In September 2020 net issues (gross issues minus redemptions) of securities by residents were negative by about €0.6 billion. This figure results mainly from negative net issues of non-financial corporation debt securities, by €0.5 billion. The net issues of government debt securities were approximately zero, as a result of gross issues of long term debt by €0.9 billion and short term debt amortizations of identical amount. (Charts 1 and 2).

The outstanding amount of securities issued by residents totalled €472.8 billion, €1.5 billion less than in August (Chart 3). This decrease was chiefly due to a decrease in the market value of non-financial corporation shares, which was partially compensated by an increase in the market value of debt securities issued by general government (Chart 4).