Capital Issuance - December 2025

Key points

Gross capital issuance by UK residents was £39.6 billion in December, compared to £72.7 billion in November and the previous six-month average of £61.5 billion (Chart 1).

Net issuance was -£15.1 billion in December, compared to £19.7 billion in November and the previous six-month average of £2.7 billion (Chart 1).

By instrument, bonds saw the largest decrease in gross issuance as it fell to £19.1 billion in December, compared to £42.4 billion in November and the previous six-month average of £31.4 billion (Chart 4).

Annual gross issuance was £741.2 billion, £2.5 billion lower than at the same point the previous year (Chart 2). This is £150.9 billion higher than the previous four-year average.

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 £39.6 billion in December, compared to £72.7 billion in November and the previous six-month average of £61.5 billion (Chart 1).

Net issuance was -£15.1 billion in December, compared to £19.7 billion in November and the previous six-month average of £2.7 billion (Chart 1).

Annual gross issuance was £741.2 billion, £2.5 billion lower than at the same point the previous year (Chart 2). This is £150.9 billion higher than the previous four-year average.

Annual net issuance was £30.5 billion, £3.0 billion lower than at the same point the previous year (Chart 3). This is £5.0 billion higher than the previous four-year average.

Bond issuance

Gross bond issuance was £19.1 billion in December, compared to £42.4 billion in November and the previous six-month average of £31.4 billion (Chart 4).

Net bond issuance was -£11.1 billion in December, compared to £17.3 billion in November and the previous six-month average of £5.6 billion (Chart 4).

Net bond issuance fell across all sectors, with the largest decline in the OFC sector, where gross issuance dropped by £12.7 billion to £6.2 billion.

Commercial paper issuance

Gross commercial paper issuance was £20.1 billion in December, compared to £27.7 billion in November and the previous six-month average of £29.4 billion (Chart 5).

Net commercial paper issuance was -£0.7 billion in December, compared to £3.9 billion in November and the previous six-month average of £0.9 billion (Chart 5).

The decrease net commercial paper issuance was driven by a £7.0 billion decrease in net issuance by the MFI sector.

Equity issuance

Gross equity issuance was £0.4 billion in December, compared to £2.6 billion in November and the previous six-month average of £0.7 billion (Chart 6).

Net equity issuance was -£3.4 billion in December, compared to -£1.6 billion in November and the previous six-month average of -£3.7 billion (Chart 6).

The decrease in net equity issuance was driven by a fall in gross equity issuance by the PNFC sector of £2.3 billion.

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: 26 February 2026