Capital Issuance - March 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 29 April 2022

Key points

  • Net capital issuance was -£8.4bn in March, compared to -£6.1bn in February and the previous six-month average of £3.0bn (Chart 1).
  • Net bond issuance was -£3.6bn in March, compared to -£2.9bn in February and the previous six-month average of £2.2bn (Chart 4).
  • Net equity issuance was -£4.1bn in March, compared to -£2.8bn in February and the previous six-month average of -£0.5bn (Chart 6).

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 £41.8bn in March, compared to £36.6bn in February and the previous six-month average of £41.1bn (Chart 1).
  • Net capital issuance was -£8.4bn in March, compared to -£6.1bn in February and the previous six-month average of £3.0bn (Chart 1).
  • Year to date gross issuance was £119.6bn, £25.7bn lower than at the same point the previous year (Chart 2). This is £3.6bn lower than the previous four-year average.
  • Year to date net issuance was -£13.0bn, £34.8bn lower than at the same point the previous year (Chart 3). This is £33.1bn 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 £25.1bn in March, compared to £22.4bn in February and the previous six-month average of £23.9bn (Chart 4).
  • Net bond issuance was -£3.6bn in March, compared to -£2.9bn in February and the previous six-month average of £2.2bn (Chart 4).
  • The decrease in net issuance was driven by an increase in repayments by the MFI and PNFC sectors.

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

Non seasonally adjusted

Commercial paper issuance

  • Gross commercial paper issuance was £15.9bn in March, compared to £13.7bn in February and the previous six-month average of £15.0bn (Chart 5).
  • Net commercial paper issuance was -£0.7bn in March, compared to -£0.4bn in February and the previous six-month average of £1.3bn (Chart 5).
  • The decrease in net issuance was driven by an increase in repayments across all three major sectors.

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

Non seasonally adjusted

Equity issuance

  • Gross equity issuance was £0.7bn in March, compared to £0.5bn in February and the previous six-month average of £2.2bn (Chart 6).
  • Net equity issuance was -£4.1bn in March, compared to -£2.8bn in February and the previous six-month average of -£0.5bn (Chart 6).
  • The decrease in net issuance was driven by a marked increase 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: 27 May 2022

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

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