US Fixed Income Securities Statistics SIFMA

US Fixed Income Securities: Issuance, Trading Volume, Outstanding
Last Updated: 12/6/21
Tab Description Frequency

1 US Fixed Income Securities: Issuance A, Q, M
2 US Fixed Income Securities: Trading Volume A, Q, M
3 US Fixed Income Securities: Outstanding A, Q
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Start Period Last Period Fixed Income Outstanding Breakout Fixed Income Issuance B
1996 October 2021 (as of 2Q21) (as of September 2021)
1996 October 2021
1980 2Q 2021 UST 42.2% UST
MBS 22.7% MBS
Corporates 19.4% Corporates
Munis 7.8% Agency
Agency 3.0% Munis
ABS 2.9% ABS
MMs 2.1%
US FI Outstanding US FI Issu
nformation is aggregated from multiple third-party
ct to revision, with no obligation to do so or notify users
3.0% 1.9% Muni
3.3%
Agency; 6%
the U.S. and global capital markets. On behalf of our 7.8%
ail and institutional investors, equity and fixed income
derly markets, informed regulatory compliance, and
pment. SIFMA, with offices in New York and
e information, visit http://www.sifma.org. 41.2%
Corporates;
22%
20.7%
/legal. Copyright © 2021
22.0%
ixed Income Issuance Breakout
as of September 2021)
20.1%
43.4%
20.7%
6.1%
5.2%
4.4%
US FI Issuance
Munis; 5%
Agency; 6%
UST; 21%
Corporates;
22%
MBS; 45%
U.S. Corporate Bond Issuance1 - Investment Grade
and High-Yield
$ Billions
Security: US Fixed Income Securities

Series: Issuance
Units: $ Billion
Source: Bloomberg, Dealogic, Refinitiv, US Agencies, US Treasury
Note: Treasury = long-term only, interest bearing marketable coupon public debt. Includes floating rate notes; Mortgage-Related = GNMA, FNMA, and FHLMC mortgage-bac
Federal
Mortgage- Corporate Agency Asset-
Municipal Treasury Related Debt Securities Backed Total
1996 182.9 652.7 551.8 357.9 277.9 121.2 2,144.3
1997 218.6 565.2 725.2 480.9 323.1 143.1 2,456.1
1998 284.1 485.6 1,261.7 605.9 596.4 184.2 3,418.0
1999 224.6 416.1 1,122.0 628.3 548.0 196.3 3,135.4
2000 198.2 312.6 779.9 625.8 446.6 240.3 2,603.4
2001 286.5 380.6 1,818.5 857.0 941.0 261.4 4,545.0
2002 356.6 572.2 2,514.9 669.4 1,041.5 268.6 5,423.2
2003 380.3 745.2 3,537.2 855.4 1,219.5 287.6 7,025.1
2004 358.1 853.4 2,428.7 812.1 877.8 330.6 5,660.6
2005 407.1 746.1 2,764.7 782.5 635.0 473.7 5,809.2
2006 387.9 788.5 2,691.1 1,126.0 691.8 658.2 6,343.5
2007 429.2 752.2 2,434.6 1,222.7 831.2 795.9 6,465.8
2008 389.3 1,029.4 1,394.0 757.5 924.8 215.2 4,710.2
2009 409.6 2,197.2 2,172.1 979.5 1,244.4 177.9 7,180.8
2010 433.3 2,319.8 2,012.6 1,087.7 1,362.1 125.9 7,341.5
2011 295.1 2,103.3 1,724.8 1,045.9 1,025.3 151.0 6,345.4
2012 382.7 2,304.6 2,195.1 1,397.6 925.5 259.0 7,464.5
2013 335.4 2,140.0 2,120.2 1,428.3 652.9 304.1 6,980.9
2014 339.1 2,215.2 1,439.6 1,486.2 558.7 393.4 6,432.3
2015 405.1 2,122.4 1,800.7 1,515.3 645.5 333.4 6,822.4
2016 451.9 2,169.4 2,044.2 1,554.9 927.9 325.4 7,473.8
2017 449.0 2,224.3 1,934.7 1,680.3 731.3 550.3 7,570.0
2018 346.8 2,684.7 1,874.7 1,380.7 653.6 516.9 7,457.4
2019 426.4 2,935.5 2,242.6 1,423.0 989.3 434.7 8,451.5
2020 484.5 3,895.8 3,996.5 2,282.3 1,251.3 304.3 12,214.7
YTD 2020 428.4 2,852.5 3,121.7 2,082.7 1,101.7 273.5 9,860.5

YTD 2021 397.3 4,046.5 3,660.5 1,714.9 586.5 396.9 10,802.6
1Q19 79.5 580.0 298.5 390.3 191.7 98.4 1,638.4

2Q19 94.1 723.5 414.9 346.0 253.3 137.4 1,969.1
3Q19 107.1 876.4 621.3 409.9 283.6 98.3 2,396.6
4Q19 145.6 755.5 702.3 276.9 260.8 100.5 2,241.6
1Q20 95.3 758.0 621.9 566.9 372.7 74.1 2,488.9
2Q20 115.1 898.3 913.0 873.6 310.7 54.6 3,165.3
3Q20 144.6 1,066.1 1,128.4 516.2 334.8 97.2 3,287.4
4Q20 129.5 1,173.4 1,333.2 325.6 233.1 78.3 3,273.1
1Q21 111.4 1,289.0 1,221.1 602.2 215.0 143.2 3,581.9
2Q21 121.1 1,336.2 1,171.1 529.5 169.0 135.1 3,462.1
3Q21 122.6 1,273.2 948.6 430.6 157.9 86.0 3,011.0
4Q21
Jan-19 25.1 224.0 95.7 127.4 63.1 22.6 557.9

