We are analysing issuance trends of UK borrowers of Commercial Paper and Certificates of Deposit over the 12 months to 30th September 2026. More specifically, we compare the Bank of England’s 27th October 2026 Capital Issuance Statistics release with ISIN-by-ISIN data available on CMDportal. There are, however, substantial differences in aggregate numbers that could affect the outcome of the analysis. See ‘Where is this Data Coming from?’ below to understand the data and the filters used.
Quick Take:
- Monthly Gap Reverses in September: The Bank of England put September 2026 issuance at GBP 43.6bn, GBP 3.2bn above CMDportal’s GBP 40.4bn (ex. SSA). In August, CMDportal was GBP 5.2bn ahead of the BoE.
- Cumulative Gap Narrows but Persists: Rolling 12-month issuance reached GBP 467.9bn on CMDportal, GBP 79.0bn (20.3%) above the BoE’s GBP 388.9bn. The gap narrowed by GBP 13.2bn on the month from GBP 92.2bn in August.
- 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.
To view the full research, click here for a free trial.