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Research Quarterly: Fixed Income – Issuance and Trading

Key Takeaways for 1Q25:

  • Fixed income issuance posted another strong quarter at $2.9T, +13.9% Q/Q and +16.4% Y/Y. This was the fourth consecutive quarterly issuance of over $2.5T with four out of six covered asset classes posting positive Q/Q trends ranging from +3.2% to +99.9%. The largest increase was in corporate issuance ($657.7B, +99.9% Q/Q, +1.6% Y/Y and the largest quarterly issuance since 2Q20). High levels of UST issuance (long term only) continued at $1.2T, +3.2% Q/Q and +20.2% Y/Y. ABS issuance also posted a strong quarter with $108.9B, +33.2% Q/Q and +4.1% Y/Y.
  • MBS issuance was $414.3B, -12.5% Q/Q but +33.3% Y/Y. We note that while this was the largest quarterly decrease among covered asset classes, it was off an exceptionally high prior quarter. Issuance was still 3.9% above last year’s average quarterly issuance.
  • Average daily trading volumes for the quarter were $1.5T, +15.3% Q/Q and +18.8% Y/Y. Only agency securities ($3.4B, -4.6% Q/Q) posted negative trends for the quarter. Corporate bonds ADV was a record high $60.9B, +23.1% Q/Q followed by UST ADV also setting a record at $1,048.0B, +16.8% Q/Q.
  • At the March Federal Open Market Committee (FOMC) meeting, the Fed kept the target range for the Fed Funds rate at 4.25%-4.50%.

 

 

 

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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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