Key points
- Gross capital issuance by UK residents was £63.2 billion in March, compared to £66.0 billion in February and the previous six-month average of £61.4 billion (Chart 1).
- Net issuance was £1.7 billion in March, compared to £9.0 billion in February and the previous six-month average of £2.0 billion (Chart 1).
- The fall in net issuance was primarily driven by a rise in bond repayments of £5.9 billion and an increase in equity buybacks of £3.1 billion.
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 £63.2 billion in March, compared to £66.0 billion in February and the previous six-month average of £61.4 billion (Chart 1).
- Net issuance was £1.7 billion in March, compared to £9.0 billion in February and the previous six-month average of £2.0 billion (Chart 1).
- Year to date gross issuance was £209.5 billion, £22.5 billion higher than at the same point the previous year (Chart 2) and £55.4 billion higher than the previous four-year average.
- Year to date net issuance was £22.5 billion, £1.4 billion higher than at the same point the previous year (Chart 3).
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 £33.8 billion in March, compared to £34.6 billion in February and the previous six-month average of £29.6 billion (Chart 4).
- Net bond issuance was £7.0 billion in March, compared to £13.6 billion in February and the previous six-month average of £6.2 billion (Chart 4).
- The decrease in net issuance was driven by an increase in repayments of £7.7 billion by the MFI sector.
Chart 4: Bond issuance by UK residents (all currencies)
Non seasonally adjusted
Commercial paper issuance
- Gross commercial paper issuance was £29.1 billion in March, compared to £30.6 billion in February and the previous six-month average of £31.2 billion (Chart 5).
- Net commercial paper issuance was £0.5 billion in March, compared to -£2.5 billion in February and the previous six-month average of -£0.8 billion (Chart 5).
- The increase in net issuance was driven by a decrease in repayments of £6.6 billion by the MFI sector, partially offset by a rise in repayments of £1.7 billion by the OFC sector.
Chart 5: Commercial paper issuance by UK residents (all currencies)
Non seasonally adjusted
Equity issuance
- Gross equity issuance was £0.3 billion in March, compared to £0.8 billion in February and the previous six-month average of £0.5 billion (Chart 6).
- Net equity issuance was -£5.7 billion in March, compared to -£2.1 billion in February and the previous six-month average of -£3.4 billion (Chart 6).
- The decrease in net issuance was driven by a rise in buybacks of £1.8 billion and £1.3 billion by the OFC and PNFC sectors respectively.
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
In the March 2025 publication, there has been revisions to equity repayment and net issuance data for February 2025. The revisions relate to a decrease of £0.4 billion in equity repurchases by the private non-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: 29 May 2025
