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Research Quarterly: Fixed Income – Outstanding

  • Fixed income outstanding totaled $46.3T this quarter, an increase of 2.2% Q/Q and 6.3% Y/Y. All five asset classes analyzed recorded quarterly growth.
  • The leading asset class in size and quarterly growth was Treasuries (UST) which increased to $27.7T, +2.5% Q/Q and +7.7% Y/Y. The share of Treasury Bills outstanding increased slightly to 21.7% of the total UST outstanding this quarter, up from 21.3% in 2Q24 and from 20.4% in 3Q23.
  • The second largest asset class based on securities outstanding was corporate bonds at $11.2T, +2.5% Q/Q and +6.1% Y/Y.
  • The asset class with lowest quarterly growth was agency securities, +0.2% Q/Q but -1.9% Y/Y. This was the second consecutive, albeit small, quarterly increase in agency outstanding after four consecutive decreases, bringing the total to $2.0T.

Chart - Fixed Income Outstanding SIFMA Research Quarterly 3Q24

 

 

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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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