Capital Issuance - October 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 27 November 2019

Key points

  • Total capital issuance by UK residents fell to £40.2bn in October from £54.0bn in September.
  • Total capital issuance by PNFCs decreased to £8.0bn in October, falling from £15.3bn in September.
  • Net equity issuance by all sectors was -£1.3bn in October, this was the third consecutive month it had remained negative.

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 £40.2bn in October, compared to £54.0bn in September and the previous six month average of £42.9bn (Chart 1).
  • Net issuance was £4.9bn in October, compared to £13.8bn in September and the previous six month average of £5.2bn (Chart 1).
  • Year-to-date gross issuance was £393.0bn, £1.7bn higher than at the same point the previous year (Chart 2).
  • Year-to-date net issuance was £42.8bn, £38.1bn 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 £27.2bn in October, compared to £30.7bn in September and the previous six month average of £24.9bn (Chart 4).
  • Bond repayments were at £18.5bn in October, compared to £22.3bn in September and the previous six month average of £18.6bn (Chart 4).   
  • Net bond issuance was £8.7bn in October, compared to £8.4bn in September and the previous six month average of £5.4bn (Chart 4).

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 £12.1bn in October, compared to £22.9bn in September and the previous six month average of £16.4bn (Chart 5).
  • Net commercial paper issuance was -£2.5bn in October, compared to £8.3bn in September and the previous six month average of £0.7bn (Chart 5).
  • The decrease in net issuance was primarily driven by a decrease in issuance by both the MFI and OFC 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 £0.9bn in October, compared to £0.4bn in September and the previous six month average of £1.6bn (Chart 6).
  • Net equity issuance was -£1.3bn in October, compared to -£2.8bn in September and the previous six month average of -£0.8bn (Chart 6).
  • The increase in net issuance was largely driven by a decrease in repayments by the OFC sector.

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

Non seasonally adjusted

Equity issuance by UK-residents
In the October 2019 publication, a number of months were revised as a result of an ongoing review to improve the data quality of the Capital Issuance dataset. These revisions impact back to 2004.

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: 30 December 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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