In October 2018 net issues (gross issues minus redemptions) of securities by residents were virtually nil. This was mainly due to positive net issues by the general government, which offset negative net issues by financial corporations (Charts 1 and 2).

The outstanding amount of securities issued by residents totaled €457.0 billion, down by €4.1 billion from September 2018 (Chart 3). This decrease was mainly due to the devaluation of listed shares issued by non-financial corporations, which corresponds to the largest devaluation in the sector since August 2015 (Chart 4).