Capital Issuance - February 2026

Key points

Gross capital issuance by UK residents was £68.4 billion in February, compared to £70.8 billion in January and the previous six-month average of £58.1 billion (Chart 1).

The fall in gross capital issuance was primarily driven by a decrease in commercial paper issuance, which fell from £35.7 billion in January to £31.0 billion in February (Chart 1).

Net issuance was £16.4 billion in February, compared to £17.2 billion in January and the previous six-month average of £2.6 billion (Chart 1).

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 February, compared to £70.8 billion in January and the previous six-month average of £58.1 billion (Chart 1).

Net issuance was £16.4 billion in February, compared to £17.2 billion in January and the previous six-month average of £2.6 billion (Chart 1).

Year to date gross issuance was £139.1 billion, £7.1 billion lower than at the same point the previous year (Chart 2). This is £30.6 billion higher than the previous four-year average.

Year to date net issuance was £33.6 billion, £12.8 billion higher than at the same point the previous year (Chart 3). This is £24.4 billion higher than the previous four-year average.

Bond issuance

Gross bond issuance was £37.1 billion in February, compared to £34.9 billion in January and the previous six-month average of £29.9 billion (Chart 4).

Net bond issuance was £16.3 billion in February, compared to £11.1 billion in January and the previous six-month average of £4.1 billion (Chart 4).

The rise in net issuance was driven by an increase in gross issuance of £6.3 billion and £2.2 billion by the MFI and PNFC sectors, respectively.

Commercial paper issuance

Gross commercial paper issuance was £31.0 billion in February, compared to £35.7 billion in January and the previous six-month average of £27.6 billion (Chart 5).

Net commercial paper issuance was £3.0 billion in February, compared to £9.5 billion in January and the previous six-month average of £2.0 billion (Chart 5).

The fall in net issuance was driven by a decrease in MFI gross issuance of £4.2 billion, combined with an increase in PNFC repayments of £1.2 billion.

Equity issuance

Gross equity issuance was £0.3 billion in February, compared to £0.1 billion in January and the previous six-month average of £0.6 billion (Chart 6).

Net equity issuance was -£3.0 billion in February, compared to -£3.3 billion in January and the previous six-month average of -£3.5 billion (Chart 6).

The rise in net equity issuance was driven by a £0.2 billion decrease in PNFC buybacks, combined with an increase in gross issuance of £0.1 billion by the PNFC and OFC sector respectively.

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: 29 April 2026