Fixed income issuance posted a strong quarter at $2.5T, an increase of 26.1% Q/Q. Four out of six asset classes covered posted positive Q/Q trends, ranging from +7.3% to +135.8%. The star of the quarter was corporate bonds. Issuance was $627.6B, +135.8% Q/Q. To put this performance in context, 1Q24 represented 43.4% of last year’s total issuance ($1.4T) and was 1.7x last year’s average quarterly issuance. Looking at our full data time series – which goes back to 1980 – this quarter was the second highest on record, behind only the $867.6B in 2Q20. Quarterly corporate bond issuance has only been over $500B eight times and only over $600B three times (the third being 1Q21). Not to be ignored, UST issuance (long term only) continued in large numbers, $992.3B. This was 1.1x last year’s average quarterly issuance. While “only” +7.3% Q/Q, this is off a large base. UST issuance is down from the $1T+ quarters seen from 3Q20-2Q22, but still posted numbers over $900B in four of the last seven quarters.

Average daily trading volumes also increased this quarter. ADV was $1.3T, an increase of 11.7% Q/Q. The asset class posting the largest quarterly increase was corporate bonds with $55.5B ADV, a 29.0% increase Q/Q. UST ADV was $889.0B, +12.1% Q/Q.

 

 

 

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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

• Katie Kolchin, CFA, Director of Research
• Justyna Romulus

Related Resources

• Data & Statistics

  Fixed Income Data Visualization

• Report

  Research Quarterly: Equities

• SIFMA Insights

  US Fixed Income Market Structure Primer

Historical Reports

• PDF

  Research Quarterly: Fixed Income Issuance Trading, 4Q 2023

  Download Research Quarterly: Fixed Income Issuance Trading, 4Q 2023
• PDF

  Research Quarterly: Fixed Income Issuance Trading, 3Q 2023

  Download Research Quarterly: Fixed Income Issuance Trading, 3Q 2023
• PDF

  Research Quarterly: Fixed Income Issuance Trading, 2Q 2023

  Download Research Quarterly: Fixed Income Issuance Trading, 2Q 2023
• PDF

  Research Quarterly: Fixed Income Issuance Trading, 1Q 2023

  Download Research Quarterly: Fixed Income Issuance Trading, 1Q 2023