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Research Quarterly: Fixed Income – Outstanding

  • Fixed income outstanding totaled $47.4T this quarter, an increase of +1.3% Q/Q and +5.1% Y/Y. Four out of five asset classes analyzed recorded quarterly growth.
  • The leading asset class in size was Treasuries (UST) which increased to $28.6T, +21.1% Q/Q and +6.1% Y/Y. The share of Treasury Bills outstanding decreased slightly to 21.5% of the total UST outstanding this quarter, down from 21.9% in 4Q24 and from 22.5% in 1Q24.
  • The second largest asset class based on securities outstanding was corporate bonds at $11.4T, +2.0% Q/Q and +3.7% Y/Y.
  • The only asset class with quarterly decrease in amount outstanding was agency securities, -1.9% Q/Q but +2.9% Y/Y. This was the first quarterly decrease since 1Q24 and brought the total just below $2.0T.

 

 

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About the Report

The SIFMA Research Quarterlies contain data and statistics on U.S. markets. The fixed income reports are split into two – (1) issuance and trading, (2) outstanding – given a delay in the reporting of outstanding data. The reports cover data on total U.S. fixed income markets, as captured in the SIFMA Research databases: U.S. Treasuries, corporate bonds, municipal securities, federal agency securities, money markets (outstanding only), repurchase agreements (outstanding only), and secured overnight financing rate.

Authors

SIFMA Research

  • Katie Kolchin, CFA, Managing Director, Head of Research
  • Justyna Romulus, Senior Research Associate
  • Matthew Paluzzi, Research Associate

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