Research Quarterly: Fixed Income – Outstanding

Key Takeaways for 4Q25

• Fixed income outstanding totaled $49.6T this quarter, an increase of +1.3% Q/Q and +5.8% Y/Y. Four of the five analyzed asset classes (US Treasuries, Corporate Bonds, Agency Securities, Municipal Bonds and Commercial Paper) recorded slight quarterly growth.
• The leading asset class by both amount outstanding and quarterly growth was Treasuries (UST) which increased to $30.3T (+1.9% Q/Q and +7.0% Y/Y). The share of Treasury Bills outstanding increased slightly to 21.6% of the total UST outstanding this quarter, up from 21.5% in 3Q25 but below 21.9% in 3Q24.
• The second largest asset class based on securities outstanding was corporate bonds at $11.5T (+0.2% Q/Q and +3.5% Y/Y).
• Agency debt with $2.0T outstanding as of 4Q25 was the only asset class with a quarterly loss (-0.4% Q/Q but +0.3% 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.