US Bond Market

Table
1.1.

Description
US Bond Market Issuance, Monthly

2.1.

US Bond Market Outstanding

4.1.

FAQ

Contact
Research

research@sifma.org

All data are subject to revision.

The report is subject to the Terms of US applicable to SIFMA's website, available here:
http://www.sifma.org/legal/

The Securities Industry and Financial Markets Association (SIFMA) brings together the sha
interests of hundreds of securities firms, banks and asset managers. SIFMA's mission is to s
a strong financial industry, investor opportunity, capital formation, job creation and econom
growth, while building trust and confidence in the financial markets. SIFMA, with offices in
York and Washington, D.C., is the U.S. regional member of the Global Financial Markets Ass
(GFMA). For more information, visit www.sifma.org.
FAQ
Changes,
Jun 2016
Changes,
Sep 2014
Changes,
Nov 2013

ABS
issuance
nowof
includes
CDOs marketed
the US.
Revisions
in Flow
Funds methodology
for in
nonfinancial
corporate bonds have reduced outstanding sizes and are
subsequently
reflected
in the table.
Home equity and
manufactured
housing issuance has been
moved from ABS to MBS. Overall bond totals have not
changed.

Issuance
Treasury

Long-term only, interest bearing marketable coupon public

debt. Includes floating rate notes.

MortgageRelated

Includes GNMA, FNMA, and FHLMC mortgage-backed

securities and CMOs and private-label MBS/CMOs.

Corporate De

Includes all non-convertible debt, MTNs and Yankee bonds, but

excludes
and
federal
agency
debt.
BeginningCDs
with
2004,
Sallie
Mae has
been excluded due to

Federal Agen

privatization. Data for Federal Agency issuance is posted with

a month lag.

Outstanding
Treasury
Interest bearing marketable coupon public debt.

Includes auto, credit card, home equity, manufacturing,

student loans and other; USD-denominated CDOs are also
Asset-Backed included.
Money MarkeIncludes commercial paper, bankers acceptances, and large time deposits.
MortgageRelated

Includes GNMA, FNMA, and FHLMC mortgage-backed

securities and CMOs and private-label MBS/CMOs.

Includes all non-convertible debt, MTNs and Yankee bonds, but

excludes CDs and federal agency debt.
Contains agency debt of Fannie Mae, Freddie Mac, Farmer
Mac, FHLB, the Farm Credit System, and federal budget
agencies (e.g., TVA). Beginning with 2004, Sallie Mae has been
Federal Agen excluded 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.
Corporate De

Municipal

Due to the change in underlying sourcing from the Federal

Reserve, muncipal securities outstanding has been restated
from 2004 onward and revised upward by about $840 billion.

Sources:
Sources:

Bloomberg, Dealogic, Thomson Reuters Eikon, Thomson

Reuters SDC, U.S. Treasury, Fannie Mae, Freddie Mac, Ginnie
Mae, Farmer Mac, Farm Credit, FHLB

d Market
Time PeriodCurrencValue
Last Value
A, Q, M
USD
Millions Jun 2016

Last Updated
7/6/2016

A, Q

6/9/2016

USD

te, available here:

rings together the shared

SIFMA's mission is to support
b creation and economic
SIFMA, with offices in New
Financial Markets Association

Billions 1Q'16

6/22/2015

large time deposits.

Issuance in the U.S. Bond Markets

USD Billions
Municipal

Treasury

MortgageRelated

Corporate Debt

185.2
220.7
286.8
224.4
198.3
286.2
355.8
380.2
358.1
407.2
386.0
429.2
389.3
409.6
433.1
295.2
382.4
334.9
337.5
403.1

612.4
540.0
438.4
364.6
312.4
380.7
571.6
745.2
853.3
746.2
788.5
752.3
1,037.3
2,074.9
2,304.0
2,103.1
2,304.5
2,140.0
2,215.4
2,122.5

553.4
719.3
1,259.3
1,125.6
774.9
1,816.4
2,497.3
3,413.0
2,349.2
2,710.1
2,730.9
2,494.3
1,436.8
2,105.4
2,010.6
1,701.3
2,157.7
2,090.9
1,349.2
1,690.2

