Key points
- Total gross capital issuance by all UK residents was £31.2bn in December, £20.9bn lower than in November and £11.1bn lower than the previous six-month average.
- Total net capital issuance was -£1.1bn in December, compared to £15.8bn in November and the previous six-month average of £3.9bn.
- Gross bond issuance was £17.4bn in December, compared to £28.5bn in November and the previous six-month average of £25.9bn.
- Gross commercial paper issuance was £11.9bn in December, compared to £19.9bn in November and the previous six-month average of £13.8bn.
- Total capital issuance was £505.2bn in 2021, compared to £527.7bn in 2020. The fall in total annual issuance was primarily driven by a decrease in PNFC issuance, as the sector issued £81.1bn in 2021, compared to £138.8bn in 2020 and the previous four-year average of £114.8bn.
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 £31.2bn in December, compared to £52.1bn in November and the previous six-month average of £42.3bn (Chart 1).
- Net issuance was -£1.1bn in December, compared to £15.8bn in November and the previous six-month average of £3.9bn (Chart 1).
- Gross issuance in 2021 was £505.2bn, £22.5bn lower than the previous year (Chart 2). Whilst lower than 2020, this is £24.7bn higher than the previous four-year average.
- Net issuance in 2021 was £40.7bn, £20.3bn lower than 2020 (Chart 3). This is £20.5bn lower than the previous four-year average.
Chart 1: Total capital issuance by UK residents (all currencies)
Non seasonally adjusted
Chart 2: Annual gross capital issuance by UK residents (all currencies)
Non seasonally adjusted
Chart 3: Annual net capital issuance by UK residents (all currencies)
Non seasonally adjusted
Bond issuance
- Gross bond issuance was £17.4bn in December, compared to £28.5bn in November and the previous six-month average of £25.9bn (Chart 4).
- Net bond issuance was -£1.4bn in December, compared to £9.9bn in November and the previous six-month average of £2.4bn (Chart 4).
- The decrease in net issuance was primarily driven by a combination of lower issuance and higher repayments, both driven by the OFC sector.
Chart 4: Bond issuance by UK residents (all currencies)
Non seasonally adjusted
Commercial paper issuance
- Gross commercial paper issuance was £11.9bn in December, compared to £19.9bn in November and the previous six-month average of £13.8bn (Chart 5).
- Net commercial paper issuance was £0.6bn in December, compared to £5.4bn in November and the previous six-month average of £1.0bn (Chart 5).
- The decrease in net issuance was driven by falls in issuance across all three major sectors, with a marked decrease from the MFI sector.
Chart 5: Commercial paper issuance by UK residents (all currencies)
Non seasonally adjusted
Equity issuance
- Gross equity issuance was £1.9bn in December, compared to £3.7bn in November and the previous six-month average of £2.5bn (Chart 6).
- Net equity issuance was -£0.3bn in December, compared to £0.6bn in November and the previous six-month average of £0.4bn (Chart 6).
- The fall in net issuance was driven by a decrease in issuance from both the OFC and PNFC sectors.
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 = 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.gsi.gov.uk.
Next release date: 25 February 2022
