Research Quarterly: Fixed Income – Outstanding

  • Fixed income outstanding totaled $45.1T this quarter, an increase of 1.7% Q/Q and 6.7% Y/Y. Four out of five asset classes analyzed recorded quarterly growth.
  • The leading asset class, both in size and growth, was Treasuries (UST) which increased to $26.9T, +2.2% Q/Q and +10.5% Y/Y. The share of Treasury Bills outstanding continued to increase and reached 22.5% of the total UST outstanding this quarter, up from 21.5% in 4Q23 and 16.7% in 1Q23.
  • The second largest asset class based on securities outstanding was corporate bonds at $10.7T, +1.5% Q/Q and +3.0% Y/Y. This was largest quarterly growth for corporate bonds since 2Q21.
  • The only asset class that did not increase outstanding this quarter was agency securities, -2.7% Q/Q and -14.7% Y/Y. This was the fourth consecutive quarterly decrease in agency outstanding, bringing the total to $1.9T.



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 Romulus, Vice President, Senior Research Associate