Capital Issuance - January 2026

Key points

Gross capital issuance by UK residents was £70.8 billion in January, compared to £39.6 billion in December and the previous six-month average of £57.7 billion (Chart 1).

The rise in gross capital issuance was driven by commercial paper issuance, which increased from £20.3 billion to £36.3 billion as well as bond issuance, which increased from £19.1 billon in December to £34.9 billion in January.

Net issuance was £17.2 billion in January, compared to -£15.1 billion in December and the previous six-month average of -£0.2 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 £70.8 billion in January, compared to £39.6 billion in December and the previous six-month average of £57.7 billion (Chart 1).

Net issuance was £17.2 billion in January, compared to -£15.1 billion in December and the previous six-month average of -£0.2 billion (Chart 1).

Bond issuance

Gross bond issuance was £34.9 billion in January, compared with £19.1 billion in December and the previous six-month average of £29.3 billion (Chart 2).

Net bond issuance was £11.1 billion in January, compared to -£11.1 billion in December and the previous six-month average of £2.8 billion (Chart 2).

The rise in net issuance was driven by an increase in OFC gross issuance of £8.4 billion combined with an increase in MFI gross issuance of £6.5 billion.

Commercial paper issuance

Gross commercial paper issuance was £35.7 billion in January, compared to £20.1 billion in December and the previous six-month average of £27.7 billion (Chart 3).

Net commercial paper issuance was £9.5 billion in January, compared to -£0.7 billion in December and the previous six-month average of £0.6 billion (Chart 3).

The rise in net issuance was driven by an increase in MFI gross issuance of £14.8 billion.

Equity issuance

Gross equity issuance was £0.1 billion in January, compared to £0.4 billion in December and the previous six-month average of £0.7 billion (Chart 4).

Net equity issuance was -£3.3 billion in January, compared to -£3.4 billion in December and the previous six-month average of -£3.7 billion (Chart 4).

The small rise in net equity issuance was driven by a £0.2 billion fall in gross PNFC issuance combined with a £0.2 billion decrease in OFC buybacks.

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 March 2026