Key points
- Gross capital issuance by UK residents was £67.5 billion in May, compared to £55.6 billion in April and the previous six-month average of £58.1 billion (Chart 1).
- Net issuance was £7.3 billion in May, compared to -£0.6 billion in April and the previous six-month average of £2.8 billion (Chart 1).
- The rise in net issuance was primarily driven by an increase in bond issuance of £20.2 billion.
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 £67.5 billion in May, compared to £55.6 billion in April and the previous six-month average of £58.1 billion (Chart 1).
- Net issuance was £7.3 billion in May, compared to -£0.6 billion in April and the previous six-month average of £2.8 billion (Chart 1).
- Year to date gross issuance was £332.6 billion, £2.8 billion lower than at the same point the previous year (Chart 2). This is £79.8 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 £37.7 billion in May, compared to £17.5 billion in April and the previous six-month average of £27.7 billion (Chart 4).
- Net bond issuance was £16.1 billion in May, compared to -£3.9 billion in April and the previous six-month average of £5.3 billion (Chart 4).
- The increase in gross issuance was driven by the MFI and OFC sectors where bond issuance rose by £11.1 billion and £9.5 billion respectively.
Chart 4: Bond issuance by UK residents (all currencies)
Non seasonally adjusted
Commercial paper issuance
- Gross commercial paper issuance was £29.7 billion in May, compared to £37.8 billion in April and the previous six-month average of £29.9 billion (Chart 5).
- Net commercial paper issuance was -£4.5 billion in May, compared to £7.1 billion in April and the previous six-month average of £1.1 billion (Chart 5).
- The fall in net issuance was driven by a decrease in issuance of £4.0 billion and £3.3 billion by the MFI and OFC sectors respectively, as well as a £4.3 billion increase in repayments by the MFI sector.
Chart 5: Commercial paper issuance by UK residents (all currencies)
Non seasonally adjusted
Equity issuance
- Gross equity issuance was £0.1 billion in May, compared to £0.4 billion in April and the previous six-month average of £0.4 billion (Chart 6).
- Net equity issuance was -£4.2 billion in May, compared to -£3.8 billion in April and the previous six-month average of -£3.6 billion (Chart 6).
- The decrease in net issuance was driven by an increase in repayments of £0.5 billion by the OFC sector, combined with a decrease in issuance of £0.3 billion by the same sector.
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 July 2025
