Key points
- Net capital issuance was £15.4 billion in March, compared to -£0.4 billion in February and the previous six-month average of £1.9 billion (Chart 1).
- Gross capital issuance by UK residents was £75.8 billion in March, compared to £48.5 billion in February and the previous six-month average of £50.3 billion (Chart 1). This is the highest gross issuance since January 2009.
- The increase in net capital issuance was driven by a rise of £19.3 billion in bond issuance which more than offset the £4.9 billion increase in bond repayments.
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 £75.8 billion in March, compared to £48.5 billion in February and the previous six-month average of £50.3 billion (Chart 1).
- Net capital issuance was £15.4 billion in March, compared to -£0.4 billion in February and the previous six-month average of £1.9 billion (Chart 1).
- Year to date gross issuance was £187.0 billion, £22.3 billion higher than at the same point the previous year (Chart 2) and £48.7 billion higher than the previous four-year average.
- Year to date net issuance was £21.1 billion, £1.3 billion lower than at the same point the previous year (Chart 3) but £8.9 billion 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 £38.9 billion in March, compared to £19.7 billion in February and the previous six-month average of £24.3 billion (Chart 4).
- Net bond issuance was £16.8 billion in March, compared to £2.5 billion in February and the previous six-month average of £4.4 billion (Chart 4).
- The increase in net issuance was primarily driven by a rise in gross issuance of £8.8 billion and £7.1 billion by the MFI and PNFC sectors respectively.
Chart 4: Bond issuance by UK residents (all currencies)
Non seasonally adjusted
Commercial paper issuance
- Gross commercial paper issuance was £35.7 billion in March, compared to £28.7 billion in February and the previous six-month average of £25.3 billion (Chart 5).
- Net commercial paper issuance was £1.1 billion in March, compared to -£0.3 billion in February and the previous six-month average of £0.0 billion (Chart 5).
- The rise in net issuance was driven by an increase in gross issuance of £7.4 billion by the MFI sector, largely offset by an increase of in repayments of £5.2 billion by the same sector.
Chart 5: Commercial paper issuance by UK residents (all currencies)
Non seasonally adjusted
Equity issuance
- Gross equity issuance was £1.1 billion in March, compared to £0.2 billion in February and the previous six-month average of £0.6 billion (Chart 6).
- Net equity issuance was -£2.6 billion in March, unchanged from February and slightly down on the previous six-month average of -£2.5 billion (Chart 6).
- The largest increase in buybacks was by the OFC sector of £1.1 billion, which was more than offset by the increase in PNFC issuance of £0.9 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
Queries
If you have any comments or queries with regard to this release please email DSDSecurities@bankofengland.co.uk.
Next release date: 29 May 2024
