Capital Issuance - June 2022

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 27 July 2022

Key points

  • Net issuance was -£13.6bn in June, compared to -£3.2bn in May and the previous six-month average of -£3.7bn (Chart 1).
  • Year to date net issuance was -£34.6bn, £48.1bn lower than at the same point the previous year (Chart 3). This is £75.3bn lower than the previous four-year average. This is the lowest year to date net issuance value for any June since 2013.
  • Year to date gross issuance was £210.7bn, £53.5bn lower than at the same point the previous year (Chart 2). This is £49.9bn lower than the previous four-year average. This is the lowest year to date gross issuance value for any June since 2016.

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 £29.6bn in June, compared to £31.0bn in May and the previous six-month average of £35.4bn (Chart 1).
  • Net issuance was -£13.6bn in June, compared to -£3.2bn in May and the previous six-month average of -£3.7bn (Chart 1).
  • Year to date gross issuance was £210.7bn, £53.5bn lower than at the same point the previous year (Chart 2). This is £49.9bn lower than the previous four-year average. This is the lowest year to date gross issuance value for any June since 2016.
  • Year to date net issuance was -£34.6bn, £48.1bn lower than at the same point the previous year (Chart 3). This is £75.3bn lower than the previous four-year average. This is the lowest year to date net issuance value for any June since 2013.

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 £15.8bn in June, compared to £16.8bn in May and the previous six-month average of £20.7bn (Chart 4).
  • Net bond issuance was -£10.4bn in June, compared to £2.8bn in May and the previous six-month average of -£0.1bn (Chart 4).
  • The decrease in net issuance was driven by an increase in repayments by the OFC sector combined with an increase in repayments by the PNFC sector.

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

Non seasonally adjusted

Commercial paper issuance

  • Gross commercial paper issuance was £13.0bn in June, compared to £13.8bn in May and the previous six-month average of £13.8bn (Chart 5).
  • Net commercial paper issuance was £1.4bn in June, compared to -£0.7bn in May and the previous six-month average of -£0.7bn (Chart 5).
  • The increase in net issuance was driven by a decrease 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 £0.8bn in June, compared to £0.4bn in May and the previous six-month average of £0.9bn (Chart 6).
  • Net equity issuance was -£4.6bn in June, compared to -£5.3bn in May and the previous six-month average of -£2.9bn (Chart 6).
  • The increase in net issuance was driven by a decrease in buybacks by the PNFC sector combined with an increase in issuance by the PNFC and OFC 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

Revisions:

There have been material revisions to data for commercial paper in this publication. The revisions affect March 2022 and were due to the receipt of amended data from one reporter. There have also been revisions to March 2022 data for non-resident commercial paper, which are available on Our Database.

Queries

If you have any comments or queries with regard to this release please email DSDSecurities@bankofengland.gsi.gov.uk.

Next release date: 25 August 2022

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