We are analysing issuance trends of UK borrowers of Commercial Paper and Certificates of Deposit year to date until the 31st May, 2026. More specifically we compare Bank of England's 25th June, 2026 Capital Issuance Statistics release with ISIN by ISIN data available on CMDportal. There are however substantial differences in aggregate numbers potentially impacting the analysis outcome. See the 'Where is this Data Coming from?' below to understand the data and the filters used.
Quick Take:
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Sharp Monthly Divergence in May: Issuance volumes diverged sharply in May 2026, with CMDportal reporting GBP 47.7bn (ex. SSA) versus the BoE's GBP 31.2bn—a gap of GBP 16.5bn (53.0%) across both corporate and financial sectors.
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Cumulative Volumes Diverge: Cumulative 12-month issuance differed significantly, with CMDportal reporting GBP 439.9bn, which is GBP 70.6bn (19.1%) higher than the BoE's GBP 369.3bn.
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Definitional Discrepancies: This structural gap is likely driven by differing treatments of Certificates of Deposit (CDs), compounded by the BoE's current Form IPA limitations in identifying specific security types.
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Let's Agree the Data: These gaps underscore why regulators are "steering by inconsistent numbers". Closer collaboration between the Bank of England, ONS, and private platforms is needed to reconcile UK short-term funding data.
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