Capital Issuance - January 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 27 February 2020

Key points

  • Gross capital issuance by all UK residents was £42.6bn in January 2020, £11.2bn higher than December 2019 and £2.8bn higher than the previous six month average.
  • Gross bond issuance across all sectors was £22.6bn in January 2020, £5.7bn higher than December 2019 but £0.1bn lower than the previous six month average.
  • Gross commercial paper issuance by the PNFC sector was £6.7bn in January 2020, £3.1bn higher than December 2019 and £2.7bn 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 £42.6bn in January 2020, compared to £31.4bn in December 2019 and the previous six month average of £39.8bn (Chart 1).
  • Net issuance was £6.1bn in January 2020, compared to -£1.7bn in December 2019 and the previous six month average of £3.8bn (Chart 1).
  • Gross issuance in January 2020 was £13.3bn higher than January 2019 (Chart 2).
  • Net issuance in January 2020 was £4.5bn higher than January 2019 (Chart 3).

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

Non seasonally adjusted

Chart 2: January gross capital issuance by UK-residents (all currencies)

Non seasonally adjusted

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

Non seasonally adjusted

Bond issuance

  • Gross bond issuance was £22.6bn in January 2020, compared to £16.8bn in December 2019 and the previous six month average of £22.7bn (Chart 4).
  • Net bond issuance was £2.3bn in January 2020, compared to -£1.4bn in December 2019 and the previous six month average of £4.1bn (Chart 4).
  • The increase in net issuance was driven by an increase in issuance by the MFI sector combined with a decrease in repayments by the PNFC sector.

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

Non seasonally adjusted

Commercial paper issuance

  • Gross commercial paper issuance was £19.8bn in January 2020, compared to £12.9bn in December 2019 and the previous six month average of £16.3bn (Chart 5).
  • Net commercial paper issuance was £4.8bn in January 2020, compared to -£1.4bn in December 2019 and the previous six month average of £0.8bn (Chart 5).
  • The increase in net issuance was driven by increases in issuance by both the MFI and PNFC sectors.

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

Non seasonally adjusted

Equity issuance

  • Gross equity issuance was £0.3bn in January 2020, compared to £1.6bn in December 2019 and the previous six month average of £0.8bn (Chart 6).
  • Equity showed net buybacks of £1.0bn in January 2020, compared to net issuance of £1.0bn in December 2019, and the previous six month average buyback of -£1.2bn (Chart 6).
  • The decrease in net issuance was driven by a decrease in issuance by both the OFC and PNFC sectors combined with an increase in repayments 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

Queries

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

Next release date: 26 March 2020

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

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