Capital Issuance - April 2018

Published on 21 May 2018

A potential issue in Capital Issuance source data suggests that repayments of commercial paper (CP) may have been underestimated since February 2018, therefore impacting any repayment series or net issuance series that includes CP

Overview

Gross issuance by UK residents was £33.2bn in April, £14.8bn lower than in March and £8.5bn lower than the previous six month average
MFI net bond issuance was -£5.1bn in April, £14.9bn lower than in March and £8.3bn lower than the previous six month average
PNFC net bond issuance was -£2.4bn in April, this is the third consecutive month in which we have seen negative net PNFC bond issuance.

	Gross issues by instrument and sector
	MFI				OFC					PNFC			Total
	Shares	Bonds	CP	Of which: Sterling (£)	Shares	Bonds	CP	Of which: Sterling (£)	Shares	Bonds	CP	Of which: Sterling (£)
	B53L	Z935	B49M	B69I	B55L	Z937	B53M	B72I	B57L	Z939	B55M	B73I	B22K
2018 Jan	-	21.3	8.1	10.8	0.1	5.0	1.8	3.4	0.3	2.2	4.8	1.7	43.5
Feb	-	8.5	6.5	3.5	0.4	4.4	3.3	4.8	2.6	0.4	6.0	3.0	32.7
Mar	-	21.4	8.3	6.9	1.2	6.3	2.5	3.5	0.9	2.8	4.4	2.5	48.0
Apr	-	12.4	5.8	7.3	0.6	3.4	2.8	3.7	0.8	1.6	5.8	1.8	33.2

Gross capital issuance

Chart 1: Gross capital issuance by UK-residents (all currencies)

Not seasonally adjusted

Table B: Net capital issuance by UK-residents (all currencies)¹

Sterling billions
Not seasonally adjusted

	Net issues by instrument and sector
	MFI				OFC					PNFC			Total
	Shares	Bonds	CP	Of which: Sterling (£)	Shares	Bonds	CP	Of which: Sterling (£)	Shares	Bonds	CP	Of which: Sterling (£)
	B35L	Z93P	B36L	B79I	B39L	Z93R	B42L	B64M	B29L	Z5ZC	Z5ZD	B83I	B24K
2018 Jan	-	7.0	2.8	4.8	0.0	2.4	-0.2	0.4	-0.6	0.1	-0.1	-0.8	11.3
Feb	-	1.7	4.5	1.3	0.2	2.2	0.6	1.9	1.4	-2.0	3.0	0.9	12.0
Mar	-	9.9	6.4	4.6	1.0	1.9	-1.0	0.7	0.2	-0.4	1.7	0.9	19.9
Apr	-	-5.1	4.2	-0.8	0.4	-3.7	0.8	-3.3	0.2	-2.4	3.7	1.2	-2.0

Net capital issuance

Chart 2: Net capital issuance by UK-residents (all currencies)¹

Not seasonally adjusted

¹A potential issue identified in the Capital Issuance source data suggests that repayments of commercial paper (CP) may have been underestimated since February 2018. The Bank is investigating the problem with its data providers and will update the affected series at the earliest possible opportunity. This will impact any repayment series or net issuance series that includes CP.

Gross and Net capital issuance by UK residents (all currencies)