Capital Issuance - July 2022

Key points

• Year to date gross issuance was £244.9bn, £57.8bn lower than at the same point the previous year (Chart 2). This is £56.8bn lower than the previous four-year average, and the lowest year to date gross issuance for any July since 2016.
• Year to date net issuance was -£36.4bn, £53.6bn lower than at the same point the previous year (Chart 3). This is £82.6bn lower than the previous four-year average, and the lowest year to date net issuance for any July since 2013.
• Net commercial paper issuance was -£6.0bn in July, compared to £1.4bn in June and the previous six-month average of -£0.6bn (Chart 5). This is the lowest net commercial paper issuance since November 2009.

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 £34.2bn in July, compared to £29.6bn in June and the previous six-month average of £35.1bn (Chart 1).
• Net issuance was -£1.7bn in July, compared to -£13.6bn in June and the previous six-month average of -£5.8bn (Chart 1).
• Year to date gross issuance was £244.9bn, £57.8bn lower than at the same point the previous year (Chart 2). This is £56.8bn lower than the previous four-year average, and the lowest year to date gross issuance value for any July since 2016.
• Year to date net issuance was -£36.4bn, £53.6bn lower than at the same point the previous year (Chart 3). This is £82.6bn lower than the previous four-year average, and the lowest year to date net issuance value for any July since 2013.

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 £21.0bn in July, compared to £15.8bn in June and the previous six-month average of £20.5bn (Chart 4).
• Net bond issuance was £7.0bn in July, compared to -£10.4bn in June and the previous six-month average of -£1.6bn (Chart 4).
• The increase in net issuance was driven by an increase in issuance by the MFI sector, combined with a decrease in repayments by all three major sectors.

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

Non seasonally adjusted

Commercial paper issuance

• Gross commercial paper issuance was £12.7bn in July, compared to £13.0bn in June and the previous six-month average of £14.0bn (Chart 5).
• Net commercial paper issuance was -£6.0bn in July, compared to £1.4bn in June and the previous six-month average of -£0.6bn (Chart 5). This is the lowest net commercial paper issuance since November 2009.
• The decrease in net issuance was driven by an increase in repayments by all three major sectors, with a pronounced increase in repayments by the MFI sector.

Equity issuance

• Gross equity issuance was £0.6bn in July, compared to £0.8bn in June and the previous six-month average of £0.7bn (Chart 6).
• Net equity issuance was -£2.7bn in July, compared to -£4.6bn in June and the previous six-month average of -£3.6bn (Chart 6).
• The increase in net issuance was driven by a marked decrease in buybacks by the PNFC sector.

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.gsi.gov.uk.

Next release date: 27 September 2022