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Research Quarterly: Fixed Income – Issuance and Trading

Fixed income issuance posted another strong quarter at $2.9T, +16.1% Q/Q and +57.0% Y/Y. This was the fourth consecutive quarterly increase in issuance with four out of six covered asset classes posting positive Q/Q trends: ranging from +10.3% to +37.7%. The largest increase was in agency issuance ($381.8B, the largest quarterly issuance since 1Q23). High levels of UST issuance (long term only) continued, at $1.4T, +17.8% Q/Q and +86.1% Y/Y. This was 1.6x last year’s average quarterly issuance, the largest quarterly issuance since 2Q21, and the second consecutive quarter with $1T+ in issuance (previously, a level not seen since 2Q22).

ABS issuance was $90.9B, -12.9% Q/Q but +23.7% Y/Y. We note that while this was the largest quarterly decrease among covered asset classes, it was off of an exceptionally high prior quarter. Issuance was still 1.3x last year’s average quarterly issuance.

Average daily trading volumes for the quarter were $1.4T, +9.1% Q/Q. Only munis ($13.1B, -3.6% Q/Q) and ABS ($1.6B, -11.7%) posted negative trends for the quarter. Agency ADV was $3.8B, +26.2% Q/Q followed by UST ADV at $964.1B, +9.5% Q/Q, and agency MBS at $322, +9.3% Q/Q.

At the September Federal Open Market Committee (FOMC) meeting, the Fed lowered the target range for the Fed Funds rate by 50 bps to 4.75%-5.00%, the first cut since March 2020.

 

SIFMA Research Quarterly Report Chart Issuance and Trading 3Q24

SIFMA Research Quarterly Report Chart Issuance and Trading 3Q24 - ESG

 

 

 

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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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