Feb-19 26.5 249.0 94.4 124.3 60.1 39.8 594.0
Mar-19 28.0 107.0 108.4 138.6 68.6 35.9 486.5
Apr-19 28.2 342.9 107.2 106.1 81.5 51.5 717.3
May-19 29.2 269.5 132.7 128.2 88.8 48.1 696.5
Jun-19 36.7 111.0 175.0 111.7 83.0 37.8 555.3
U.S. Corporate Bond Issuance1 - Investment Grade
and High-Yield
$ Billions
Jul-19 30.2 351.0 179.8 119.8 81.8 32.9 795.5

Aug-19 39.5 163.8 223.2 93.1 109.0 32.3 661.0
Sep-19 37.4 361.7 218.3 197.0 92.7 33.0 940.1
Oct-19 55.8 243.7 238.8 100.3 99.5 49.8 787.9
Nov-19 47.3 153.8 242.4 133.5 68.3 34.1 679.4
Dec-19 42.5 358.0 221.1 43.1 93.1 16.6 774.4
Jan-20 32.8 242.7 218.9 179.5 82.6 25.1 781.5
Feb-20 42.2 147.4 196.0 133.5 108.2 34.8 662.1
Mar-20 20.3 368.0 207.0 254.0 181.8 14.2 1,045.2
Apr-20 31.7 255.1 273.3 332.5 119.8 13.1 1,025.5
May-20 31.0 178.8 315.0 299.7 82.7 13.7 920.8
Jun-20 52.4 464.4 324.7 241.4 108.3 27.8 1,219.0
Jul-20 47.7 320.5 358.7 97.3 118.6 29.6 972.5
Aug-20 43.4 396.2 387.4 202.3 116.0 24.3 1,169.7
Sep-20 53.5 349.3 382.2 216.6 100.2 43.4 1,145.2
Oct-20 73.4 130.1 458.4 125.9 83.5 47.6 918.9
Nov-20 21.4 648.6 465.8 132.8 84.2 17.6 1,370.4
Dec-20 34.7 394.7 409.0 66.8 65.4 13.1 983.8
Jan-21 28.1 147.1 416.6 180.5 56.4 34.8 863.5
Feb-21 35.9 473.5 379.7 156.2 77.4 52.3 1,175.0
Mar-21 47.4 668.4 424.7 265.5 81.1 56.2 1,543.4
Apr-21 36.7 439.7 446.0 174.4 58.2 34.2 1,189.4
May-21 34.7 231.8 369.9 177.2 56.0 41.0 910.6
Jun-21 49.7 664.6 355.2 177.9 54.9 59.9 1,362.1
Jul-21 36.5 155.8 290.1 94.6 52.0 30.4 659.3
Aug-21 42.1 711.1 325.8 122.6 49.7 23.3 1,274.5
Series: Trading Volume
Units: $ Billion
Source: Federal Reserve Bank of New York, FINRA TRACE, Municipal Securities Rulemaking Board
Note: Average daily trading volumes. Municipal = figures are sourced from daily averages not from MSRB's yearbook. Treasury = primary dealer reportin
Non- Federal
Agency Agency Corporate Agency Asset-
Municipal Treasury MBS MBS Debt Securities Backed Total
1996 1.1 203.7 38.1 n/a n/a n/a n/a 242.9
1997 1.1 212.1 47.1 n/a n/a n/a n/a 260.3
1998 3.3 226.6 70.9 n/a n/a n/a n/a 300.9
1999 8.3 186.5 67.1 n/a n/a n/a n/a 262.0
2000 8.8 206.5 69.5 n/a n/a n/a n/a 284.8
2001 8.8 297.9 112.0 n/a n/a n/a n/a 418.7
2002 10.7 372.7 154.5 n/a 17.8 n/a n/a 555.8
2003 12.6 427.6 206.0 n/a 18.0 n/a n/a 664.2
2004 14.8 497.5 207.4 n/a 17.3 n/a n/a 737.0
2005 16.9 549.7 251.8 n/a 16.6 n/a n/a 834.9
2006 23.1 524.4 254.6 n/a 16.9 n/a n/a 819.0
2007 25.1 566.0 320.1 n/a 16.4 n/a n/a 927.7
2008 19.4 553.3 344.9 n/a 14.3 n/a n/a 931.9
2009 12.5 409.8 299.9 n/a 19.9 n/a n/a 742.0
2010 13.3 523.8 320.6 n/a 20.5 11.5 n/a 889.6
2011 11.3 571.0 245.0 4.5 20.6 9.9 1.5 863.9
2012 11.3 519.5 279.8 4.6 22.6 10.7 1.5 850.0
2013 11.2 546.5 221.8 4.0 24.7 7.3 1.3 816.8
2014 9.9 505.0 177.4 3.7 26.7 6.0 1.5 730.2
2015 8.6 490.0 192.3 3.1 27.9 5.2 1.4 728.6
2016 11.1 519.1 209.5 2.8 30.0 5.4 1.3 779.2
2017 10.8 505.2 208.7 2.3 30.9 4.2 1.4 763.5
2018 11.6 547.8 219.0 1.6 31.5 3.5 1.4 816.4
2019 11.5 593.6 249.0 1.4 34.3 4.2 1.5 895.4
2020 12.0 603.2 291.1 1.9 38.9 5.3 1.9 954.3
YTD 2020 12.7 610.0 291.3 2.0 40.0 5.5 2.0 963.4
YTD 2021 8.8 619.4 288.4 1.5 38.1 2.9 1.4 960.6
1Q19 11.9 612.2 252.2 1.6 39.8 3.9 1.7 923.2

