Research Quarterly: Fixed Income – Outstanding

Key Takeaways for 2Q26

• Fixed income outstanding totaled $51.4T this quarter, an increase of +1.3% Q/Q and +7.0% Y/Y. All five analyzed asset classes (US Treasuries, Corporate Bonds, Agency Securities, Municipal Bonds and Commercial Paper) recorded quarterly growth.
• The leading asset class by amount outstanding was Treasuries (UST), which increased to $31.1T (+0.8% Q/Q and +8.5% Y/Y). The share of Treasury Bills decreased to 21.5% of the total UST outstanding this quarter, down from 22.1% in 1Q26 but above 20.2% in 2Q25.
• The second largest asset class based on securities outstanding was corporate bonds at $12.1T (+1.3% Q/Q and +4.2% Y/Y).
• Agency securities, with $2.2T outstanding as of 2Q26 was the asset class with the highest quarterly growth (+6.7% Q/Q and +7.8% 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.