Research Quarterly: Fixed Income – Outstanding

The U.S. fixed income markets are the largest in the world, comprising 39.3% of the $138.6 trillion securities outstanding across the globe, or $54.5 trillion (as of 3Q23). This is 2.2x the next largest market, the EU. U.S. market share has averaged 38.5% over the last 10 years, troughing at 36.7% in 2019 and at the peak in 2015 at 40.7%.

As of 4Q23, the U.S. fixed income markets outstanding totaled $44.3 trillion, up 6.8% y-o-y and up 1.8% q-o-q.

SIFMA Research Quarterly Fixed Income Outstanding 4Q23



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

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.


SIFMA Research

  • Katie Kolchin, CFA, Managing Director, Head of Research
  • Justyna Podziemska