Key points
- Net issuance was -£0.4 billion in February, compared to £6.2 billion in January and the previous six-month average of £1.5 billion (Chart 1).
- Gross capital issuance by UK residents was £48.5 billion in February, compared to £62.7 billion in January and the previous six-month average of £51.1 billion (Chart 1).
- The fall in net capital issuance was driven by a decrease of £12.5 billion in bond issuance, which more than offset the £10.4 billion decrease in bond repayments during the month.
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 £48.5 billion in February, compared to £62.7 billion in January and the previous six-month average of £51.1 billion (Chart 1).
- Net issuance was -£0.4 billion in February, compared to £6.2 billion in January and the previous six-month average of £1.5 billion (Chart 1).
- Year to date gross issuance was £111.2 billion, £12.4 billion higher than at the same point the previous year (Chart 2) and £25.3 billion higher than the previous four-year average.
- Year to date net issuance was £5.8 billion, £8.8 billion lower than at the same point the previous year (Chart 3) and £3.2 billion 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 £19.7 billion in February, compared to £32.1 billion in January and the previous six-month average of £24.2 billion (Chart 4).
- Net bond issuance was £2.5 billion in February, compared to £4.6 billion in January and the previous six-month average of £3.7 billion (Chart 4).
- The fall in net issuance was driven by a decrease of £8.6 billion in issuance by the OFC sector.
Chart 4: Bond issuance by UK residents (all currencies)
Non seasonally adjusted
Commercial paper issuance
- Gross commercial paper issuance was £28.7 billion in February, compared to £30.2 billion in January and the previous six-month average of £26.2 billion (Chart 5).
- Net commercial paper issuance was -£0.3 billion in February, compared to £4.7 billion in January and the previous six-month average of £0.3 billion (Chart 5).
- The decrease in net issuance was driven by an increase in repayments and a decrease in issuance of £3.7 billion and £1.5 billion respectively by the MFI sector.
Chart 5: Commercial paper issuance by UK residents (all currencies)
Non seasonally adjusted
Equity issuance
- Gross equity issuance was £0.2 billion in February, compared to £0.3 billion in January and the previous six-month average of £0.7 billion (Chart 6).
- Net equity issuance was -£2.6 billion in February, compared to -£3.1 billion in January and the previous six-month average of -£2.5 billion (Chart 6).
- The increase in net issuance was driven by a decrease in buybacks from the PNFC sector of £0.6 billion.
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
Note
In the February 2024 publication, there has been a reclassification of one issuer from UK resident to non-resident. This impacts data from January 2018 to December 2023, with the largest revision being £184 million in June 2021. Revisions to other months were, on average, less than £4 million.
Also, in this publication there has been a material revision to the bond repayment and net issuance data for June 2022. The revision is a decrease of £2.4 billion in GBP denominated standalone bonds repaid by the other financial corporations’ sector.
Queries
If you have any comments or queries with regard to this release please email DSDSecurities@bankofengland.co.uk.
Next release date: 26 April 2024