In the first half of the year, net issues (gross issues minus redemptions) of securities by resident entities totalled €19.9 billion. This figure results mainly from positive net issues of debt securities, mainly on public debt securities (Charts 1 and 2).

The balance of securities issued by residents totalled €467.5 billion, which corresponds to a half-yearly increase of €6.4 billion. This increase was essentially due to the positive net issues of securities, partially compensated by the devaluation of both debt securities and shares (Charts 3 and 4).