Capital Issuance - April 2022

Key points

• Gross capital issuance by UK residents was £30.8bn in April, compared to £41.8bn in March and the previous six-month average of £41.2bn.
• Net capital issuance was -£4.8bn in April, compared to -£8.4bn in March and the previous six-month average of £2.3bn.
• Year to date net capital issuance was -£17.8bn, £32.7bn lower than at the same point the previous year. This is £43.8bn lower than the previous four-year 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 £30.8bn in April, compared to £41.8bn in March and the previous six-month average of £41.2bn (Chart 1).
• Net capital issuance was -£4.8bn in April, compared to -£8.4bn in March and the previous six-month average of £2.3bn (Chart 1).
• Year to date gross capital issuance was £150.3bn, £33.0bn lower than at the same point the previous year (Chart 2).This is £21.0bn lower than the previous four-year average.
• Year to date net capital issuance was -£17.8bn, £32.7bn lower than at the same point the previous year (Chart 3).This is £43.8bn lower than the previous four-year average.

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 £17.4bn in April, compared to £25.1bn in March and the previous six-month average of £23.8bn (Chart 4).
• Net bond issuance was £0.2bn in April, compared to -£3.6bn in March and the previous six-month average of £2.2bn (Chart 4).
• The increase in net issuance was driven by a decrease in repayments 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 £12.2bn in April, compared to £15.9bn in March and the previous six-month average of £15.5bn (Chart 5).
• Net commercial paper issuance was -£2.2bn in April, compared to -£0.7bn in March and the previous six-month average of £1.4bn (Chart 5).
• The decrease in net issuance was driven by a marked decrease in issuance by the MFI sector.

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

Non seasonally adjusted

Equity issuance

• Gross equity issuance was £1.2bn in April, compared to £0.7bn in March and the previous six-month average of £1.9bn (Chart 6).
• Net equity issuance was -£2.8bn in April, compared to -£4.1bn in March and the previous six-month average of -£1.2bn (Chart 6).
• The increase in net issuance was driven by an increase in issuance combined with a decrease in buybacks by 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” 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 June 2022