Key points
- Gross capital issuance by UK residents was £68.4 billion in July, compared to £62.3 billion in June and the previous six-month average of £65.8 billion (Chart 1).
- An increase in capital issuance across all instruments from £62.3 billion to £68.4 billion was partially offset by an increase in capital repayments from £59.6 billion to £68.3 billion, resulting in a £2.7 billion decrease in net capital issuance to £0.1 billion.
- The decrease in net issuance was comprised of a £1.7 billion decrease in net bond issuance, a £0.8 billion decrease in net commercial paper issuance and a £0.4 billion decrease in net equity issuance.
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 £68.4 billion in July, compared to £62.3 billion in June and the previous six-month average of £65.8 billion (Chart 1).
- Net issuance was £0.1 billion in July, compared to £2.8 billion in June and the previous six-month average of £5.3 billion (Chart 1).
- Year to date gross issuance was £463.3 billion, £3.5 billion higher than at the same point the previous year (Chart 2). This is £114.3 billion higher than the previous four-year average.
- Year to date net issuance was £32.1 billion, £5.5 billion lower than at the same point the previous year (Chart 3).This is £17.3 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 £31.1 billion in July, compared to £31.8 billion in June and the previous six-month average of £31.9 billion (Chart 4).
- Net bond issuance was £3.6 billion in July, compared to £5.3 billion in June and the previous six-month average of £8.2 billion (Chart 4).
- A decrease in net issuance by MFIs of £2.8 billion and OFCs by £0.9 billion contributed to an overall decrease of £1.7 billion net bond issuance in July.
Chart 4: Bond issuance by UK residents (all currencies)
Non seasonally adjusted
Commercial paper issuance
- Gross commercial paper issuance was £36.8 billion in July, compared to £30.0 billion in June and the previous six-month average of £33.5 billion (Chart 5).
- Net commercial paper issuance was £0.8 billion in July, compared to £1.4 billion in June and the previous six-month average of £1.0 billion (Chart 5).
- An increase in gross repayments by MFIs of £7.4 billion, was partially offset by an increase in gross issuance of £5.8 billion by the same sector.
Chart 5: Commercial paper issuance by UK residents (all currencies)
Non seasonally adjusted
Equity issuance
- Gross equity issuance was £0.5 billion in July, compared to £0.6 billion in June and the previous six-month average of £0.4 billion (Chart 6).
- Net equity issuance was -£4.3 billion in July, compared to -£3.9 billion in June and the previous six-month average of -£3.9 billion (Chart 6).
- The decrease in net issuance was driven by an increase in buybacks by the OFC and PNFC sectors of £0.1 billion and £0.2 billion, respectively.
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: 25 September 2025
