• The decrease in net issuance was driven by an increase in repayments of £4.2bn by the OFC sector combined with a decrease in issuance of £2.7bn by the same sector.

Chart 4: Bond issuance by UK residents (all currencies)

Non seasonally adjusted

Commercial paper issuance

• Gross commercial paper issuance was £27.6bn in February, compared to £21.8bn in January and the previous six-month average of £22.1bn (Chart 5).
• Net commercial paper issuance was £2.2bn in February, compared to £6.3bn in January and the previous six-month average of £3.1bn (Chart 5).
• The decrease in net issuance was driven by an increase in repayments across all sectors which amounted to £10.0bn, this was partially offset by an increase in issuance of £7.2bn by the MFI sector.

Chart 5: Commercial paper issuance by UK residents (all currencies)

Non seasonally adjusted

Equity issuance

• Gross equity issuance was £0.4bn in February, compared to £0.1bn in January and the previous six-month average of £0.4bn (Chart 6).
• Net equity issuance was -£2.1bn in February, compared to -£2.3bn in January and the previous six-month average of -£3.2bn (Chart 6).
• The increase in net issuance was driven by an increase in gross issuance of £0.3bn across all sectors combined with a decrease buybacks of £0.2bn by the PNFC sector.

Chart 6: Equity issuance by UK residents (all currencies)

Non seasonally adjusted

Key

• PNFC = Private non-financial corporations
• MFI = Monetary financial institutions
• OFC = Other financial corporations
• “Other sectors” contains public corporations and non-profit institutions serving households
• CP = Commercial paper

Queries

If you have any comments or queries with regard to this release please email DSDSecurities@bankofengland.gsi.gov.uk.

Next release date: 2 May 2023