2Q19 12.5 597.0 251.2 1.6 34.9 4.4 1.6 903.3
3Q19 10.9 604.1 253.9 1.3 31.6 4.3 1.3 907.3
4Q19 10.8 561.0 238.8 1.3 31.0 4.0 1.5 848.4
1Q20 16.2 685.8 320.3 2.3 43.2 5.7 2.5 1,076.0
2Q20 12.0 663.6 265.8 2.3 46.2 6.2 1.9 998.1
3Q20 10.4 521.6 284.9 1.5 33.0 5.3 1.6 858.3
4Q20 9.4 547.9 293.9 1.4 33.7 4.2 1.5 892.1
1Q21 9.6 680.6 333.1 1.7 45.0 4.4 1.7 1,076.0
2Q21 9.0 594.7 272.6 1.4 38.0 3.2 1.4 920.4
3Q21 7.8 569.2 262.8 1.4 32.8 2.6 1.2 877.8
4Q21
Jan-19 11.8 599.5 252.3 1.4 40.6 3.7 1.6 910.9

Feb-19 12.6 619.7 231.4 1.6 39.2 3.6 1.6 909.7
Mar-19 11.3 620.6 271.0 1.7 37.7 4.2 1.9 948.3
Apr-19 12.4 551.6 251.1 1.4 34.9 3.6 1.4 856.4
May-19 12.5 586.1 234.9 2.1 31.9 4.5 1.7 873.8
Jun-19 12.6 656.1 269.1 1.4 36.5 4.9 1.8 982.4
Jul-19 10.1 539.6 229.2 1.3 30.8 4.1 1.3 816.3
Aug-19 11.2 628.3 253.7 1.1 28.0 4.2 1.2 927.8
Sep-19 11.3 660.5 281.2 1.5 35.5 4.4 1.5 995.8
Oct-19 10.6 558.4 244.9 1.3 32.7 4.2 1.5 853.6
Nov-19 10.7 602.2 243.0 1.4 33.9 3.5 1.6 896.2
Dec-19 11.1 523.2 228.1 1.1 26.6 4.0 1.3 795.4
Jan-20 12.0 531.2 302.2 1.9 39.0 4.8 1.9 892.9
Feb-20 12.6 649.5 322.6 1.5 40.4 4.7 1.9 1,033.1
Mar-20 23.4 915.5 335.6 3.4 49.9 6.8 3.6 1,338.2
Apr-20 13.3 721.9 279.5 2.9 48.9 6.9 2.0 1,075.3
May-20 11.7 627.8 269.6 2.0 46.3 5.4 1.8 964.6
Jun-20 11.1 626.4 249.4 2.0 43.0 5.9 2.0 940.0
Jul-20 11.1 492.5 277.8 1.4 32.7 5.8 1.6 822.9
Aug-20 9.6 517.0 294.6 1.5 31.1 5.1 1.7 860.5
Sep-20 10.4 554.6 282.7 1.6 34.5 4.7 1.6 890.0
Oct-20 11.4 498.8 300.6 1.6 34.6 4.4 1.6 853.0
Nov-20 7.9 624.6 308.6 1.2 38.3 3.9 1.6 986.1
Dec-20 8.8 525.9 274.0 1.5 29.9 3.0 1.4 844.4
Jan-21 9.1 651.4 367.6 1.6 45.2 4.0 1.8 1,080.6
Feb-21 10.1 681.1 344.0 1.7 43.9 4.3 1.7 1,086.9
Mar-21 9.7 703.6 295.5 1.6 44.7 3.4 1.7 1,060.1
Apr-21 9.4 524.3 271.7 1.4 38.5 3.0 1.4 849.7
May-21 8.7 591.2 283.4 1.4 37.8 3.0 1.5 927.1
Jun-21 9.0 653.7 263.7 1.4 37.6 2.5 1.2 969.3
Jul-21 7.7 543.3 271.0 1.2 32.0 2.2 1.0 858.3
Aug-21 7.0 579.1 252.1 1.0 28.8 2.1 1.0 871.1
Sep-21 8.7 582.1 265.7 2.2 36.8 2.4 1.6 899.4
Oct-21 9.0 664.4 284.3 1.3 36.9 2.2 1.5 999.5
Nov-21
Dec-21
Treasury = primary dealer reporting, includes double counting of some trades. Aagency MBS = Full year 2011 and year to date 2011 average figures are only sourced from FIN
Y/Y Change
Non- Federal
Municipal Treasury MBS MBS Debt Securities Backed Total Municipal
n/a n/a n/a n/a n/a n/a n/a n/a n/a
0.0% 4.1% 23.4% n/a n/a n/a n/a 7.1% n/a
200.0% 6.9% 50.7% n/a n/a n/a n/a 15.6% n/a
151.3% -17.7% -5.4% n/a n/a n/a n/a -12.9% n/a
5.8% 10.7% 3.5% n/a n/a n/a n/a 8.7% n/a
0.3% 44.3% 61.2% n/a n/a n/a n/a 47.0% n/a
21.8% 25.1% 38.0% n/a n/a n/a n/a 32.7% n/a
17.6% 14.7% 33.3% n/a 1.1% n/a n/a 19.5% n/a
17.4% 16.3% 0.7% n/a -4.1% n/a n/a 10.9% n/a
14.1% 10.5% 21.4% n/a -4.2% n/a n/a 13.3% n/a
37.2% -4.6% 1.1% n/a 2.0% n/a n/a -1.9% n/a
8.6% 7.9% 25.7% n/a -2.9% n/a n/a 13.3% n/a
-23.0% -2.2% 7.7% n/a -12.6% n/a n/a 0.5% n/a
-35.6% -25.9% -13.1% n/a 39.2% n/a n/a -20.4% n/a
6.9% 27.8% 6.9% n/a 2.5% n/a n/a 19.9% n/a
-15.2% 9.0% -23.6% n/a 1.0% -13.4% n/a -2.9% n/a
-0.3% -9.0% 14.2% 2.2% 9.5% 7.8% 3.6% -1.6% n/a
-0.8% 5.2% -20.7% -11.5% 9.2% -31.9% -15.7% -3.9% n/a
-11.7% -7.6% -20.0% -8.9% 8.1% -17.1% 16.9% -10.6% n/a
-12.7% -3.0% 8.4% -16.7% 4.7% -13.2% -4.4% -0.2% n/a
28.4% 5.9% 9.0% -9.2% 7.4% 3.0% -7.6% 6.9% n/a
-2.7% -2.7% -0.4% -17.5% 3.1% -23.2% 6.5% -2.0% n/a
7.9% 8.4% 4.9% -30.1% 1.9% -15.9% 0.4% 6.9% n/a
-1.0% 8.4% 13.7% -11.0% 8.7% 19.3% 7.5% 9.7% n/a
4.2% 1.6% 16.9% 31.5% 13.7% 28.3% 23.2% 6.6% n/a
-30.5% 1.5% -1.0% -25.9% -4.7% -47.3% -27.4% -0.3% n/a