343.7
466.0
610.7
629.2
574.1
771.9
636.0
772.9
774.6
750.0
1,057.5
1,136.2
711.3
940.1
1,053.3
1,021.1
1,367.1
1,377.5
1,449.9
1,493.7

277.9
323.1
596.4
548.0
446.6
941.0
1,041.5
1,219.5
877.8
635.0
691.8
831.2
984.9
1,086.7
1,203.7
838.4
720.7
419.5
377.4
513.5

121.6
123.0
146.9
147.6
192.5
210.4
215.8
228.4
222.9
284.0
266.2
290.1
267.0
168.5
107.7
129.0
234.4
268.6
328.9
274.5

2,094.3
2,392.2
3,338.5
3,039.3
2,498.8
4,406.6
5,318.1
6,759.2
5,435.8
5,532.5
5,920.9
5,933.2
4,826.6
6,785.2
7,112.4
6,088.1
7,166.9
6,631.4
6,058.5
6,497.5

Q1
Q2
Q3
Q4
Q1
Q2

108.3
117.9
92.2
84.7
99.3
121.9

528.0
530.9
536.3
527.3
578.2
591.6

385.4
473.6
451.9
379.3
356.4
452.3

438.4
447.6
312.5
294.1
397.4
434.5

137.2
127.0
127.8
121.5
147.3
192.9

83.8
82.8
58.5
49.4
48.1
58.2

1,681.2
1,779.8
1,579.1
1,456.3
1,626.8
1,851.5

2015

1
2
3
4
5
6
7
8
9
10
11
12

29.3
33.4
45.7
41.1
36.8
40.0
35.4
32.3
24.4
35.0
25.2
24.6

73.0
191.0
264.0
181.4
91.4
258.0
178.0
184.3
174.0
65.0
285.3
177.0

112.4
129.5
143.5
159.9
154.0
159.7
165.7
141.4
144.7
142.3
117.6
119.3

110.4
146.3
181.7
148.2
178.1
121.3
134.5
61.3
116.7
116.0
124.4
53.7

54.5
46.3
36.4
47.4
41.6
38.0
38.2
51.4
38.1
68.3
30.3
22.9

25.6
27.8
30.3
29.7
30.2
23.0
26.4
15.1
17.0
26.3
12.9
10.1

405.2
574.3
701.7
607.7
532.1
640.0
578.3
485.7
515.0
452.9
595.7
407.7

2016

1
2
3
4
5
6
7
8
9
10
11
12

25.4
31.5
42.3
34.8
40.7
46.4

73.0
313.6
191.6
72.4
343.6
175.6

114.2
110.0
132.2
145.4
157.4
149.5

134.2
117.7
145.5
118.5
205.3
110.8

27.6
63.9
55.8
59.4
56.1
77.4

12.1
20.4
15.7
14.2
27.4
16.6

386.5
657.1
583.2
444.7
830.6
576.2

226.2
221.2

1,058.9
1,169.8

859.1
808.7

886.0
831.9

264.3
340.2

166.6
106.4

3,461.0
3,478.2

-2.2%

10.5%

-5.9%

-6.1%

28.7%

-36.2%

0.5%

Year
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015

2015

2016

YTD '15
YTD '16
% Change

* Federal Agency data may be posted with a month lag due to availability.

Federal Agency
Securities*
Asset-Backed

Total

Outstanding U.S. Bond Market Debt

$ Billions
Municipal

Treasury

Mortgage
Related

Corporate
Debt

1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015

399.4
443.7
508.0
575.1
650.6
859.5
920.4
1,012.0
1,080.0
1,129.8
1,178.6
1,272.1
1,295.4
1,361.7
1,325.8
1,268.2
1,261.6
1,318.5
1,402.7
1,457.1
1,480.7
1,603.4
1,762.8
1,900.4
2,821.2
3,019.3
3,189.3
3,424.8
3,517.2
3,672.5
3,772.1
3,719.4
3,714.4
3,671.2
3,652.4
3,719.0

