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Research Quarterly: Fixed Income – Outstanding

  • Fixed income outstanding totaled $46.9T this quarter, an increase of +1.1% Q/Q and +5.8% Y/Y. Three out of five asset classes analyzed recorded quarterly growth.
  • The leading asset class in size was Treasuries (UST) which increased to $28.3T, +2.0% Q/Q and +7.2% Y/Y. The share of Treasury Bills outstanding increased slightly to 21.9% of the total UST outstanding this quarter, up from 21.7% in 3Q24 and from 21.5% in 4Q23.
  • The second largest asset class based on securities outstanding was corporate bonds at $11.2T, -0.8% Q/Q but +4.6% Y/Y.
  • The asset class with highest quarterly growth was agency securities, +3.3% Q/Q and +2.7% Y/Y. This was the third consecutive quarterly increase in agency outstanding after four consecutive decreases, bringing the total above $2.0T for the first time since 2Q23.

 

 

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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, Senior Research Associate
  • Matthew Paluzzi, Research Associate

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