Capital Issuance - July 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 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.

All sectors

  • 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).

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

Non seasonally adjusted

Total capital issuance by UK-residents

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

Non seasonally adjusted
Gross year to date capital issuance by UK-residents

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

Non seasonally adjusted
Net year to date capital issuance by UK-residents

Bond issuance

  • 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.

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

Non seasonally adjusted

Bond issuance by UK-residents

Commercial paper issuance

  • 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.

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

Non seasonally adjusted

Commercial Paper issuance by UK-residents

Equity issuance

  • 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.

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

Non seasonally adjusted

Equity issuance by UK-residents

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

ExcelCapital issuance by UK-residents (all currencies)

Next release date: 26 September 2019

Further details

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

 

Queries

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

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