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Research Quarterly: Fixed Income – Outstanding

The U.S. fixed income markets are the largest in the world, comprising 38.7% of the $127 trillion securities outstanding across the globe, or $49 trillion (as of 4Q21). This is 2.0x the next largest market, the EU. U.S. market share has averaged 38.6% over the last 10 years, troughing at 36.3% in 2012 and peaking at 40.4% in 2016.

As of 1Q22, the U.S. fixed income markets outstanding totaled $53.7 trillion, up 6.1% y-o-y and up 1.9% 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, 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

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