Capital Issuance - March 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 29 April 2021

Key points

  • Total capital issuance by all UK residents was £62.7bn in March, £22.1bn higher than in February and £24.4bn higher than the previous six month average.
  • Gross bond issuance was £43.1bn in March, compared to £22.6bn in February and the previous six month average of £21.4bn.
  • Gross commercial paper issuance was £17.8bn in March, compared to £15.6bn in February and the previous six month average of £14.1bn.
  • Net equity issuance was £0.8bn in March, compared to £2.1bn in February 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 £62.7bn in March, compared to £40.5bn in February and the previous six month average of £38.3bn (Chart 1).
  • Net issuance was £14.7bn in March, compared to £5.7bn in February and the previous six month average of -£0.2bn (Chart 1).
  • Year-to-date gross issuance was £143.8bn, £19.8bn higher than at the same point the previous year (Chart 2).
  • Year-to-date net issuance was £20.5bn, £2.8bn higher 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 £43.1bn in March, compared to £22.6bn in February and the previous six month average of £21.4bn (Chart 4).
  • Net bond issuance was £16.6bn in March, compared to £5.6bn in February and the previous six month average of -£2.1bn (Chart 4).
  • The increase in net issuance was primarily driven by higher gross issuance across all three major sectors.

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

Non seasonally adjusted

Commercial paper issuance

  • Gross commercial paper issuance was £17.8bn in March, compared to £15.6bn in February and the previous six month average of £14.1bn (Chart 5).
  • Net commercial paper issuance was -£2.6bn in March, compared to -£2.0bn in February and the previous six month average of -£0.7bn (Chart 5).
  • The decrease in net issuance was primarily driven by an increase in repayments by the PNFC sector, which outweighed a fall in repayments by the MFI sector.

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

Non seasonally adjusted

Equity issuance

  • Gross equity issuance was £1.8bn in March, compared to £2.3bn in February and the previous six month average of £2.7bn (Chart 6).
  • Net equity issuance was £0.8bn in March, compared to £2.1bn in February and the previous six month average of £2.5bn (Chart 6).
  • The decrease in net issuance was primarily driven by a decrease in issuance by the PNFC sector combined with 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
  • 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: 28 May 2021

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

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