Capital Issuance - October 2021

The capital issuance statistics consist of non-government primary market issuance of bonds, commercial paper and equity, representing finance raised by UK resident entities.
Published on 25 November 2021

Key points

  • Total gross capital issuance by all UK residents was £41.1bn in October, £0.3bn higher than in September and £1.8bn higher than the previous six month average.
  • Total net issuance was £8.9bn in October, compared to -£4.8bn in September and the previous six month average of -£0.8bn.
  • Net bond issuance was £3.6bn in October, compared to -£4.0bn in September and the previous six month average of -£0.4bn.
  • Net commercial paper issuance was £3.9bn in October, compared to -£1.0bn in September and the previous six month average of -£0.9bn

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 £41.1bn in October, compared to £40.8bn in September and the previous six month average of £39.3bn (Chart 1).
  • Net issuance was £8.9bn in October, compared to -£4.8bn in September and the previous six month average of -£0.8bn (Chart 1).
  • Year-to-date gross issuance was £421.9bn, £33.3bn lower than at the same point the previous year (Chart 2). This is £13.2bn higher than the previous four year average.
  • Year-to-date net issuance was £26.0bn, £41.7bn lower than at the same point the previous year (Chart 3). This is £33.1bn 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 £21.2bn in October, compared to £25.1bn in September and the previous six month average of £24.6bn (Chart 4).
  • Net bond issuance was £3.6bn in October, compared to -£4.0bn in September and the previous six month average of -£0.4bn (Chart 4).
  • The increase in net issuance was driven by a decrease in repayments across all three major sectors.

Chart 4: Bond issuance by UK residents (all currencies)

Non seasonally adjusted

Commercial paper issuance

  • Gross commercial paper issuance was £16.0bn in October, compared to £12.7bn in September and the previous six month average of £12.6bn (Chart 5).
  • Net commercial paper issuance was £3.9bn in October, compared to -£1.0bn in September and the previous six month average of -£0.9bn (Chart 5).
  • The increase in net issuance was primarily driven by an increase in issuance by the MFI sector.

Chart 5: Commercial paper issuance by UK residents (all currencies)

Non seasonally adjusted

Equity issuance

  • Gross equity issuance was £3.9bn in October, compared to £3.0bn in September and the previous six month average of £2.0bn (Chart 6).
  • Net equity issuance was £1.4bn in October, compared to £0.2bn in September and the previous six month average of £0.5bn (Chart 6).
  • The increase in net issuance was driven by an increase in issuance by the OFC sector, which outweighed a fall in issuance by the PNFC sector.

Chart 6: Equity issuance by UK residents (all currencies)

Non seasonally adjusted

Key

  • PNFC = Private non-financial corporation
  • MFI = Monetary financial institution
  • OFC = Other financial corporation
  • 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: 29 December 2021

Further data are available in Table E3.1 of our latest Bankstats tables.

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