623.2
720.3
881.5
1,050.9
1,247.4
1,437.7
1,619.0
1,724.7
1,821.3
1,945.4
2,195.8
2,471.6
2,754.1
2,989.5
3,126.0
3,307.2
3,459.7
3,456.8
3,355.5
3,266.0
2,951.9
2,967.5
3,204.9
3,574.9
3,943.6
4,165.9
4,322.9
4,516.7
5,783.6
7,260.6
8,853.0
9,928.4
11,046.1
11,854.4
12,504.8
13,191.6

111.4
127.0
177.1
248.3
302.9
399.9
614.7
816.0
973.6
1,192.7
1,340.1
1,577.1
1,774.3
2,209.0
2,352.9
2,432.1
2,606.4
2,871.8
3,243.4
3,832.2
4,119.3
4,711.0
5,286.3
5,708.0
6,289.1
7,206.4
8,376.0
9,372.6
9,457.6
9,341.6
9,221.4
9,043.8
8,814.9
8,720.1
8,744.7
8,720.1

458.6
489.2
534.7
575.3
651.9
776.6
959.3
1,074.9
1,195.8
1,292.4
1,350.3
1,454.6
1,557.1
1,782.8
1,931.1
2,087.5
2,247.9
2,457.5
2,779.4
3,120.0
3,400.7
3,824.8
4,035.6
4,310.6
4,538.1
4,604.2
4,842.2
5,254.1
5,417.7
5,934.3
6,542.4
6,616.9
7,048.7
7,458.3
7,830.3
8,169.5

Federal
Agency
Securities
164.3
194.5
208.8
209.3
240.4
261.0
276.6
308.3
370.7
397.5
421.5
421.5
462.4
550.8
727.7
924.0
925.8
1,021.8
1,302.1
1,620.0
1,853.7
2,157.4
2,377.7
2,626.2
2,700.6
2,616.0
2,634.0
2,906.2
3,210.6
2,727.5
2,538.8
2,326.9
2,095.8
2,056.9
2,028.7
1,995.4

2015
Q1
Q2
Q3
Q4

3,694.0
3,714.6
3,710.0
3,719.0

12,630.2
12,698.8
12,841.4
13,191.6

8,709.5
8,736.0
8,751.8
8,720.1

7,946.9
8,097.9
8,218.7
8,169.5

3,746.9

13,431.1

8,722.1

8,361.9

2016
Q1
Q2
Q3
Q4

Money
Markets

Asset-Backed

Total

480.7
593.7
622.7
638.3
777.1
950.9
998.6
1,125.8
1,263.0
1,359.5
1,328.9
1,215.7
1,157.9
1,143.6
1,229.1
1,367.6
1,549.1
1,850.2
2,080.4
2,444.1
2,807.9
2,710.2
2,632.5
2,611.7
2,992.0
3,532.5
4,139.1
4,310.0
3,938.8
3,243.3
2,980.7
2,719.2
2,612.3
2,713.7
2,903.3
2,806.9

1.2
11.3
18.1
25.8
37.3
66.2
91.7
116.4
132.6
162.1
215.7
297.8
397.6
482.7
588.9
705.5
816.7
905.5
996.4
1,100.9
1,281.9
1,654.5
1,956.6
1,823.0
1,707.1
1,498.7
1,351.5
1,272.3
1,270.5
1,352.6
1,393.7

2,237.7
2,568.4
2,932.8
3,297.2
3,870.4
4,686.7
5,399.8
6,079.7
6,730.1
7,354.6
7,881.5
8,504.3
9,117.6
10,170.1
10,854.7
11,602.3
12,348.4
13,374.1
14,646.3
16,328.3
17,319.7
18,791.0
20,205.4
21,728.1
24,385.5
26,426.2
29,158.0
31,741.0
33,148.6
33,886.8
35,407.2
35,706.2
36,604.5
37,745.1
39,016.8
39,996.0

1,975.6
1,963.0
1,958.6
1,995.4

2,873.4
2,898.3
2,908.3
2,806.9

1,378.8
1,412.6
1,405.4
1,393.7

39,208.3
39,521.2
39,794.3
39,996.0

1,946.7

2,909.7

1,381.0

40,499.5