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Research Quarterly: Fixed Income – Outstanding

The U.S. fixed income markets are the largest in the world, comprising 40.0% of the $130 trillion securities outstanding across the globe, or $52 trillion (as of FY22). This is 2.3x the next largest market, the EU. U.S. market share has averaged 38.1% over the last 10 years, troughing at 35.7% in 2020 and at the peak in 2022 at 40.0%.

As of 2Q23, the U.S. fixed income markets outstanding totaled $42.8 trillion, up 5.6% y-o-y and up 1.0% q-o-q.

 

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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.

Authors

SIFMA Research

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

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