Key points
- Net capital issuance by UK residents was £4.4bn in May, compared to -£6.6bn in April and the previous six-month average of £4.3bn (Chart 1).
- By instrument, the largest increase in net issuance was in bonds which was £6.8bn in May, compared to -£6.8bn in April and the previous six-month average of £5.1bn (Chart 4).
- The rise in net bond issuance was due to an increase in gross issuance of £13.4bn across all sectors, while bond repayments remained stable (Chart 4).
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 £60.3bn in May, compared to £48.3bn in April and the previous six-month average of £50.9bn (Chart 1).
- Net issuance was £4.4bn in May, compared to -£6.6bn in April and the previous six-month average of £4.3bn (Chart 1).
- Year to date gross issuance was £273.3bn, £92.4bn higher than at the same point the previous year (Chart 2) and £65.2bn higher than the previous four-year average.
- Year to date net issuance was £20.2bn, £41.3bn higher than at the same point the previous year (Chart 3) and £1.4bn higher 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 £29.2bn in May, compared to £15.8bn in April and the previous six-month average of £24.8bn (Chart 4).
- Net bond issuance was £6.8bn in May, compared to -£6.8bn in April and the previous six-month average of £5.1bn (Chart 4).
- The rise in net issuance was driven by an increase in gross issuance of £13.4bn across all sectors, while repayments remained stable.
Chart 4: Bond issuance by UK residents (all currencies)
Non seasonally adjusted
Commercial paper issuance
- Gross commercial paper issuance was £30.7bn in May, compared to £32.0bn in April and the previous six-month average of £25.7bn (Chart 5).
- Net commercial paper issuance was £0.9bn in May, compared to £2.9bn in April and the previous six-month average of £2.0bn (Chart 5).
- The decrease in net issuance was driven by a fall in gross issuance of £2.2bn by the PNFC and MFI sectors, with both sectors down by £1.1bn, which more than offset the increase of £1.0bn in issuance by the OFC sector.
Chart 5: Commercial paper issuance by UK residents (all currencies)
Non seasonally adjusted
Equity issuance
- Gross equity issuance was £0.4bn in May, compared to £0.6bn in April and the previous six-month average of £0.4bn (Chart 6).
- Net equity issuance was -£3.4bn in May, compared to -£2.7bn in April and the previous six-month average of -£2.8bn (Chart 6).
- The decrease in net issuance was driven by an increase in buybacks of £0.5bn across all sectors, combined with a decrease of £0.3bn in issuance by the OFC sector.
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.co.uk.
Next release date: 27 July 2023
