Research Quarterly: Fixed Income – Issuance and Trading

Key Takeaways for 3Q25

• Fixed income issuance posted another strong quarter at $2.8T, -0.3% Q/Q and -3.7% Y/Y. This was the sixth consecutive quarterly issuance of over $2.5T with three out of six covered asset classes posting positive Q/Q trends ranging from +7.5% to +8.6%. High levels of UST issuance (long term only) continued at $1.2T, -3.3% Q/Q and -12.3% Y/Y but the sixth consecutive quarter over $1T. Corporate issuance was $554.3B, +7.5% Q/Q but +5.5% Y/Y. MBS issuance posted a strong quarter with $489.4B, +8.6% Q/Q and +15.2% Y/Y.
• Average daily trading volumes for the quarter were $1.4T, -8.7% Q/Q and +6.6% Y/Y. UST ($1,006.5B, -13.4% Q/Q), corporates ($55.8B, -6.7% Q/Q), municipal ($15.4B, -11.9% Q/Q), and ABS ($1.9B, -20.9% Q/Q) trading volumes all posted quarterly declines.
• At the September Federal Open Market Committee (FOMC) meeting, the Fed lowered the target range for the Fed Funds rate at 4.00%-4.25%.

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About the Report

The SIFMA Research Quarterlies contain data, statistics and chartbooks on U.S. markets and financial institutions. 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, mortgage-backed securities, corporate bonds, municipal securities, federal agency securities, asset-backed securities, money markets (outstanding only), repurchase agreements (outstanding only), secured overnight financing rate (SOFR), and environmental, social and governance (ESG).