Capital Issuance - August 2024

Key points

• Gross capital issuance by UK residents was £62.0 billion in August, compared to £69.3 billion in July and the previous six-month average of £66.2 billion (Chart 1).
• Net issuance was £4.8 billion in August, compared to -£2.2 billion in July and the previous six-month average of £5.2 billion (Chart 1).
• The increase in net capital issuance by UK residents was driven by a £6.4 billion fall in gross bond repayments, from £24.3 billion in July to £17.9 billion in August.

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 £62.0 billion in August, compared to £69.3 billion in July and the previous six-month average of £66.2 billion (Chart 1).
• Net issuance was £4.8 billion in August, compared to -£2.2 billion in July and the previous six-month average of £5.2 billion (Chart 1).
• Year to date gross issuance was £521.8 billion, £79.7 billion higher than at the same point the previous year (Chart 2) and £157.9 billion higher than the previous four-year average.
• Year to date net issuance was £42.4 billion, £10.4 billion higher than at the same point the previous year (Chart 3) and £16.4 billion higher than the previous four-year average.

Bond issuance

• Gross bond issuance was £25.9 billion in August, compared to £23.6 billion in July and the previous six-month average of £29.7 billion (Chart 4).
• Net bond issuance was £8.0 billion in August, compared to -£0.7 billion in July and the previous six-month average of £6.9 billion (Chart 4).
• The increase in net issuance was driven by a decrease in repayments of £3.0 billion and £2.0 billion by the MFI and OFC sectors respectively, along with an increase of £3.3 billion in gross issuance by the OFC sector.

Commercial paper issuance

• Gross commercial paper issuance was £36.0 billion in August, compared to £45.1 billion in July and the previous six-month average of £34.9 billion (Chart 5).
• Net commercial paper issuance was £1.4 billion in August, compared to £1.8 billion in July and the previous six-month average of £0.1 billion (Chart 5).
• The decrease in net issuance was driven by a fall in issuance of £5.2 billion and £3.4 billion by the MFI and OFC sectors, partially offset by a decline in repayments of £5.1 billion and £2.9 billion by the same sectors respectively.

Equity issuance

• Gross equity issuance was £0.1 billion in August, compared to £0.6 billion in July and the previous six-month average of £1.6 billion (Chart 6).
• Net equity issuance was -£4.6 billion in August, compared to -£3.3 billion in July and the previous six-month average of -£1.8 billion (Chart 6).
• The fall in net issuance was driven by a decrease of £0.4 billion in issuance by the PNFC sector combined with an increase of £0.8 billion in buybacks across the PNFC and OFC 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

Note

In the August 2024 publication, there have been revisions due to the reclassification of two issuers from the non-resident to the UK OFC sector. This impacts data for bonds and equity from July 2018 to January 2022. The largest revisions were a £0.4 billion increase to bond issuance in October 2019 and a £0.1 billion increase to equity issuance in January 2022.

Queries

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

Next release date: 25 October 2024