Capital Issuance - December 2019

Capital issuance statistics consist of UK-based primary market issuance of bonds, commercial paper and equity, representing finance raised in the UK.
Published on 28 January 2020

Key points

  • Total capital issuance decreased to £31.4bn in December, falling from £36.8bn in November.
  • Total capital issuance by the PNFC sector decreased to £5.6bn in December, falling from £7.7bn in November.
  • Net issuance of equity across all sectors increased to £1.0bn in December. This was driven by a £1.2bn increase in gross issuance.

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 £31.4bn in December, compared to £36.8bn in November and the previous six month average of £40.9bn (Chart 1).
  • Net issuance was -£1.6bn in December, compared to £3.4bn in November and the previous six month average of £4.0bn (Chart 1).
  • Gross issuance for the year was £461.1bn, £0.2bn higher than the value seen for the previous year (Chart 2).
  • Net issuance for the year was £44.4bn, £39.2bn lower than the value seen for the previous year (Chart 3).

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

Non seasonally adjusted

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

Non seasonally adjusted

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

Non seasonally adjusted

Bond issuance

  • Gross bond issuance was £16.8bn in December, compared to £20.7bn in November and the previous six month average of £23.9bn (Chart 4).
  • Net bond issuance was -£1.3bn in December, compared to £4.0bn in November and the previous six month average of £4.6bn (Chart 4).
  • The decrease in net issuance was driven by a fall in issuance across all sectors combined with an increase in repayments by the MFI sector.

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

Non seasonally adjusted

Commercial paper issuance

  • Gross commercial paper issuance was £12.9bn in December, compared to £15.6bn in November and the previous six month average of £16.2bn (Chart 5).
  • Net commercial paper issuance was £-1.4bn in December, compared to £-0.2bn in November and the previous six month average of £0.8bn (Chart 5).
  • The decrease in net issuance was driven by a decrease in issuance by both the MFI and OFC sectors (Chart 5).

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

Non seasonally adjusted

Equity issuance

  • Gross equity issuance was £1.7bn in December, compared to £0.5bn in November and the previous six month average of £0.8bn (Chart 6).
  • Net equity issuance was £1.0bn in December, compared to £-0.4bn in November and the previous six month average of £-1.3bn (Chart 6).
  • The increase in net issuance was driven by an increase in issuance by the OFC sector (Chart 6).

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
  • CP = Commercial paper
  • Other sectors = Other sectors contains public corporations and non-profit institutions serving households

Queries

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

Next release date: 27 February 2020

Further data are available in Table E3.1 of our latest Bankstats tables.

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