n/a n/a n/a n/a n/a n/a n/a n/a 5.1%
n/a n/a n/a n/a n/a n/a n/a n/a -13.1%
36.5% 12.0% 27.0% 45.6% 8.6% 46.0% 47.1% 16.5% 50.4%
-3.8% 11.1% 5.8% 42.0% 32.6% 40.3% 17.4% 10.5% -25.9%
-4.3% -13.6% 12.2% 19.8% 4.2% 22.2% 22.1% -5.4% -13.5%
-12.6% -2.3% 23.1% 12.9% 8.4% 5.2% 3.7% 5.2% -9.3%
-40.6% -0.8% 4.0% -27.5% 4.1% -23.3% -31.6% 0.0% 2.3%
-24.8% -10.4% 2.6% -38.8% -17.8% -47.8% -28.6% -7.8% -6.2%
-25.1% 9.1% -7.8% -6.4% n/a n/a -26.9% 2.3% -13.9%

1.6% -11.4% 19.8% 30.2% -3.9% 29.1% 18.8% -2.0% 8.0%
0.0% 4.8% 39.4% -8.2% 3.1% 27.6% 19.7% 13.6% 4.7%
106.6% 47.5% 23.9% 101.3% 32.4% 64.0% 88.4% 41.1% 86.3%
7.7% 30.9% 11.3% 103.1% 39.9% 89.1% 39.5% 25.6% -43.2%
-6.5% 7.1% 14.7% -0.4% 44.9% 20.2% 0.6% 10.4% -12.0%
-12.1% -4.5% -7.3% 45.7% 17.7% 22.2% 15.2% -4.3% -5.4%
10.3% -8.7% 21.2% 13.1% 6.0% 43.6% 26.4% 0.8% 0.4%
-14.3% -17.7% 16.1% 39.0% 10.8% 20.3% 36.4% -7.3% -13.4%
-7.8% -16.0% 0.5% 10.2% -2.9% 7.4% 5.5% -10.6% 7.9%
8.3% -10.7% 22.7% 19.6% 5.8% 3.8% 8.9% -0.1% 10.1%
-26.0% 3.7% 27.0% -13.5% 13.1% 11.6% -2.7% 10.0% -30.6%
-21.1% 0.5% 20.1% 35.9% 12.3% -24.2% 5.6% 6.2% 10.6%
-24.3% 22.6% 21.6% -13.8% 15.9% -16.7% -6.8% 21.0% 3.6%
-19.6% 4.9% 6.6% 18.8% 8.7% -7.9% -9.3% 5.2% 11.2%
-58.6% -23.1% -12.0% -51.9% -10.5% -50.3% -53.9% -20.8% -4.0%
-29.5% -27.4% -2.8% -50.6% -21.2% -56.4% -27.0% -21.0% -3.3%
-25.7% -5.8% 5.1% -31.9% -18.3% -44.2% -16.1% -3.9% -7.4%
-18.5% 4.4% 5.7% -29.5% -12.5% -57.5% -39.9% 3.1% 3.8%
-31.0% 10.3% -2.4% -20.2% -2.1% -62.9% -35.8% 4.3% -15.0%
-27.6% 12.0% -14.4% -34.7% -7.2% -58.5% -42.0% 1.2% -9.1%
-15.9% 5.0% -6.0% 32.9% 6.9% -48.8% -1.0% 1.1% 25.4%
-21.2% 33.2% -5.4% -19.8% 6.6% -50.0% -5.5% 17.2% 3.1%
figures are only sourced from FINRA daily volumes; annual figures are also sourced from daily figures. Non-Agency MBS = includes CMBS figures; daily figures include 144A t
M/M or Q/Q Change

