Further details about capital issuance data

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Overview

Data are available in both monthly and quarterly form from January 2003. The data are not seasonally adjusted. We publish the data on the nineteenth working day of each month.

Data sources

These statistics are derived from information provided by UK-based issuing and paying agents (IPAs), who act on behalf of companies issuing debt on the UK capital markets, and the London Stock Exchange.

Each IPA submits a monthly return to us listing security-by-security information on each bond issue and repayment transacted during the reported month, and issuer-by-issuer information on commercial paper transactions. The London Stock Exchange submits a similar return each month listing new shares issued and existing shares removed under rolling share buyback programmes. These statistics do not include debt issued by central or local government institutions.

Following the introduction of the Covid Corporate Financing Facility (CCFF), the Capital Issuance dataset has been supplemented with internal data from the Bank of England from March 2020 onwards. These data will continue to supplement the Capital Issuance dataset, and any associated statistical releases, until the expiration of the facility.

Revisions to this data

All data are subject to revision if and when new data become available. Revisions are highlighted where data have been revised by more than £1 billion in each category when compared to previously published data. Unless otherwise stated, revisions to data are due to changes to the underlying contributor’s reported data. For more information on revisions practices see further details about revisions.

Definitions

Capital Issuance comprises sterling and foreign currency issuance by non-government UK resident entities, and sterling issuance by non-government entities resident outside the UK.

Programme bonds use a common set of legal documentation for an ongoing series of issues. Standalone bonds are not issued as part of a programme. Commercial paper is marketable paper issued with maturities of up to and including one year. Shares comprise ordinary and preference shares constituting the share capital of a company. Share buybacks comprise shares bought back for the purpose of cancellation as well as shares bought back to be held in treasury.

Definitions of sector categories can be found on the Information for Reporting Institutions page. When banks issue or buyback shares, this is generally done through the bank's holding company which would be classified as an Other Financial Corporation (OFC).

In the industry split of net capital issuance by UK residents table, 'Other' comprises public administration, defence, education, health and other personal and social services.

The statistics in these tables represent the sterling equivalent of total new capital issued and existing capital repaid during each period. Net issuance figures are derived by subtracting repayments from issues whereas gross issuance is solely issues. Some figures may be omitted (indicated by ..) for reasons of confidentiality.

Further information

Capital issuance statistics: changes to definitions and presentation Reynolds, H (2004), Statistics article, October.