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Research Quarterly: Fixed Income – Issuance and Trading

Key Takeaways for 3Q25:

  • Fixed income issuance posted another strong quarter at $2.8T, -0.3% Q/Q and -3.7% Y/Y. This was the sixth consecutive quarterly issuance of over $2.5T with three out of six covered asset classes posting positive Q/Q trends ranging from +7.5% to +8.6%. High levels of UST issuance (long term only) continued at $1.2T, -3.3% Q/Q and -12.3% Y/Y but the sixth consecutive quarter over $1T. Corporate issuance was $554.3B, +7.5% Q/Q but +5.5% Y/Y. MBS issuance posted a strong quarter with $489.4B, +8.6% Q/Q and +15.2% Y/Y.
  • Average daily trading volumes for the quarter were $1.4T, -8.7% Q/Q and +6.6% Y/Y. UST ($1,006.5B, -13.4% Q/Q), corporates ($55.8B, -6.7% Q/Q), municipal ($15.4B, -11.9% Q/Q), and ABS ($1.9B, -20.9% Q/Q) trading volumes all posted quarterly declines.
  • At the September Federal Open Market Committee (FOMC) meeting, the Fed lowered the target range for the Fed Funds rate at 4.00%-4.25%.

 

 

 

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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).

All reports and corresponding databases can be found at www.sifma.org/research.

Authors

SIFMA Research

  • Justyna Romulus, Vice President, Senior Research Associate
  • Matthew Paluzzi, Research Associate

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