Non- Federal
Treasury MBS MBS Debt Securities Backed Total
n/a n/a n/a n/a n/a n/a n/a

-2.5% -0.4% 4.0% -12.3% 13.9% -3.0% -2.2%
1.2% 1.1% -22.1% -9.3% -2.4% -19.2% 0.5%
-7.1% -5.9% -1.0% -1.9% -7.3% 9.9% -6.5%
22.2% 34.1% 81.5% 39.2% 41.8% 70.8% 26.8%
-3.2% -17.0% 1.4% 7.0% 9.4% -22.6% -7.2%
-21.4% 7.2% -34.3% -28.7% -15.0% -16.0% -14.0%
5.0% 3.2% -6.7% 2.1% -20.2% -6.7% 3.9%
24.2% 13.3% 16.7% 33.6% 3.3% 12.8% 20.6%
-12.6% -18.1% -14.5% -15.5% -25.4% -19.2% -14.5%
-4.3% -3.6% 0.6% n/a n/a -13.9% -4.6%

3.4% -8.3% 10.9% -3.5% -1.6% -1.7% -0.1%
0.1% 17.1% 6.2% -3.8% 14.3% 21.1% 4.2%
-11.1% -7.3% -16.5% -7.3% -12.7% -25.3% -9.7%
6.3% -6.4% 45.7% -8.5% 23.4% 22.6% 2.0%
11.9% 14.5% -31.8% 14.4% 8.3% 1.6% 12.4%
-17.8% -14.8% -8.8% -15.7% -16.6% -27.2% -16.9%
16.4% 10.7% -15.4% -9.0% 4.2% -5.4% 13.7%
5.1% 10.8% 36.6% 26.7% 3.7% 22.4% 7.3%
-15.5% -12.9% -9.3% -7.9% -3.3% -2.2% -14.3%
7.8% -0.8% 1.5% 3.5% -18.5% 11.4% 5.0%
-13.1% -6.1% -20.7% -21.3% 15.2% -19.8% -11.2%
1.5% 32.5% 73.2% 46.3% 20.1% 45.9% 12.3%
22.3% 6.8% -21.7% 3.6% -2.7% -1.0% 15.7%
40.9% 4.0% 132.7% 23.5% 46.9% 90.6% 29.5%
-21.1% -16.7% -15.7% -2.0% 0.7% -44.7% -19.6%
-13.0% -3.5% -28.5% -5.2% -21.5% -11.6% -10.3%
-0.2% -7.5% -0.3% -7.1% 10.0% 16.3% -2.5%
-21.4% 11.4% -29.2% -24.1% -1.9% -20.1% -12.5%
5.0% 6.1% 4.0% -4.9% -12.7% 2.1% 4.6%
7.3% -4.0% 8.3% 11.0% -7.4% -5.3% 3.4%
-10.1% 6.3% -1.6% 0.4% -6.5% 0.9% -4.2%
25.2% 2.7% -26.6% 10.7% -12.4% -0.4% 15.6%
-15.8% -11.2% 24.7% -21.9% -21.8% -13.0% -14.4%
23.9% 34.2% 9.8% 51.0% 32.1% 28.8% 28.0%
4.6% -6.4% 7.9% -2.8% 7.6% -3.7% 0.6%
3.3% -14.1% -5.8% 1.7% -20.7% -3.1% -2.5%
-25.5% -8.0% -13.3% -13.8% -11.7% -12.3% -19.8%
12.8% 4.3% -1.5% -1.7% 0.4% 1.5% 9.1%
10.6% -7.0% 3.3% -0.5% -16.2% -16.7% 4.6%
-16.9% 2.8% -19.9% -15.1% -14.3% -14.6% -11.4%
6.6% -7.0% -15.0% -9.8% -2.2% -7.8% 1.5%
0.5% 5.4% 120.7% 27.8% 14.0% 61.7% 3.3%
14.1% 7.0% -40.7% 0.1% -8.7% -3.6% 11.1%
gures; daily figures include 144A trades but do not include certain subcategories in which there are <5 trades made; new issue transactions are sometimes included. Corporate
sometimes included. Corporate Debt = includes nonconvertible bonds only; annual and quarterly figures are sourced from FINRA's yearbook when available; monthly and YTD
n available; monthly and YTD figures are sourced from daily reporting and are subject to 5:15pm cutoff which causes monthly volumes to be understated. Federal Agency = an
erstated. Federal Agency = annual and quarterly figures sourced from FINRA's yearbook when available; monthly and YTD figures are sourced from daily reporting and are sub
om daily reporting and are subject to 5:15pm cutoff which causes monthly volumes to be understated. ABS = includes CMBS figures, but also include CDO and Other trading v
clude CDO and Other trading volumes; daily figures include 144A trades but do not include certain subcategories in which there are <5 trades made; new issue transactions are
ade; new issue transactions are sometimes included.
Series: Outstanding
Units: $ Billion
