Capital Issuance - April 2020

Capital issuance statistics consist of UK-based primary market issuance of bonds, commercial paper and equity, representing finance raised in the UK.
Published on 29 May 2020

Key points

  • Total capital issuance by all UK-residents was £73.9bn in April, £36.0bn higher than in March and £35.1bn higher than the previous six month average.
  • Gross bond issuance across all sectors was £40.1bn in April, £19.3bn higher than in March and £17.7bn higher than the previous six month average.
  • Gross commercial paper issuance by the PNFC sector was £10.3bn in April, £5.3bn higher than in March and £5.7bn higher than the previous six month average.
  • Gross equity issuance by the PNFC sector was £2.6bn in April, £1.9bn higher than in March and £2.1bn higher than the previous six month average.

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 £73.9bn in April, compared to £37.9bn in March and the previous six month average of £38.7bn (Chart 1).
  • Net issuance was £29.3bn in April, compared to -£3.2bn in March and the previous six month average of £4.1bn (Chart 1).
  • Year-to-date gross issuance was £197.9bn, £56.8bn higher than at the same point in the previous year (Chart 2).
  • Year-to-date net issuance was £47.0bn, £34.1bn higher than at the same point in 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 £40.1bn in April, compared to £20.8bn in March and the previous six month average of £22.4bn (Chart 4).
  • Net bond issuance was £16.4bn in April, compared to -£2.1bn in March and the previous six month average of £4.0bn (Chart 4).
  • The increase in net issuance was driven by both an increase in gross issuance and a decrease in gross repayments by the PNFC and MFI sectors.

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

Non seasonally adjusted

Commercial paper issuance

  • Gross commercial paper issuance was £30.8bn in April, compared to £16.1bn in March and the previous six month average of £15.5bn (Chart 5).
  • Net commercial paper issuance was £10.0bn in April, compared to -£1.3bn in March and the previous six month average of £0.3bn (Chart 5).
  • The increase in net issuance was driven by an increase in gross issuance by the PNFC, MFI and OFC sectors.

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

Non seasonally adjusted

Equity issuance

  • Gross equity issuance was £3.0bn in April, compared to £1.0bn in March and the previous six month average of £0.9bn (Chart 6).
  • Net equity issuance was £2.9bn in April, compared to £0.2bn in March and the previous six month average of -£0.2bn (Chart 6).
  • The increase in net issuance was primarily driven by an increase in gross issuance by the PNFC 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

Following the introduction of the Covid Corporate Financing Facility (CCFF), the Capital Issuance dataset has been supplemented with data from the Bank of England. Therefore the Capital Issuance statistical release, and all associated data series, published at 9:30am on the 29 May 2020 include all relevant CCFF transactions for the month of April.

Queries

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

Next release date: 25 June 2020

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

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