Capital Issuance - September 2019

Published on 25 October 2019

Key points

Total capital issuance increased considerably in September to £53.4bn from £31.6bn in August. This was largely driven by strong bond issuance across all sectors.
PNFC bond issuance was £9.9bn in September, £9.2bn higher than in August.
Total equity issuance across all sectors remained weak at £0.4bn, although this was £0.2bn higher than August.

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 £53.4bn in September, compared to £31.6bn in August and the previous six month average of £39.7bn (Chart 1).
Net issuance was £13.3bn in September, compared to -£7.4bn in August and the previous six month average of £3.1bn (Chart 1).
Year-to-date gross issuance was £351.6bn, £2.0bn higher than at the same point the previous year (Chart 2).
Year-to-date net issuance was £36.7bn, £37.8bn lower than at the same point the previous year (Chart 3).

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

Non seasonally adjusted

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

Non seasonally adjusted

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

Non seasonally adjusted

Bond issuance

Gross bond issuance was £30.1bn in September, compared to £14.5bn in August and the previous six month average of £23.3bn (Chart 4).
Net bond issuance was £7.9bn in September, compared to -£2.6bn in August and the previous six month average of £4.4bn (Chart 4).
The increase in net issuance was largely driven by an increase in issuance by the PNFC and OFC sectors.

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

Non seasonally adjusted

Commercial paper issuance

Gross commercial paper issuance was £22.9bn in September, compared to £16.9bn in August and the previous six month average of £14.9bn (Chart 5).
Net commercial paper issuance was £8.3bn in September, compared to -£1.4bn in August and the previous six month average of -£0.6bn (Chart 5).
The increase in net issuance was largely driven by an increase in issuance by the MFI sector.

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

Non seasonally adjusted

Equity issuance

Gross equity issuance was £0.4bn in September, compared to £0.2bn in August and the previous six month average of £1.6bn (Chart 6).
Net equity issuance was -£2.8bn in September, compared to -£3.4bn in August and the previous six month average of -£0.7bn (Chart 6).
The increase in net issuance was largely driven by an increase in issuance by the OFC sector.

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

Data for commercial paper issued in December 2018 and January 2019 have been revised due to the correction of misreporting by two institutions. Other observations for both equity and debt securities have been revised as a result of an ongoing review of the sector classification of issuers, these revisions impact from 2004. While these reclassifications have had little impact on either the gross or net totals, they have resulted in some offsetting changes between the sector totals.

Capital issuance by UK-residents (all currencies)