Capital Issuance - July 2019

Published on 28 August 2019

Key points

Net issuance rose to £9.8bn in July from -£0.6bn in June. This was primarily driven by an increase in net bond issuance.
Net bond issuance rose to £7.6bn in July from £1.3bn in June. This was driven by a decrease in repayments combined with an increase in issuance by the MFI sector.
Net commercial paper (CP) issuance rose to £2.4bn in July from -£2.0bn in June. This was driven by an increase in issuance across all sectors.

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.

Gross capital issuance by UK residents was £45.2bn in July, compared to £37.9bn in June and the previous six month average of £37.8bn (Chart 1).
Net issuance was £9.8bn in July, compared to -£0.6bn in June and the previous six month average of £4.4bn (Chart 1).
Year-to-date gross issuance was £272.2bn, £13.4bn lower than at the same point the previous year (Chart 2).
Year-to-date net issuance was £36.4bn, £27.8bn lower than at the same point the previous year (Chart 3).

Non seasonally adjusted

Non seasonally adjusted

Non seasonally adjusted

Gross bond issuance was £26.1bn in July, compared to £24.2bn in June and the previous six month average of £20.6bn (Chart 4).
Net bond issuance was £7.6bn in July, compared to £1.3bn in June and the previous six month average of £3.4bn (Chart 4).
The increase in net issuance was driven by the MFI sector, where there was a £2.7bn decrease in repayments combined with a £1.8bn increase in issuance.

Non seasonally adjusted

Gross commercial paper issuance was £17.5bn in July, compared to £12.0bn in June and the previous six month average of £15.7bn (Chart 5).
Net commercial paper issuance was £2.4bn in July, compared to -£2.0bn in June and the previous six month average of £1.3bn (Chart 5).
The increase in net issuance was driven by an increase in issuance across all sectors.

Non seasonally adjusted

Gross equity issuance was £1.6bn in July, virtually unchanged from June and the previous six month average of £1.5bn (Chart 6).
Net equity issuance was -£0.2bn in July, compared to £0.2bn in June and the previous six month average of -£0.3bn (Chart 6).
The decrease in net issuance was driven by a decrease in issuance by the MFI and OFC sectors combined with an increase in repayments by the PNFC sector.

Non seasonally adjusted

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