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Research Quarterly: Fixed Income – Outstanding

  • Fixed income outstanding totaled $45.3T this quarter, an increase of 0.5% Q/Q and 5.8% Y/Y. Four out of five asset classes analyzed recorded quarterly growth.
  • The leading asset class in size was Treasuries (UST) which increased to $27.0T, +0.4% Q/Q and +8.7% Y/Y. The share of Treasury Bills outstanding decreased slightly to 21.3% of the total UST outstanding this quarter, down from 22.5% in 1Q24 but up from 18.0% in 2Q24.
  • The second largest asset class based on securities outstanding was corporate bonds at $11.0T, +0.7% Q/Q and +3.4% Y/Y.
  • The asset class with highest quarterly growth was agency securities, +1.3% Q/Q but still -7.8% Y/Y. This was the first quarterly increase in agency outstanding after four consecutive decreases, bringing the total
    to $2.0T.
  • The only asset class that did not increase outstanding this quarter was money markets, -1.4% Q/Q but +4.4% Y/Y. The total money markets outstanding was $1.2T this quarter.

 

 

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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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