We are analysing issuance trends of UK borrowers of Commercial Paper and Certificates of Deposit year to date until the 31st August, 2026. More specifically we compare Bank of England’s 25th September 2026, 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:
- Monthly Gap Reopens in August: CMDportal put August 2026 issuance (ex. SSA) at GBP 34.4bn, GBP 5.2bn above the Bank of England’s GBP 29.2bn. In July the two sources were only GBP 0.2bn apart.
- Cumulative Volumes Diverge Further: Rolling 12-month issuance reached GBP 463.9bn on CMDportal, GBP 92.2bn (24.8%) above the BoE’s GBP 371.7bn. The gap widened by GBP 2.5bn on the month and nearly doubled (+98.4%) from GBP 46.5bn a year earlier.
- 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.
- Let’s Agree the Data: This underscores regulators’ risk of “steering by inconsistent numbers”, highlighting the need for closer collaboration between the BoE, ONS, and private platforms to reconcile UK short-term funding data.
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