Research Quarterly: Fixed Income – Outstanding

Key Takeaways for 1Q26

• Fixed income outstanding totaled $50.5T this quarter, an increase of +1.9% Q/Q and +6.4% Y/Y. All five analyzed asset classes (US Treasuries, Corporate Bonds, Agency Securities, Municipal Bonds and Commercial Paper) recorded slight quarterly growth.
• The leading asset class by amount outstanding was Treasuries (UST) which increased to $30.8T (+1.9% Q/Q and +7.9% Y/Y). The share of Treasury Bills continued to increase to 22.1% of the total UST outstanding this quarter, up from 21.6% in 4Q25, marking the highest share since 1Q24.
• The second largest asset class based on securities outstanding was corporate bonds at $11.7T (+1.8% Q/Q and +3.0% Y/Y).
• Commercial paper with $1.4T outstanding as of 1Q26 was the asset class with the highest quarterly growth (+4.9% Q/Q and +8.4% 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.