Research Quarterly: Fixed Income – Issuance and Trading

Key Takeaways for 2Q26

• Fixed income issuance decreased slightly in 2Q26 to $3.2T (-1.7% Q/Q, +12.3% Y/Y). This was the second consecutive quarter where issuance exceeded $3.0T, a level not seen previously since 4Q21. Three out of six covered asset classes posted quarterly increases. High levels of long-term UST issuance continued at $1.3T (+2.5% Q/Q, +1.1% Y/Y), marking the eighth consecutive quarter with issuance above $1T. MBS posted another strong quarter with issuance of $548.5B (+1.5% Q/Q, +21.7% Y/Y). Municipal bond issuance totaled $168.2B (+26.8% Q/Q, +2.6% Y/Y) and was the asset class with the highest quarterly percentage increase in issuance. Corporate bond issuance totaled $732.6B (-7.3% Q/Q, +41.3% Y/Y) and agency securities issuance was $349.3B (-16.0% Q/Q, +0.8% Y/Y).
• Average daily trading volumes for the quarter were $1.6T (-10.0% Q/Q, +1.9% Y/Y). Trading volumes for all covered asset classes but municipal bonds posted quarterly decreases after a strong 1Q26: UST ($1,170.0B, -9.2% Q/Q), MBS ($357.8B, -13.8% Q/Q), corporates ($66.9B, -6.3% Q/Q), agency ($2.6B, -25.0% Q/Q), and ABS ($2.6B, -4.3% Q/Q). Muni average daily trading volumes were up 8.0% Q/Q to $14.6B.
• At the June Federal Open Market Committee (FOMC) meeting, the Fed voted unanimously to keep the benchmark federal funds rate unchanged at a target range of 3.50% to 3.75%.

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About the Report

The SIFMA Research Quarterlies contain data, statistics and chartbooks on U.S. markets and financial institutions. 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), secured overnight financing rate (SOFR), and environmental, social and governance (ESG).