Capital Issuance - July 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 August 2020
For this publication, data for commercial paper issuance and repayments in June 2020, predominantly by MFIs, were revised due to a correction by a reporter. Gross CP issuance by UK residents was revised down by £14.1bn, of which £11.0bn was for the MFI sector, whilst gross CP repayments were revised down by £0.9bn. No other months’ data were affected and further details of the revision are available on request.

Key points

  • Total capital issuance by UK residents was £44.8bn in July, £12.7bn lower than in June and £5.8bn lower than the previous six month average.
  • Total bond issuance by the PNFC sector was £5.3bn in July, £7.4bn lower than in June and £0.4bn lower than the previous six month average.
  • Total commercial paper issuance by the OFC sector was £3.9bn in July, £1.2bn lower than in June and £0.7bn lower than the previous six month average.
  • Total equity issuance by the PNFC sector was £1.7bn in July, £2.1bn lower than June and £0.4bn lower 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 £44.8bn in July, compared to £57.5bn in June and the previous six month average of £50.6bn (Chart 1).
  • Net issuance was -£0.3bn in July, compared to £14.8bn in June and the previous six month average of £11.5bn (Chart 1).
  • Year-to-date gross issuance was £348.1bn, £80.9bn higher than at the same point the previous year (Chart 2).
  • Year-to-date net issuance was £68.7bn, £37.3bn higher 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 £25.9bn in July, compared to £35.3bn in June and the previous six month average of £27.7bn (Chart 4).
  • Net bond issuance was -£2.7bn in July, compared to £12.3bn in June and the previous six month average of £7.5bn (Chart 4).
  • The decrease in net issuance was driven by a decrease in issuance by the PNFC sector combined with an increase in repayments by the OFC sector.

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

Non seasonally adjusted

Commercial paper issuance

  • Gross commercial paper issuance was £17.1bn in July, compared to £18.1bn in June and the previous six month average of £20.5bn (Chart 5).
  • Net commercial paper issuance was £0.7bn in July, compared to -£1.3bn in June and the previous six month average of £2.1bn (Chart 5).
  • The increase in net issuance was driven by a decrease in repayments by the OFC sector.

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

Non seasonally adjusted

Equity issuance

  • Gross equity issuance was £1.8bn in July, compared to £4.0bn in June and the previous six month average of £2.4bn (Chart 6).
  • Net equity issuance was £1.7bn in July, compared to £3.8bn in June and the previous six month average of £1.9bn (Chart 6).
  • The decrease in net issuance was driven by a decrease in 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

Queries

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

Next release date: 25 September 2020

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

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