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Research Quarterly: Fixed Income – Issuance and Trading

Key Takeaways for 2Q25:

  • Fixed income issuance posted another strong quarter at $2.8T, -2.9% Q/Q and +11.4% Y/Y. This was the fifth consecutive quarterly issuance of over $2.5T with three out of six covered asset classes posting positive Q/Q trends ranging from +3.8% to +33.9%. The largest increase was in municipal issuance ($161.1B, +33.9% Q/Q, +13.4% Y/Y and the highest quarterly issuance on record). High levels of UST issuance (long term only) continued at $1.2T, +3.8% Q/Q and +6.9% Y/Y. MBS issuance also posted a strong quarter with $449.4B, +8.1% Q/Q and +16.4% Y/Y.
  • Corporate issuance was $506.7B, -23.9% Q/Q but +8.9% Y/Y. We note that while this was the largest quarterly decrease among covered asset classes, it was off an exceptionally high prior quarter. Issuance was still 2.9% above last year’s average quarterly issuance.
  • Average daily trading volumes for the quarter were $1.6T, +6.1% Q/Q and +27.2% Y/Y. UST ($1,162.6B, +10.9% Q/Q), municipal ($17.4B, +27.3% Q/Q), and ABS ($2.4B, +11.2% Q/Q) trading volumes all posted record highs. MBS ADV was $338.1B, -7.4% Q/Q while corporate ADV decreased to $59.8B, down 1.8% from a record high last quarter.
  • At the June Federal Open Market Committee (FOMC) meeting, the Fed kept the target range for the Fed Funds rate at 4.25%-4.50%.

 

 

 

 

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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).

All reports and corresponding databases can be found at www.sifma.org/research.

Authors

SIFMA Research

  • Justyna Romulus, Vice President, Senior Research Associate
  • Matthew Paluzzi, Research Associate

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