Capital Issuance - September 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 October 2020

Key points

  • Total gross capital issuance by UK residents was £34.4bn in September, £4.8bn higher than in August but £14.6bn lower than the previous six month average.
  • Net capital issuance by UK residents was -£8.1bn in September, £5.9bn lower than in August, largely due to a £12.0bn increase in bond repayments.
  • Net bond issuance by UK residents was -£8.1bn in September, £7.9bn lower than in August and £13.1bn lower than the previous six month average.
  • Equity issuance by the PNFC sector was £3.2bn in September, £3.0bn higher than in August and £0.9bn 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 £34.4bn in September, compared to £29.7bn in August and the previous six month average of £49.0bn (Chart 1).
  • Net issuance was -£8.1bn in September, compared to -£2.2bn in August and the previous six month average of £8.0bn (Chart 1).
  • Year-to-date gross issuance was £414.8bn, £62.1bn higher than at the same point in the previous year (Chart 2).
  • Year-to-date net issuance was £61.0bn, £23.4bn 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 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 £20.0bn in September, compared to £15.9bn in August and the previous six month average of £26.9bn (Chart 4).
  • Net bond issuance was -£8.1bn in September, compared to -£0.2bn in August and the previous six month average of £5.0bn (Chart 4).
  • The decrease in net issuance was driven by an increase in repayments by the three core sectors.

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

Non seasonally adjusted

Commercial paper issuance

  • Gross commercial paper issuance was £11.2bn in September, compared to £13.6bn in August and the previous six month average of £19.6bn (Chart 5).
  • Net commercial paper issuance was -£2.9bn in September, compared to -£2.1bn in August and the previous six month average of £0.7bn (Chart 5).
  • The decrease in net issuance was driven by a decrease in issuance by the OFC sector and 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 £3.2bn in September, compared to £0.2bn in August and the previous six month average of £2.5bn (Chart 6).
  • Net equity issuance was £2.9bn in September, compared to £0.0bn in August and the previous six month average of £2.3bn (Chart 6).
  • The increase in net issuance was driven entirely by an increase in issuance by the PNFC sector, offset only slightly by an increase in buybacks by the OFC 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
  • CP = Commercial paper
  • Other sectors = Other sectors contains public corporations and non-profit institutions serving households

Queries

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

Next release date: 26 November 2020

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

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