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Research Quarterly: Fixed Income – Outstanding

  • Fixed income outstanding totaled $45.1T this quarter, an increase of 1.7% Q/Q and 6.7% Y/Y. Four out of five asset classes analyzed recorded quarterly growth.
  • The leading asset class, both in size and growth, was Treasuries (UST) which increased to $26.9T, +2.2% Q/Q and +10.5% Y/Y. The share of Treasury Bills outstanding continued to increase and reached 22.5% of the total UST outstanding this quarter, up from 21.5% in 4Q23 and 16.7% in 1Q23.
  • The second largest asset class based on securities outstanding was corporate bonds at $10.7T, +1.5% Q/Q and +3.0% Y/Y. This was largest quarterly growth for corporate bonds since 2Q21.
  • The only asset class that did not increase outstanding this quarter was agency securities, -2.7% Q/Q and -14.7% Y/Y. This was the fourth consecutive quarterly decrease in agency outstanding, bringing the total to $1.9T.

 

 

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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.

Authors

SIFMA Research

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

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