Research Quarterly: Fixed Income – Outstanding

Key Takeaways for 3Q25

• Fixed income outstanding totaled $48.9T this quarter, an increase of +2.3% Q/Q and +5.6% Y/Y. Three of the five analyzed asset classes (US Treasuries, Corporate Bonds, Agency Securities, Municipal Bonds and Commercial Paper) recorded slight quarterly growth.
• The leading asset class by both amount outstanding and quarterly growth was Treasuries (UST) which increased to $29.7T (+3.7% Q/Q and +7.2% Y/Y). The share of Treasury Bills outstanding increased to 21.5% of the total UST outstanding this quarter, up from 20.2% in 2Q25 but below 21.7% in 3Q24.
• The second largest asset class based on securities outstanding was corporate bonds at $11.5T (+0.7% Q/Q and +2.2% Y/Y).
• Commercial paper with $1.3T outstanding as of 3Q25 saw the lowest quarterly growth (-2.6% Q/Q but +8.8% Y/Y)

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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.