Capital Issuance - July 2026

Key points

Gross capital issuance by UK residents was £84.4 billion in July, compared to £81.2 billion in June and the previous six-month average of £73.9 billion (Chart 1).

Net issuance was £10.3 billion in July, compared to £14.3 billion in June and the previous six-month average of £8.3 billion (Chart 1).

The £4.0 billion decrease in net capital issuance was driven by a £7.1 billion increase in gross repayments.

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 £84.4 billion in July, compared to £81.2 billion in June and the previous six-month average of £73.9 billion (Chart 1).

Net issuance was £10.3 billion in July, compared to £14.3 billion in June and the previous six-month average of £8.3 billion (Chart 1).

Year to date gross issuance was £527.7 billion, £64.3 billion higher than at the same point the previous year (Chart 2). This is £138.5 billion higher than the previous four-year average.

Year to date net issuance was £60.3 billion, £28.2 billion higher than at the same point the previous year (Chart 3). This is £41.7 billion higher than the previous four-year average.

Bond issuance

Gross bond issuance was £44.2 billion in July, compared to £51.3 billion in June and the previous six-month average of £39.7 billion (Chart 4).

Net bond issuance was £10.8 billion in July, compared to £17.9 billion in June and the previous six-month average of £9.0 billion (Chart 4).

The £7.0 billion decrease in net issuance was driven by a £7.0 billion decrease in gross issuance across all sectors.

Commercial paper issuance

Gross commercial paper issuance was £40.0 billion in July, compared to £29.6 billion in June and the previous six-month average of £33.7 billion (Chart 5).

Net commercial paper issuance was £0.8 billion in July, compared to -£0.8 billion in June and the previous six-month average of £2.5 billion (Chart 5).

The £1.6 billion increase in net issuance was driven by a £2.3 billion and £1.5 billion increase in net issuance by the OFC and PNFC sectors respectively, offset by a £2.2 billion decrease in net issuance by the MFI sector.

Equity issuance

Gross equity issuance was £0.1 billion in July, compared to £0.4 billion in June and the previous six-month average of £0.4 billion (Chart 6).

Net equity issuance was -£1.4 billion in July, compared to -£2.9 billion in June and the previous six-month average of -£3.1 billion (Chart 6).

The increase in net issuance was driven by a decrease in gross buybacks of £1.7 billion by the OFC and PNFC sectors.

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