Capital Issuance - January 2022

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 February 2022

Key points

  • Gross capital issuance by UK residents was £41.2bn in January, compared with £31.2bn in December and the previous six-month average of £40.9bn.
  • Gross bond issuance was £25.2bn in January, £7.9bn higher than in December and £0.7bn higher than the previous six-month average.
  • Net commercial paper issuance was -£0.7bn in January, compared with £0.6bn in December and the previous six-month average of £1.3bn.
  • Gross equity issuance was £0.3bn in January, £1.6bn lower than in December and £2.2bn lower than the previous six-month 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 £41.2bn in January, compared with £31.2bn in December and the previous six-month average of £40.9bn (Chart 1).
  • Net issuance was £1.6bn in January, compared with -£1.1bn in December and the previous six-month average of £5.3bn.

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

Non seasonally adjusted

Bond issuance

  • Gross bond issuance was £25.2bn in January, compared with £17.4bn in December and the previous six-month average of £24.5bn (Chart 2).
  • Net bond issuance was £4.4bn in January, compared with -£1.4bn in December and the previous six-month average of £3.7bn.
  • The increase in net issuance was driven by increases in issuance across all three major sectors.

Chart 2: Bond issuance by UK residents (all currencies)

Non seasonally adjusted

Commercial paper issuance

  • Gross commercial paper issuance was £15.6bn in January, compared with £11.9bn in December and the previous six-month average of £13.8bn (Chart 3).
  • Net commercial paper issuance was -£0.7bn in January, compared with £0.6bn in December and the previous six-month average of £1.3bn.
  • The decrease in net issuance was driven by increases in repayments across all three major sectors. Marked rises in repayments from the MFI and OFC sectors outweighed strong issuance from the PNFC sector.

Chart 3: Commercial paper issuance by UK residents (all currencies)

Non seasonally adjusted

Equity issuance

  • Gross equity issuance was £0.3bn in January, compared with £1.9bn in December and the previous six-month average of £2.5bn (Chart 4).
  • Net equity issuance was -£2.1bn in January, compared with -£0.3bn in December and the previous six-month average of £0.2bn.
  • The decrease in net issuance was driven by a combination of strong, steady repayments and a striking fall in issuance from the OFC and PNFC sectors.

Chart 4: 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 March 2022

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

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