All sectors

• Gross capital issuance by UK residents was £65.9bn in March, compared to £50.9bn in February and the previous six-month average of £46.8bn (Chart 1).
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• Net issuance was £7.8bn in March, compared to £1.7bn in February and the previous six-month average of £3.2bn (Chart 1).
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• Year to date gross issuance was £164.7bn, £45.4bn higher than at the same point of the previous year (Chart 2) and £43.3bn higher than the previous four-year average.
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• Year to date net issuance was £22.4bn, £35.5bn higher than at the same point of the previous year (Chart 3) and £13.8bn higher than the previous four-year average.
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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 £37.0bn in March, compared to £22.9bn in February and the previous six-month average of £23.0bn (Chart 4).
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• Net bond issuance was £12.3bn in March, compared to £1.6bn in February and the previous six-month average of £3.3bn (Chart 4).
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• The increase in net issuance was driven by an increase in gross issuance from the MFI and OFC sectors of £9.9bn and £5.1bn respectively, which more than offset the increase in repayments of £5.0bn by the MFI sector.
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Chart 4: Bond issuance by UK residents (all currencies)

Non seasonally adjusted

Commercial paper issuance

• Gross commercial paper issuance was £28.8bn in March, compared to £27.6bn in February and the previous six-month average of £23.4bn (Chart 5).
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• Net commercial paper issuance was £0.4bn in March, compared to £2.2bn in February and the previous six-month average of £2.7bn (Chart 5).
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• The decrease in net issuance was driven by an increase in repayments of £2.9bn across all sectors.
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Chart 5: Commercial paper issuance by UK residents (all currencies)

Non seasonally adjusted

Equity issuance

• Gross equity issuance was £0.2bn in March, compared to £0.4bn in February and the previous six-month average of £0.5bn (Chart 6).
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• Net equity issuance was -£4.9bn in March, compared to -£2.1bn in February and the previous six-month average of -£2.8bn (Chart 6).
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• The decrease in net issuance was driven by an increase in buybacks by the OFC and PNFC sectors of £1.3bn and £1.2bn respectively combined with a decrease in issuance by the same sectors.
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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
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Revisions:

• In the March 2023 publication, a number of months were revised due to the reclassification of one issuer from UK resident MFI to non-resident, this impacts data from July 2022 to January 2023 with the largest revision not exceeding £2.4 billion.
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Queries

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

Next release date: 30 May 2023