Capital Issuance - August 2019

Published on 26 September 2019

Key points

Gross issuance fell to £31.6bn in August from £45.2bn in July. This was primarily driven by a decrease in bond issuance.
Net bond issuance fell to -£2.6bn in August from £7.6bn in July. This was driven by a decrease in issuance across all sectors.
Net equity issuance fell to -£3.4bn in August from -£0.2bn in July. This was driven by both a decrease in issuance and an increase in repayments.

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 £31.6bn in August, compared to £45.2bn in July and the previous six month average of £39.5bn (Chart 1).
Net issuance was -£7.4bn in August, compared to £9.8bn in July and the previous six month average of £4.8bn (Chart 1).
Year-to-date gross issuance was £303.9bn, £6.2bn lower than at the same point the previous year (Chart 2).
Year-to-date net issuance was £29.1bn, £33.9bn lower than at the same point the previous year (Chart 3).

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

Non seasonally adjusted

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

Non seasonally adjusted

Chart 3: Net year to date capital issuance by UK-residents (all currencies)

Non seasonally adjusted

Bond issuance

Gross bond issuance was £14.5bn in August, compared to £26.1bn in July and the previous six month average of £23.0bn (Chart 4).
Net bond issuance was -£2.6bn in August, compared to £7.6bn in July and the previous six month average of £5.0bn (Chart 4).
The decrease in net issuance was driven by a decrease in issuance across all sectors.

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

Non seasonally adjusted

Commercial paper issuance

Gross commercial paper issuance was £16.9bn in August, compared to £17.5bn in July and the previous six month average of £14.7bn (Chart 5).
Net commercial paper issuance was -£1.4bn in August, compared to £2.4bn in July and the previous six month average of £0.0bn (Chart 5).
The decrease in net issuance was driven by an increase in repayments by the MFI sector.

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

Non seasonally adjusted

Equity issuance

Gross equity issuance was £0.2bn in August, compared to £1.6bn in July and the previous six month average of £1.8bn (Chart 6).
Net equity issuance was -£3.4bn in August, compared to -£0.2bn in July and the previous six month average of -£0.1bn (Chart 6).
The decrease in net issuance was driven by an increase in buybacks by the OFC and PNFC sectors.

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

Non seasonally adjusted

Key:

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

Capital issuance by UK-residents (all currencies)