Capital Issuance - June 2024

Key points

• Gross capital issuance by UK residents was £55.2 billion in June, compared to £86.1 billion in May and the previous six-month average of £61.0 billion (Chart 1).
• Net issuance was -£1.5 billion in June, compared to £22.6 billion in May and the previous six-month average of £5.7 billion (Chart 1).
• By instrument, bonds had the largest decrease in net issuance, falling to £2.1 billion in June from £17.9 billion in May, and below the previous six-month average of £7.0 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 £55.2 billion in June, compared to £86.1 billion in May and the previous six-month average of £61.0 billion (Chart 1).
• Net issuance was -£1.5 billion in June, compared to £22.6 billion in May and the previous six-month average of £5.7 billion (Chart 1).
• Year to date gross issuance was £390.5 billion, £55.1 billion higher than at the same point the previous year (Chart 2) and £111.5 billion higher than the previous four-year average.
• Year to date net issuance was £39.8 billion, £11.2 billion higher than at the same point the previous year (Chart 3) and £19.5 billion higher than the previous four-year average.

Bond issuance

• Gross bond issuance was £25.1 billion in June, compared to £44.7 billion in May and the previous six-month average of £29.5 billion (Chart 4).
• Net bond issuance was £2.1 billion in June, compared to £17.9 billion in May and the previous six-month average of £7.0 billion (Chart 4).
• The decrease in net issuance was more than accounted for by a fall in gross issuance of £14.3 billion and £9.3 billion by the OFC and MFI sectors respectively.

Commercial paper issuance

• Gross commercial paper issuance was £29.9 billion in June, compared to £33.9 billion in May and the previous six-month average of £29.9 billion (Chart 5).
• Net commercial paper issuance was -£1.5 billion in June, compared to £1.6 billion in May and the previous six-month average of £0.5 billion (Chart 5).
• The decrease in net issuance was driven by a fall in issuance of £3.5 billion by the OFC sector combined with an increase in repayments of £2.0 billion by the MFI sector.

Equity issuance

• Gross equity issuance was £0.2 billion in June, compared to £7.4 billion in May and the previous six-month average of £1.6 billion (Chart 6).
• Net equity issuance was -£2.0 billion in June, compared to £3.1 billion in May and the previous six-month average of -£1.8 billion (Chart 6).
• The fall in net issuance was driven by a decrease in issuance of £7.2 billion by the PNFC sector, which more than offset the £2.1 billion fall in buybacks across all sectors.

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

Notes:

In the June 2024 publication, data were revised due to the reclassification of one issuer from non-resident to the UK other financial corporation’s sector. This impacts data from January 2018 to May 2024, with the largest revision being a £441 million issuance in September 2019 (repayments were also revised by £1 million in this month). Revisions to other months were on average less than £115 million for both issuance and repayments.

Queries

If you have any comments or queries with regard to this release please email DSDSecurities@bankofengland.co.uk.

Next release date: 28 August 2024