Research Quarterly: Fixed Income – Issuance and Trading

Key Takeaways for 4Q25

• For the quarter: Total long-term fixed income issuance was $2.8T (-1.4% Q/Q but +11.4% Y/Y), the fourth consecutive quarter of $2.5T+ issuance. High levels of UST issuance continued at $1.2T (-0.5% Q/Q but +3.1% Y/Y). UST quarterly issuance has stayed above $1T+ since 2Q24. Agency led the analyzed asset classes in quarterly issuance growth with 25.2% Q/Q, while corporates recorded the largest quarterly decline with -21.2% Q/Q. Average daily trading volumes for the quarter were $1.4T (-0.7% Q/Q but +7.6 Y/Y). All analyzed asset classes except UST posted negative Q/Q trends, ranging from -15.4% for agency to -1.3% for corporates. UST ADV was unchanged from the previous quarter.
• For the year: Total long-term fixed income issuance was $11.3T (+9.2% Y/Y), the second $10T+ year since 2021. All asset classes showed Y/Y growth in 2025, ranging from +3.2% for UST to +22.8% for ABS. UST issuance was $4.8T for the year, +3.2% Y/Y and the largest asset class in terms of issuance. Corporates issuance was just above $2.2T, +12.6% Y/Y and the first $2T+ year since 2021. Average daily trading volumes for the year were $1.5T (+14.7% Y/Y). All analyzed asset classes recorded ADV increases in 2025. Treasury ADV reached $1,055.5B, a 15.3% Y/Y increase and the first year on record of over $1T ADV. Four other asset classes reached record trading levels in 2025: MBS ($355.7B, +13.4% Y/Y), corporates ($57.9B, +11.5% Y/Y), munis ($15.1B, +14.2% Y/Y) and ABS ($2.1B, +13.3% Y/Y).

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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).