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

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