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Research Quarterly: Fixed Income – Issuance and Trading

For the quarter: Total long-term fixed income issuance was $2.5T (-14.6% Q/Q but +28.3% Y/Y), the third consecutive quarter of $2.5T+ issuance. High levels of UST issuance continued at $1.2T (-15.3% Q/Q but +24.9% Y/Y), the third consecutive quarter with $1T+ issuance, a level previously not seen since 2Q22. All asset classes posted solid Y/Y issuance growth, ranging from +15.8% for corporates to +48.7% for MBS. Average daily trading volumes for the quarter were $1.3T (-4.6% Q/Q but +15.1 Y/Y). Four out of six analyzed asset classes posted positive Y/Y trends, ranging from +7.2% for agency to +22.6% for agency MBS.

For the year: Total long-term fixed income issuance was $10.5T (+25.6% Y/Y), the first $10T+ year since 2021. All asset classes showed Y/Y growth in 2024, ranging form +0.5% for agency to +43.6% for ABS. UST issuance was $4.7T for the year, +32.8% Y/Y. Corporates issuance was just under $2.0T, +30.2% Y/Y. This was an impressive recovery after fairly muted growth the prior year. The $2T level has not been reached since 2020 and 2021. Average daily trading volumes for the year were $1.3T (+19.6% Y/Y). Three of the analyzed asset classes recorded ADV increases of roughly 20% in 2024: MBS ($311.2B, +21.6% Y/Y), corporates ($51.6B, +21.1% Y/Y, and UST. Last year, Treasury ADV reached $907.9B, a 19.4% Y/Y increase, with seven out of twelve months up over this level and August over $1T. This appears to be the new normal for Treasury ADV, whereas it was considered surprising when ADV hit $900B one day in 2023. Corporates ADV averaged over $50B in 2024, with six months over $50B and one month over $60B, versus only one month over $50B in 2023.

SIFMA Fixed Income Research Quarterly - IT Chart

 

 

 

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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

  • Katie Kolchin, CFA, Managing Director, Head of Research
  • Justyna Romulus, Vice President, Senior Research Associate
  • Matthew Paluzzi, Research Associate

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