In January 2021, net issues (gross issues minus redemptions) of securities by residents presented a negative value of €0.9 billion. This figure results, essentially, from net issues of debt securities (Chart 1).

Concerning the institutional sector, the non-financial corporations presented the most important contribution for the overall value, with negative net issues of €0.6 billion, followed by the general government and the financial corporations, with negative net issues of €0.2 billion and €0.1 billion, respectively (Chart 2).

The outstanding amount of securities issued by residents totalled €482.6 billion, a decrease of €2.1 billion when compared to December 2020. By instrument, negative net issues of debt securities and the decrease in their market value, explain most of the overall change observed in January (Chart 3).

By institutional sector, the decrease in January was mostly explained by securities issued by non-financial corporations, due to a decrease in the market value of listed shares and negative net issues of debt securities (Chart 4).