Capital Issuance - May 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 25 June 2020

Key points

  • Total capital issuance by all UK-residents was £43.2bn in May, £30.7bn lower than in April and £1.2bn lower than the previous six month average
  • Gross bond issuance by the PNFC sector was £3.2bn in May, £6.8bn lower than in April and £0.4bn lower than the previous six month average.
  • Gross commercial paper issuance by the OFC sector was £6.2bn in May, £0.9bn lower than in April but £2.4bn higher than the previous six month average.
  • Gross equity issuance by the PNFC sector was £5.0bn in May, £2.4bn higher than in April and £4.2bn 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 £43.2bn in May, compared to £73.9bn in April and the previous six month average of £44.4bn (Chart 1).
  • Net issuance was £2.5bn in May, compared to £29.3bn in April and the previous six month average of £8.2bn (Chart 1).
  • Year-to-date gross issuance was £241.1bn, £57.0bn higher than at the same point in the previous year (Chart 2).
  • Year-to-date net issuance was £49.5bn, £27.3bn 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 £16.2bn in May, compared to £40.1bn in April and the previous six month average of £24.6bn (Chart 4).
  • Net bond issuance was -£0.8bn in May, compared to £16.4bn in April and the previous six month average of £5.3bn (Chart 4).
  • The decrease in net issuance was driven by a decrease in issuance across all major sectors.

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

Non seasonally adjusted

Commercial paper issuance

  • Gross commercial paper issuance was £21.8bn in May, compared to £30.8bn in April and the previous six month average of £18.6bn (Chart 5).
  • Net commercial paper issuance was -£1.8bn in May, compared to £10.0bn in April and the previous six month average of £2.4bn (Chart 5).
  • The decrease in net issuance was driven by a fall in issuance by the PNFC and MFI sectors combined with an increase in repayments by the PNFC sector.

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

Non seasonally adjusted

Equity issuance

  • Gross equity issuance was £5.3bn in May, compared to £3.0bn in April and the previous six month average of £1.2bn (Chart 6).
  • Net equity issuance was £5.2bn in May, compared to £2.8bn in April and the previous six month average of £0.5bn (Chart 6).
  • The increase in net issuance was driven by higher 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.gsi.gov.uk.

Next release date: 27 July 2020

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

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