Key points
- Net issuance was -£3.0 billion in December, compared to -£2.0 billion in November and the previous six-month average of -£0.8 billion (Chart 1).
- Gross capital issuance by UK residents was £34.1 billion in December, compared to £49.6 billion in November and the previous six-month average of £62.4 billion (Chart 1).
- By instrument, commercial paper saw the largest decrease in gross issuance as it fell to £13.8 billion in December, compared to £24.4 billion in November and the previous six-month average of £35.0 billion (Chart 5).
- Annual gross issuance was £743.7 billion, £111.1 billion higher than the previous year and £207.2 billion higher than the previous four-year average (Chart 2).
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 £34.1 billion in December, compared to £49.6 billion in November and the previous six-month average of £62.4 billion (Chart 1).
- Net issuance was -£3.0 billion in December, compared to -£2.0 billion in November and the previous six-month average of -£0.8 billion (Chart 1).
- Annual gross issuance was £743.7 billion, £111.1 billion higher than the previous year (Chart 2) and £207.2billion higher than the previous four-year average.
- Annual net issuance was £33.6 billion, £3.7 billion lower than the previous year (Chart 3). This is £1.2 billion higher 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 £19.6 billion in December, compared to £24.9 billion in November and the previous six-month average of £27.0 billion (Chart 4).
- Net bond issuance was £2.0 billion in December, compared to £2.1 billion in November and the previous six-month average of £3.2 billion (Chart 4).
- The decrease in net issuance was driven by a fall in issuance of £6.4 billion by the MFI sector and a rise in repayments of £2.8 billion by the PNFC sector, that was largely offset by a fall in repayments of £8.0 billion by the MFI and OFC sectors.
Chart 4: Bond issuance by UK residents (all currencies)
Non seasonally adjusted
Commercial paper issuance
- Gross commercial paper issuance was £13.8 billion in December, compared to £24.4 billion in November and the previous six-month average of £35.0 billion (Chart 5).
- Net commercial paper issuance was -£2.3 billion in December, compared to -£0.3 billion in November and the previous six-month average of -£0.4 billion (Chart 5).
- The decrease in net issuance was driven by falls in issuance of £8.5 billion and £1.0 billion by the MFI and PNFC sectors respectively. This was partially offset by a decrease in repayments of £8.9 billion by the MFI sector.
Chart 5: Commercial paper issuance by UK residents (all currencies)
Non seasonally adjusted
Equity issuance
- Gross equity issuance was £0.7 billion in December, compared to £0.3 billion in November and the previous six-month average of £0.4 billion (Chart 6).
- Net equity issuance was -£2.7 billion in December, compared to -£3.8 billion in November and the previous six-month average of -£3.7 billion (Chart 6).
- The increase in net issuance was driven by a rise of £0.4 billion in issuance by the OFC and PNFC sectors, combined with a decrease of £0.5 billion in buybacks by the OFC sector.
Chart 6: Equity issuance by UK residents (all currencies)
Non seasonally adjusted
Note
- In the January 2025 publication, there has been a reclassification of three issuers from the non-resident to the UK resident other financial corporations sector. This impacts October 2024 data, with upward revisions to UK other financial corporations sector series and downward revisions to non-resident sector series. The revisions do not exceed £0.7 billion.
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.co.uk.
Next release date: 27th February 2025
