Key points
- Gross capital issuance by UK residents was £39.6 billion in December, compared to £72.7 billion in November and the previous six-month average of £61.5 billion (Chart 1).
- Net issuance was -£15.1 billion in December, compared to £19.7 billion in November and the previous six-month average of £2.7 billion (Chart 1).
- By instrument, bonds saw the largest decrease in gross issuance as it fell to £19.1 billion in December, compared to £42.4 billion in November and the previous six-month average of £31.4 billion (Chart 4).
- Annual gross issuance was £741.2 billion, £2.5 billion lower than at the same point the previous year (Chart 2). This is £150.9 billion higher than the previous four-year average.
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 £39.6 billion in December, compared to £72.7 billion in November and the previous six-month average of £61.5 billion (Chart 1).
- Net issuance was -£15.1 billion in December, compared to £19.7 billion in November and the previous six-month average of £2.7 billion (Chart 1).
- Annual gross issuance was £741.2 billion, £2.5 billion lower than at the same point the previous year (Chart 2). This is £150.9 billion higher than the previous four-year average.
- Annual net issuance was £30.5 billion, £3.0 billion lower than at the same point the previous year (Chart 3). This is £5.0 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 £19.1 billion in December, compared to £42.4 billion in November and the previous six-month average of £31.4 billion (Chart 4).
- Net bond issuance was -£11.1 billion in December, compared to £17.3 billion in November and the previous six-month average of £5.6 billion (Chart 4).
- Net bond issuance fell across all sectors, with the largest decline in the OFC sector, where gross issuance dropped by £12.7 billion to £6.2 billion.
Chart 4: Bond issuance by UK residents (all currencies)
Non seasonally adjusted
Commercial paper issuance
- Gross commercial paper issuance was £20.1 billion in December, compared to £27.7 billion in November and the previous six-month average of £29.4 billion (Chart 5).
- Net commercial paper issuance was -£0.7 billion in December, compared to £3.9 billion in November and the previous six-month average of £0.9 billion (Chart 5).
- The decrease net commercial paper issuance was driven by a £7.0 billion decrease in net issuance by the MFI sector.
Chart 5: Commercial paper issuance by UK residents (all currencies)
Non seasonally adjusted
Equity issuance
- Gross equity issuance was £0.4 billion in December, compared to £2.6 billion in November and the previous six-month average of £0.7 billion (Chart 6).
- Net equity issuance was -£3.4 billion in December, compared to -£1.6 billion in November and the previous six-month average of -£3.7 billion (Chart 6).
- The decrease in net equity issuance was driven by a fall in gross equity issuance by the PNFC sector of £2.3 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: 26 February 2026
