Capital Issuance - March 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 April 2020

Key points

  • Total capital issuance by all UK-residents was £37.9bn in March, £5.7bn lower than in February and £3.5bn lower than the previous six month average.
  • Gross bond issuance by the OFC sector was £5.3bn in March, £5.7bn lower than in February and £2.8bn lower than the previous six month average.
  • Gross commercial paper issuance by the PNFC sector was £5.0bn in March, £0.2bn lower than in February but £0.4bn 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 £37.9bn in March, compared to £43.6bn in February and the previous six month average of £41.4bn (Chart 1).
  • Net issuance was -£3.2bn in March, compared to £14.8bn in February and the previous six month average of £6.9bn (Chart 1).
  • Year-to-date gross issuance at end-March was £124.0bn, £28.5bn higher than at the same point the previous year (Chart 2).
  • Year-to-date net issuance at end-March was £17.7bn, £11.2bn 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 £20.8bn in March, compared to £26.3bn in February and the previous six month average of £24.0bn (Chart 4).
  • Net bond issuance was -£2.1bn in March, compared to £12.2bn in February and the previous six month average of £5.7bn (Chart 4).
  • The decrease in net issuance was largely driven by an increase in repayments by the MFI sector combined with a decrease in issuance by the OFC sector.

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

Non seasonally adjusted

Commercial paper issuance

  • Gross commercial paper issuance was £16.1bn in March, compared to £16.3bn in February and the previous six month average of £16.6bn (Chart 5).
  • Net commercial paper issuance was -£1.3bn in March, compared to £2.2bn in February and the previous six month average of £1.9bn (Chart 5).
  • The decrease in net issuance was driven by an increase in repayments by both the PNFC and MFI sectors.

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

Non seasonally adjusted

Equity issuance

  • Gross equity issuance was £1.0bn in March the same as in February and compares to the previous six month average of £0.8bn (Chart 6).
  • Net equity issuance was £0.2bn in March, compared to £0.4bn in February and the previous six month average of -£0.7bn (Chart 6).
  • The decrease in net issuance was largely driven by an increase in buybacks 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: 29 May 2020

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

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