Capital Issuance - April 2021

The capital issuance statistics consist of non-government primary market issuance of bonds, commercial paper and equity, representing finance raised by UK resident entities.
Published on 28 May 2021

Key points

  • Total capital issuance by all UK residents was £37.6bn in April, £25.1bn lower than in March and £5.4bn lower than the previous six month average.
  • Net bond issuance was -£7.3bn in April, compared to £16.6bn in March and the previous six month average of £2.0bn.
  • Gross commercial paper issuance was £14.4bn in April, compared to £17.8bn in March and the previous six month average of £15.2bn.
  • Gross equity issuance was £2.2bn in April, compared to £1.8bn in March and the previous six month average of £2.5bn.

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 £37.6bn in April, compared to £62.7bn in March and the previous six month average of £43.0bn (Chart 1).
  • Net issuance was -£7.6bn in April, compared to £14.7bn in March and the previous six month average of £3.6bn (Chart 1).
  • Year-to-date gross issuance was £181.4bn, £17.8bn lower than at the same point the previous year (Chart 2).
  • Year-to-date net issuance was £12.8bn, £35.5bn lower 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 £20.9bn in April, compared to £43.1bn in March and the previous six month average of £25.3bn (Chart 4).
  • Net bond issuance was -£7.3bn in April, compared to £16.6bn in March and the previous six month average of £2.0bn (Chart 4).
  • The decrease in net issuance was driven primarily by a decrease in issuance across the three major sectors, combined with an increase in repayments by the MFI sector.

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

Non seasonally adjusted

Commercial paper issuance

  • Gross commercial paper issuance was £14.4bn in April, compared to £17.8bn in March and the previous six month average of £15.2bn (Chart 5).
  • Net commercial paper issuance was -£1.5bn in April, compared to -£2.6bn in March and the previous six month average of -£0.6bn (Chart 5).
  • Net commercial paper issuance remained broadly unchanged in April, as a decrease in MFI and PNFC issuance was more than offset by a fall 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 £2.2bn in April, compared to £1.8bn in March and the previous six month average of £2.5bn (Chart 6).
  • Net equity issuance was £1.2bn in April, compared to £0.8bn in March and the previous six month average of £2.1bn (Chart 6).
  • The increase in net issuance was primarily driven by an increase 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.gsi.gov.uk.

Next release date: 25 June 2021

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

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