Source: Bloomberg, The Federal Reserve, US Agencies, US Treasury
Note: Municipal = due to the change in underlying sourcing from the Federal Reserve, muncipal securities outstanding has been restated from 2004 onw
Federal
Mortgage- Corporate Agency Asset- Money
Municipal Treasury Related Debt Securities Backed Markets Total
1980 399.4 623.2 111.4 467.9 164.3 n/a 163.8 1,930.0
1981 443.7 720.3 127.0 499.0 194.5 n/a 215.1 2,199.6
1982 508.0 881.5 177.1 545.0 208.8 n/a 226.8 2,547.2
1983 575.1 1,050.9 248.3 585.9 209.3 n/a 253.8 2,923.2
1984 650.6 1,247.4 302.9 663.3 240.4 n/a 305.7 3,410.4
1985 859.5 1,437.7 399.9 789.1 261.0 1.3 358.5 4,107.0
1986 920.4 1,619.0 614.7 976.1 276.6 11.8 384.9 4,803.5
1987 1,012.0 1,724.7 816.0 1,092.1 308.3 18.6 437.9 5,409.6
1988 1,080.0 1,821.3 973.6 1,212.5 370.7 26.2 513.4 5,997.6
1989 1,129.8 1,945.4 1,192.7 1,307.8 397.5 37.6 579.2 6,590.0
1990 1,178.6 2,180.8 1,340.1 1,363.5 421.5 67.2 609.9 7,161.6
1991 1,272.1 2,456.6 1,577.1 1,463.6 421.5 92.6 565.9 7,849.4
1992 1,295.4 2,739.1 1,774.3 1,563.3 462.4 117.3 579.0 8,530.9
1993 1,361.7 2,974.5 2,209.0 1,790.2 550.8 133.3 580.0 9,599.6
1994 1,325.8 3,111.0 2,352.9 1,941.7 727.7 162.8 623.5 10,245.4
1995 1,268.2 3,292.2 2,432.1 2,095.6 924.0 215.7 700.4 10,928.2
1996 1,261.6 3,444.7 2,606.4 2,267.7 925.8 298.2 803.0 11,607.4
1997 1,318.5 3,441.8 2,871.8 2,478.0 1,021.8 394.9 979.4 12,506.2
1998 1,402.7 3,340.5 3,243.4 2,818.1 1,302.1 478.0 1,172.6 13,757.3
1999 1,457.1 3,266.0 3,832.2 3,167.3 1,620.0 583.5 1,402.4 15,328.4
2000 1,480.7 2,951.9 4,119.3 3,440.7 1,853.7 701.9 1,614.0 16,162.2
2001 1,603.4 2,968.0 4,711.0 3,862.3 2,157.4 812.0 1,474.0 17,588.0
2002 1,762.8 3,205.3 5,289.4 4,050.1 2,377.7 904.8 1,374.9 18,965.0
2003 1,900.4 3,575.2 5,714.5 4,358.2 2,626.2 995.3 1,292.9 20,462.7
2004 2,876.1 3,945.8 6,301.7 4,573.8 2,700.6 1,100.2 1,399.1 22,897.3
2005 3,098.8 4,170.0 7,218.1 4,646.1 2,616.0 1,281.4 1,644.2 24,674.5
2006 3,284.7 4,328.0 8,389.9 4,889.4 2,631.7 1,656.9 1,958.4 27,138.9
2007 3,550.1 4,522.6 9,386.0 5,328.7 2,905.9 1,963.5 1,788.9 29,445.6
2008 3,666.2 5,783.6 9,467.4 5,511.8 3,208.5 1,829.5 1,599.8 31,066.9
2009 3,850.9 7,260.6 9,352.5 5,641.3 2,726.3 1,712.1 1,138.0 31,681.6
2010 3,968.4 8,853.0 9,258.4 6,283.4 2,537.5 1,507.8 1,057.6 33,466.1
2011 3,930.9 9,928.4 9,075.5 6,322.9 2,326.9 1,359.0 969.3 33,912.9
2012 3,933.2 11,046.1 8,838.1 6,722.4 2,095.8 1,280.3 952.3 34,868.2
2013 3,869.1 11,854.4 8,742.6 7,112.7 2,058.3 1,285.7 951.6 35,874.5
2014 3,827.0 12,504.8 8,842.0 7,450.6 2,028.7 1,349.4 930.4 36,932.9
2015 3,844.3 13,191.6 8,894.8 7,654.0 1,995.4 1,376.6 941.5 37,898.1
2016 3,891.9 13,908.2 9,023.4 8,024.7 1,971.7 1,391.8 884.9 39,096.5
2017 3,906.6 14,468.8 9,304.5 8,372.6 1,934.7 1,457.9 965.9 40,411.1
2018 3,860.5 15,608.0 9,732.3 8,566.8 1,841.6 1,615.6 996.0 42,220.8
2019 3,869.5 16,673.3 10,227.6 8,865.8 1,726.2 1,663.2 1,045.2 44,070.9
2020 3,952.9 20,973.1 11,214.0 9,756.4 1,693.6 1,535.8 986.9 50,112.8
1Q19 3,845.8 15,928.6 9,802.5 8,679.4 1,814.6 1,541.3 1,071.2 42,683.4

