Capital Issuance - February 2021

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 March 2021

Key points

  • Total capital issuance by all UK residents was £40.5bn in February, £0.1bn lower than in January but £4.1bn higher than the previous six month average.
  • Net bond issuance was £5.6bn in February, compared to -£3.3bn in January and the previous six month average of -£3.0bn.
  • Net commercial paper issuance was -£2.0bn in February, compared to £3.3bn in January and the previous six month average of -£0.7bn.
  • Gross equity issuance was £2.3bn in February, compared to £0.2bn in January and the previous six month average of £2.4bn.

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 £40.5bn in February, compared to £40.6bn in January and the previous six month average of £36.5bn (Chart 1).
  • Net issuance was £5.7bn in February, compared to £0.1bn in January and the previous six month average of -£1.5bn (Chart 1).
  • Year-to-date gross issuance was £81.1bn, £5.0bn lower than at the same point the previous year (Chart 2).
  • Year-to-date net issuance was £5.8bn, £15.2bn 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 £22.6bn in February, unchanged from January and £2.3bn higher the previous six month average of £20.3bn (Chart 4).
  • Net bond issuance was £5.6bn in February, compared to -£3.3bn in January and the previous six month average of -£3.0bn (Chart 4).
  • The increase in net issuance was driven by a decrease 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 £15.6bn in February, compared to £17.7bn in January and the previous six month average of £13.8bn (Chart 5).
  • Net commercial paper issuance was -£2.0bn in February, compared to £3.3bn in January and the previous six month average of -£0.7bn (Chart 5).
  • The decrease in net issuance was driven by a decrease in MFI issuance, combined with an increase in repayments by both the MFI and PNFC sectors.

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

Non seasonally adjusted

Equity issuance

  • Gross equity issuance was £2.3bn in February, compared to £0.2bn in January and the previous six month average of £2.4bn (Chart 6).
  • Net equity issuance was £2.1bn in February, compared to £0.0bn in January and the previous six month average of £2.2bn (Chart 6).
  • The increase in net issuance was driven by an increase in issuance by both the PNFC and OFC sectors.

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 April 2021

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

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