Capital Issuance - December 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 January 2022

Key points

  • Total gross capital issuance by all UK residents was £31.2bn in December, £20.9bn lower than in November and £11.1bn lower than the previous six-month average.
  • Total net capital issuance was -£1.1bn in December, compared to £15.8bn in November and the previous six-month average of £3.9bn.
  • Gross bond issuance was £17.4bn in December, compared to £28.5bn in November and the previous six-month average of £25.9bn.
  • Gross commercial paper issuance was £11.9bn in December, compared to £19.9bn in November and the previous six-month average of £13.8bn.
  • Total capital issuance was £505.2bn in 2021, compared to £527.7bn in 2020. The fall in total annual issuance was primarily driven by a decrease in PNFC issuance, as the sector issued £81.1bn in 2021, compared to £138.8bn in 2020 and the previous four-year average of £114.8bn.

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 £31.2bn in December, compared to £52.1bn in November and the previous six-month average of £42.3bn (Chart 1).
  • Net issuance was -£1.1bn in December, compared to £15.8bn in November and the previous six-month average of £3.9bn (Chart 1).
  • Gross issuance in 2021 was £505.2bn, £22.5bn lower than the previous year (Chart 2). Whilst lower than 2020, this is £24.7bn higher than the previous four-year average.
  • Net issuance in 2021 was £40.7bn, £20.3bn lower than 2020 (Chart 3). This is £20.5bn lower than the previous four-year average.

Chart 1: Total capital issuance by UK residents (all currencies)

Non seasonally adjusted

Chart 2: Annual gross capital issuance by UK residents (all currencies)

Non seasonally adjusted

Chart 3: Annual net capital issuance by UK residents (all currencies)

Non seasonally adjusted

Bond issuance

  • Gross bond issuance was £17.4bn in December, compared to £28.5bn in November and the previous six-month average of £25.9bn (Chart 4).
  • Net bond issuance was -£1.4bn in December, compared to £9.9bn in November and the previous six-month average of £2.4bn (Chart 4).
  • The decrease in net issuance was primarily driven by a combination of lower issuance and higher repayments, both driven by the OFC sector.

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

Non seasonally adjusted

Commercial paper issuance

  • Gross commercial paper issuance was £11.9bn in December, compared to £19.9bn in November and the previous six-month average of £13.8bn (Chart 5).
  • Net commercial paper issuance was £0.6bn in December, compared to £5.4bn in November and the previous six-month average of £1.0bn (Chart 5).
  • The decrease in net issuance was driven by falls in issuance across all three major sectors, with a marked decrease from the MFI sector.

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

Non seasonally adjusted

Equity issuance

  • Gross equity issuance was £1.9bn in December, compared to £3.7bn in November and the previous six-month average of £2.5bn (Chart 6).
  • Net equity issuance was -£0.3bn in December, compared to £0.6bn in November and the previous six-month average of £0.4bn (Chart 6).
  • The fall in net issuance was driven by a decrease in issuance from both the OFC and PNFC sectors.

Chart 6: Equity issuance by UK residents (all currencies)

Non seasonally adjusted

Key

  • PNFC = Private non-financial corporations
  • 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 February 2022

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

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