2Q19 3,832.1 15,922.1 9,860.2 8,816.9 1,859.8 1,563.4 1,090.4 42,944.9
3Q19 3,829.2 16,338.5 9,991.3 8,900.8 1,821.3 1,618.0 1,074.9 43,574.1
4Q19 3,869.5 16,673.3 10,229.4 8,865.8 1,726.2 1,663.2 1,045.2 44,072.7
1Q20 3,875.5 17,154.0 10,296.0 9,252.6 2,049.1 1,555.1 1,088.8 45,270.9
2Q20 3,895.4 19,898.7 10,698.3 9,723.4 1,834.2 1,599.8 1,006.6 48,656.5
3Q20 3,929.7 20,367.7 10,906.8 9,719.6 1,747.9 1,572.4 956.9 49,201.0
4Q20 3,952.9 20,973.1 11,214.4 9,756.4 1,688.6 1,535.5 986.9 50,107.8
1Q21 3,979.7 21,380.8 11,452.1 9,838.4 1,603.9 1,509.1 1,105.2 50,869.2
2Q21 4,002.4 21,733.0 11,671.0 9,971.7 1,521.3 1,514.7 1,085.4 51,499.4
3Q21
4Q21
has been restated from 2004 onward and revised upward by about $840 billion; Treasury = interest bearing marketable coupon public debt; Mortgage-Related = GNMA, FNMA
Y/Y Change
Federal
Municipal Treasury Related Debt Securities Backed Markets Total Municipal
11.1% 15.6% 14.0% 6.7% 18.4% n/a 31.3% 14.0% n/a
14.5% 22.4% 39.4% 9.2% 7.4% n/a 5.5% 15.8% n/a
13.2% 19.2% 40.2% 7.5% 0.2% n/a 11.9% 14.8% n/a
13.1% 18.7% 22.0% 13.2% 14.9% n/a 20.5% 16.7% n/a
32.1% 15.3% 32.0% 19.0% 8.6% n/a 17.3% 20.4% n/a
7.1% 12.6% 53.7% 23.7% 6.0% 796.5% 7.4% 17.0% n/a
10.0% 6.5% 32.8% 11.9% 11.5% 57.0% 13.8% 12.6% n/a
6.7% 5.6% 19.3% 11.0% 20.2% 40.8% 17.2% 10.9% n/a
4.6% 6.8% 22.5% 7.9% 7.2% 43.7% 12.8% 9.9% n/a
4.3% 12.1% 12.4% 4.3% 6.0% 78.7% 5.3% 8.7% n/a
7.9% 12.6% 17.7% 7.3% 0.0% 37.8% -7.2% 9.6% n/a
1.8% 11.5% 12.5% 6.8% 9.7% 26.7% 2.3% 8.7% n/a
5.1% 8.6% 24.5% 14.5% 19.1% 13.7% 0.2% 12.5% n/a
-2.6% 4.6% 6.5% 8.5% 32.1% 22.1% 7.5% 6.7% n/a
-4.3% 5.8% 3.4% 7.9% 27.0% 32.5% 12.3% 6.7% n/a
-0.5% 4.6% 7.2% 8.2% 0.2% 38.2% 14.6% 6.2% n/a
4.5% -0.1% 10.2% 9.3% 10.4% 32.4% 22.0% 7.7% n/a
6.4% -2.9% 12.9% 13.7% 27.4% 21.1% 19.7% 10.0% n/a
3.9% -2.2% 18.2% 12.4% 24.4% 22.1% 19.6% 11.4% n/a
1.6% -9.6% 7.5% 8.6% 14.4% 20.3% 15.1% 5.4% n/a
8.3% 0.5% 14.4% 12.3% 16.4% 15.7% -8.7% 8.8% n/a
9.9% 8.0% 12.3% 4.9% 10.2% 11.4% -6.7% 7.8% n/a
7.8% 11.5% 8.0% 7.6% 10.5% 10.0% -6.0% 7.9% n/a
51.3% 10.4% 10.3% 4.9% 2.8% 10.5% 8.2% 11.9% n/a
7.7% 5.7% 14.5% 1.6% -3.1% 16.5% 17.5% 7.8% n/a
6.0% 3.8% 16.2% 5.2% 0.6% 29.3% 19.1% 10.0% n/a
8.1% 4.5% 11.9% 9.0% 10.4% 18.5% -8.7% 8.5% n/a
3.3% 27.9% 0.9% 3.4% 10.4% -6.8% -10.6% 5.5% n/a
5.0% 25.5% -1.2% 2.3% -15.0% -6.4% -28.9% 2.0% n/a
3.1% 21.9% -1.0% 11.4% -6.9% -11.9% -7.1% 5.6% n/a
-0.9% 12.1% -2.0% 0.6% -8.3% -9.9% -8.3% 1.3% n/a
0.1% 11.3% -2.6% 6.3% -9.9% -5.8% -1.7% 2.8% n/a
-1.6% 7.3% -1.1% 5.8% -1.8% 0.4% -0.1% 2.9% n/a
-1.1% 5.5% 1.1% 4.8% -1.4% 5.0% -2.2% 3.0% n/a
0.5% 5.5% 0.6% 2.7% -1.6% 2.0% 1.2% 2.6% n/a
1.2% 5.4% 1.4% 4.8% -1.2% 1.1% -6.0% 3.2% n/a
0.4% 4.0% 3.1% 4.3% -1.9% 4.8% 9.2% 3.4% n/a
-1.2% 7.9% 4.6% 2.3% -4.8% 10.8% 3.1% 4.5% n/a
0.2% 6.8% 5.1% 3.5% -6.3% 2.9% 4.9% 4.4% n/a
2.2% 25.8% 9.6% 10.0% -1.9% -7.7% -5.6% 13.7% n/a

