In 2018 net issues (gross issues minus redemptions) of securities by residents totalled €8.9 billion, remaining positive for the fourth consecutive year.

This amount is accounted for by positive net issues of debt securities (€6.0 billion) and shares (€2.9 billion) (Chart 1).

By institutional sector, net issues by the general government (€8.2 billion) and by non-financial corporations (€1.5 billion) were positive for the fifth and fourth consecutive years respectively. Financial corporations presented negative net issues amounting to €0.8 billion, an opposite trend compared to the previous year (Chart 2).

The outstanding amount of securities issued by residents totalled €452.0 billion (Chart 3), decreasing by €3.5 billion from 2017. By contrast, in the previous year the outstanding amount of securities issued by residents increased by €31.5 billion. 

In 2018 positive net issues were offset by the devaluation of listed shares, thus contributing to the reduction in the outstanding amount of securities issued by non-financial corporations and financial corporations by €4.5 billion and €5.2 billion respectively (Chart 4).