Key points
- Gross capital issuance by UK residents was £72.7 billion in November, compared to £55.3 billion in October (Chart 1).
- Gross capital repayments increased from £52.3 billion to £53.0 billion, resulting in a £16.4 billion increase in net capital issuance from £3.0 billion in October to £19.4 billion in November.
- The increase in net capital issuance was largely driven by a £10.3 billion increase in OFC bond issuance, bringing gross issuance by the OFC sector to £18.9 billion in November.
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 £72.7 billion in November, compared to £55.3 billion in October and the previous six-month average of £60.6 billion (Chart 1).
- Net issuance was £19.7 billion in November, compared to £3.0 billion in October and the previous six-month average of £0.7 billion (Chart 1).
- Year to date gross issuance was £701.6 billion, £8.0 billion lower than at the same point the previous year (Chart 2). This is £143.4 billion higher than the previous four-year average.
- Year to date net issuance was £45.7 billion, £9.1 billion higher than at the same point the previous year (Chart 3). This is £17.2 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 £42.4 billion in November, compared to £29.2 billion in October and the previous six-month average of £30.6 billion (Chart 4).
- Net bond issuance was £17.3 billion in November, compared to £5.3 billion in October and the previous six-month average of £5.4 billion (Chart 4).
- The increase in net bond issuance was primarily attributable to the OFC sector, where gross issuance rose by £10.3 billion to £18.9 billion, offset by a £1.2 billion increase in repayments.
Chart 4: Bond issuance by UK residents (all currencies)
Non seasonally adjusted
Commercial paper issuance
- Gross commercial paper issuance was £27.7 billion in November, compared to £25.9 billion in October and the previous six-month average of £29.7 billion (Chart 5).
- Net commercial paper issuance was £3.9 billion in November, compared to £2.4 billion in October and the previous six-month average of -£0.5 billion (Chart 5).
- The increase net commercial paper issuance was driven by a £2.5 billion increase in net issuance by the MFI sector.
Chart 5: Commercial paper issuance by UK residents (all currencies)
Non seasonally adjusted
Equity issuance
- Gross equity issuance was £2.6 billion in November, compared to £0.1 billion in October and the previous six-month average of £0.3 billion (Chart 6).
- Net equity issuance was -£1.6 billion in November, compared to -£4.7 billion in October and the previous six-month average of -£4.2 billion (Chart 6).
- The increase in net equity issuance was driven by a rise in gross equity issuance by the PNFC sector of £2.4 billion and a decrease in buybacks by the OFC sector of £0.5 billion.
Chart 6: Equity issuance by UK residents (all currencies)
Non seasonally adjusted
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: 28 January 2026