0.8% 7.7% 5.0% 6.6% 12.9% 0.9% 1.6% 6.1% 0.2%
1.7% 25.0% 8.5% 10.3% -1.4% 2.3% -7.7% 13.3% 0.5%
2.6% 24.7% 9.2% 9.2% -4.0% -2.8% -11.0% 12.9% 0.9%
2.2% 25.8% 9.6% 10.0% -2.2% -7.7% -5.6% 13.7% 0.6%
2.7% 24.6% 11.2% 6.3% -21.7% -3.0% 1.5% 12.4% 0.7%
2.7% 9.2% 9.1% 2.6% -17.1% -5.3% 7.8% 5.8% 0.6%
Mortgage-Related = GNMA, FNMA, and FHLMC mortgage-backed securities and CMOs and private-label MBS/CMO; Corporate Debt = debt obligations of U.S. financial and no
Q/Q Change
Federal
Treasury Related Debt Securities Backed Markets Total

0.0% 0.6% 1.6% 2.5% 1.4% 1.8% 0.6%
2.6% 1.3% 1.0% -2.1% 3.5% -1.4% 1.5%
2.0% 2.4% -0.4% -5.2% 2.8% -2.8% 1.1%
2.9% 0.7% 4.4% 18.7% -6.5% 4.2% 2.7%
16.0% 3.9% 5.1% -10.5% 2.9% -7.5% 7.5%
2.4% 1.9% 0.0% -4.7% -1.7% -4.9% 1.1%
3.0% 2.8% 0.4% -3.4% -2.3% 3.1% 1.8%
1.9% 2.1% 0.8% -5.0% -1.7% 12.0% 1.5%
1.6% 1.9% 1.4% -5.2% 0.4% -1.8% 1.2%
gations of U.S. financial and nonfinancial corporations including bonds, notes, debentures, mandatory convertible securities, long-term debt, private mortgage-backed securities
te mortgage-backed securities, and unsecured debt. Includes bonds issued both in the United States and in foreign countries, but not bonds issued in foreign countries by foreig
ed in foreign countries by foreign subsidiaries of U.S. corporations. Recorded at book value; Federal Agency = agency debt of Fannie Mae, Freddie Mac, Farmer Mac, FHLB, th
ie Mac, Farmer Mac, FHLB, the Farm Credit System, and federal budget agencies (e.g., TVA). Beginning with 2004, Sallie Mae has been excluded due to privatization. Beginni
ed due to privatization. Beginning in 2010 Q1, the Federal Reserve Flow of Funds is no longer our source of agency debt going forward due to FAS 166/167 changes; Asset-Ba
AS 166/167 changes; Asset-Backed = includes auto, credit card, home equity, manufacturing, student loans and other; USD-denominated CDOs are also included; Money Mark
are also included; Money Markets = includes commercial paper, bankers acceptances, and large time deposits.

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US Fixed Income Securities: Issuance, Trading Volume, Outstanding

Last Updated: 12/6/21

Tab Description Frequency

/legal. Copyright © 2021

Security: US Fixed Income Securities

YTD 2020 428.4 2,852.5 3,121.7 2,082.7 1,101.7 273.5 9,860.5

1Q19 79.5 580.0 298.5 390.3 191.7 98.4 1,638.4

Jan-19 25.1 224.0 95.7 127.4 63.1 22.6 557.9

Jul-19 30.2 351.0 179.8 119.8 81.8 32.9 795.5

1Q19 11.9 612.2 252.2 1.6 39.8 3.9 1.7 923.2

Jan-19 11.8 599.5 252.3 1.4 40.6 3.7 1.6 910.9

-30.5% 1.5% -1.0% -25.9% -4.7% -47.3% -27.4% -0.3% n/a

n/a n/a n/a n/a n/a n/a n/a n/a n/a

n/a n/a n/a n/a n/a n/a n/a n/a n/a

M/M or Q/Q Change

n/a n/a n/a n/a n/a n/a n/a

n/a n/a n/a n/a n/a n/a n/a

n/a n/a n/a n/a n/a n/a n/a

1Q19 3,845.8 15,928.6 9,802.5 8,679.4 1,814.6 1,541.3 1,071.2 42,683.4

n/a n/a n/a n/a n/a n/a n/a n/a n/a

n/a n/a n/a n/a n/a n/a n/a

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