Research Quarterly: Fixed Income – Outstanding

Key Takeaways for 2Q25

• Fixed income outstanding totaled $47.8T this quarter, an increase of +0.6% Q/Q and +5.5% Y/Y. All analyzed asset classes recorded slight quarterly growth.
• The leading asset class in size was Treasuries (UST) which increased to $28.7T, +0.2% Q/Q and +5.9% Y/Y. The share of Treasury Bills outstanding decreased slightly to 20.2% of the total UST outstanding this quarter, down from 21.5% in 1Q25 and from 21.3% in 2Q24.
• The second largest asset class based on securities outstanding was corporate bonds at $11.4T, +0.04% Q/Q and +3.9% Y/Y.
• The highest quarterly growth was in commercial paper that finished the quarter at $1.3T outstanding, +5.0% Q/Q and +14.0% Y/Y.

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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.