Research Quarterly: Fixed Income – Outstanding, Second Quarter 2020

The U.S. fixed income markets are the largest in the world, comprising 39.9% of the $106 trillion securities outstanding across the globe, or $42 trillion (as of 1Q20). This is 2.0x the next largest market, the EU. U.S. market share has averaged 39.6% over the last 10 years, troughing at 36.3% in 2011 and peaking at 40.9% in 2015.

As of 2Q20, the U.S. fixed income markets outstanding totaled $49.4 trillion, up 13.2% y-o-y and up 7.6% q-o-q.

Download the full report for all data, tables and the chart book.

About the Report

The SIFMA Research Quarterlies contain brief commentary 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 database: U.S. Treasuries, mortgage-backed securities, corporate bonds, municipal securities, federal agency securities, asset-backed securities, money markets (outstanding only), repurchase agreements (outstanding only) and secured overnight financing rate.

Authors

SIFMA Research

  • Katie Kolchin, CFA, Director of Research
  • Justyna Podziemska
  • Ali Mostafa