Key points
- Gross capital issuance by UK residents was £33.4bn in December, compared to £59.9bn in November and the previous six-month average of £44.4bn (Chart 1).
- The decrease in gross capital issuance by UK residents was driven by the fall in issuance of gross commercial paper which fell to £12.6bn in December, compared to £31.3bn in November and the previous six-month average of £20.6bn (Chart 5).
- Annual net capital issuance was -£13.8bn in 2022, £58.7bn lower than the previous year (Chart 3) and £72.6bn 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 £33.4bn in December, compared to £59.9bn in November and the previous six-month average of £44.4bn (Chart 1).
- Net issuance was £0.2bn in December, compared to £10.9bn in November and the previous six-month average of £1.2bn (Chart 1).
- Annual gross capital issuance was £480.6bn in 2022, £28.9bn lower than the previous year (Chart 2) and £9.6bn lower than the previous four-year average.
- Annual net capital issuance was -£13.8bn in 2022, £58.7bn lower than the previous year (Chart 3) and £72.6bn lower than the previous four-year average.
Chart 1: Total capital issuance by UK-residents (all currencies)
Non seasonally adjusted
Chart 2: Gross annual issuance by UK-residents (all currencies)
Non seasonally adjusted
Chart 3: Net annual capital issuance by UK-residents (all currencies)
Non seasonally adjusted
Bond issuance
- Gross bond issuance was £20.5bn in December, compared to £27.7bn in November and the previous six-month average of £23.1bn (Chart 4).
- Net bond issuance was £6.4bn in December, compared to £9.1bn in November and the previous six-month average of £2.9bn (Chart 4).
- The decrease in net issuance was driven by a decrease in issuance from the MFI and OFC sectors of £4.6bn and £2.6bn respectively, which more than offset the decrease in repayments across all sectors of £4.6bn.
Chart 4: Bond issuance by UK-residents (all currencies)
Non seasonally adjusted
Commercial paper issuance
- Gross commercial paper issuance was £12.6bn in December, compared to £31.3bn in November and the previous six-month average of £20.6bn (Chart 5).
- Net commercial paper issuance was -£3.8bn in December, compared to £4.0bn in November and the previous six-month average of £1.9bn (Chart 5).
- The decrease in net issuance was driven by a decline in issuance across all sectors which amounted to £18.7bn, this was partially offset by a fall in repayments by the MFI sector of £11.5bn.
Chart 5: Commercial paper issuance by UK-residents (all currencies)
Non seasonally adjusted
Equity issuance
- Gross equity issuance was £0.3bn in December, compared to £0.9bn in November and the previous six-month average of £0.6bn (Chart 6).
- Net equity issuance was -£2.5bn in December, compared to -£2.2bn in November and the previous six-month average of -£3.6bn (Chart 6).
- The decrease in net issuance was driven by a decrease in issuance by the PNFC and OFC sectors, both of which fell by £0.3bn (Chart 4). This was partially offset by a decrease in buybacks from the PNFC sector of £0.4bn to £2.5bn.
Chart 6: Equity issuance by UK-residents (all currencies)
Non seasonally adjusted
Key
- PNFC = Private non-financial corporation
- MFI = Monetary financial institution
- OFC = Other financial corporation
- Other sectors = Other sectors contains public corporations and non-profit institutions serving households
- CP = Commercial paper
Revisions
In the December 2022 publication, revisions were processed following the reclassification of a counterparty from the MFI sector to the OFC sector as part of an ongoing review to improve the data quality of the Capital Issuance dataset. These revisions impact certain monthly series for November 2021, and quarterly series for Q4 2021. No other periods were revised as a result of the reclassification.
Queries
If you have any comments or queries with regard to this release please email DSDSecurities@bankofengland.gsi.gov.uk.
Next release date: 27 February 2023
