In February 2021, net issues (gross issues minus redemptions) of securities by residents presented a positive value of €6.3 billion. This figure results, essentially, from net issues of debt securities (Chart 1).

Concerning the institutional sector, the general government presented the most important contribution for the overall value, with positive net issues of €4.7 billion, followed by the non-financial corporations and the financial corporations, with positive net issues of €1.4 billion and €0.2 billion, respectively (Chart 2).

The outstanding amount of securities issued by residents totalled €484.9 billion, an increase of €2.3 billion when compared to January 2021. By instrument, positive net issues of debt securities, partially compensated by a decrease in their market value, explain most of the overall change observed in February (Chart 3).

By institutional sector, the increase in February was mostly explained by the non-financial corporations and by the general government, due to the net issues of securities by these sectors, which was partially offset by a decrease in the market value of government debt securities (Chart 4).