Capital Issuance - November 2025

Key points

Gross capital issuance by UK residents was £72.7 billion in November, compared to £55.3 billion in October (Chart 1).

Gross capital repayments increased from £52.3 billion to £53.0 billion, resulting in a £16.4 billion increase in net capital issuance from £3.0 billion in October to £19.4 billion in November.

The increase in net capital issuance was largely driven by a £10.3 billion increase in OFC bond issuance, bringing gross issuance by the OFC sector to £18.9 billion in November.

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 £72.7 billion in November, compared to £55.3 billion in October and the previous six-month average of £60.6 billion (Chart 1).

Net issuance was £19.7 billion in November, compared to £3.0 billion in October and the previous six-month average of £0.7 billion (Chart 1).

Year to date gross issuance was £701.6 billion, £8.0 billion lower than at the same point the previous year (Chart 2). This is £143.4 billion higher than the previous four-year average.

Year to date net issuance was £45.7 billion, £9.1 billion higher than at the same point the previous year (Chart 3). This is £17.2 billion higher than the previous four-year average.

Bond issuance

Gross bond issuance was £42.4 billion in November, compared to £29.2 billion in October and the previous six-month average of £30.6 billion (Chart 4).

Net bond issuance was £17.3 billion in November, compared to £5.3 billion in October and the previous six-month average of £5.4 billion (Chart 4).

The increase in net bond issuance was primarily attributable to the OFC sector, where gross issuance rose by £10.3 billion to £18.9 billion, offset by a £1.2 billion increase in repayments.

Commercial paper issuance

Gross commercial paper issuance was £27.7 billion in November, compared to £25.9 billion in October and the previous six-month average of £29.7 billion (Chart 5).

Net commercial paper issuance was £3.9 billion in November, compared to £2.4 billion in October and the previous six-month average of -£0.5 billion (Chart 5).

The increase net commercial paper issuance was driven by a £2.5 billion increase in net issuance by the MFI sector.

Equity issuance

Gross equity issuance was £2.6 billion in November, compared to £0.1 billion in October and the previous six-month average of £0.3 billion (Chart 6).

Net equity issuance was -£1.6 billion in November, compared to -£4.7 billion in October and the previous six-month average of -£4.2 billion (Chart 6).

The increase in net equity issuance was driven by a rise in gross equity issuance by the PNFC sector of £2.4 billion and a decrease in buybacks by the OFC sector of £0.5 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: 28 January 2026