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The euro area securities issues statistics are produced by Eurosystem statisticians in accordance with the principle of decentralisation as part of the commonly agreed framework for producing statistics. The ECB is responsible for the provision of euro area aggregated securities issues statistics, while the dissemination of national datasets is under the responsibility of the individual Member State.
The euro area securities issues statistics cover issues of securities other than shares (i.e. debt securities) and issues of quoted shares by euro area residents.
The statistics cover outstanding amounts (stocks), transactions (gross issuance, redemptions and net issuance) and growth rates. The statistics are estimated to cover approximately 95% of total issues by euro area residents.
Information about securities issues is an important element in monetary and financial analysis. For borrowers, securities issues are an alternative to “bank finance”. Holders of financial assets may view securities issued by “non-banks” as partial substitutes for bank deposits and negotiable instruments issued by banks. Over time, shifts between direct finance (through securities markets) and indirect finance (through the banking system) may affect the transmission mechanism of monetary policy, as such shifts may change the euro area's financial structure.
The latest statistics are released in a monthly euro area securities issues statistics press release in accordance with a release calendar (see links on the right-hand side).
The national breakdowns with the outstanding amounts and transactions of euro-denominated debt securities as well as quoted shares are made available. Further detailed national information can also be obtained by contacting the respective NCB.
For additional data and detailed time series please refer to the other navigation items on the left-hand side.
Securities issues statistics methodological note en
The statistics cover issues by entities resident in the euro area. Issues by foreign-owned entities located in the euro area are classified as issues by euro area residents. Issues by entities located outside the euro area but owned by residents of the euro area are treated as issues by non-euro area residents.
Outstanding amounts refers to the stock of securities at the end of the period.
Gross issues covers all issues for cash; gross issues lead to the creation of new instruments and, as such, increase the outstanding amounts.
Redemptions comprises all repurchases by the issuer for cash, whether at maturity or earlier; redemptions lead to the deletion of instruments and thereby reduce the outstanding amounts.
Net issues refers to gross issues minus redemptions during the same period. In principle, net issues correspond to the change in outstanding amounts between two periods, although differences may arise as a result of valuation changes, reclassifications and other adjustments during a particular period.
Growth rates are calculated to monitor historical and recent trends in the issuance of securities by euro area residents broken down by sector, maturity and currency. The growth rates exclude any changes to the outstanding amounts which are not due to transactions.
The euro area securities issues statistics provide a sectoral breakdown of euro area residents issuing securities denominated either in euro or in other currencies. For euro area residents, the sectoral breakdown is in line with the ESA 95, whenever appropriate and possible, and distinguishes primarily between five types of issuer (ESA 95 code numbers in brackets):
