SIFMA - Securities Industry and Financial Markets Association Inc.

07/23/2024 | Press release | Distributed by Public on 07/23/2024 13:17

Research Quarterly: Fixed Income - Issuance and Trading

Fixed income issuance posted another strong quarter at $2.5T, +0.9% Q/Q and +17.5% Y/Y. This was despite only three out of six covered asset classes posting positive Q/Q trends: ranging from +16.7% to +35.1%, with the largest increase in munis ($138.7B, the largest quarterly issuance since 3Q20). High levels of UST issuance (long term only) continued, at $1.2T, +16.7% Q/Q and +32.6% Y/Y. This was 1.3x last year's average quarterly issuance, the largest quarterly issuance since 4Q21 and a return to the $1T+ quarters seen from 3Q20-2Q22.

Corporate bonds issuance was $431.9B, -31.4% Q/Q but +10.2% Y/Y. We note that while this was the largest quarterly decrease among covered asset classes, it was off of an exceptionally high prior quarter (the highest quarter since 2Q20). Issuance was still 1.1x last year's average quarterly issuance and only the 4th quarter above $400B since 2022.

Average daily trading volumes for the quarter were $1.2T, -1.0% Q/Q. Only munis ($13.5B, +9.0% Q/Q) and Agency MBS ($295.0B, +0.7%) posted positive trends for the quarter. UST ADV was $880.2B, -1.0% Q/Q, and corporate bond trading was $49.9B and showed a similar pattern to issuance, -10.1% Q/Q and +22.8% Y/Y.

Download the full report for all data, tables and the chart book.

About the Report

The SIFMA Research Quarterlies contain data, statistics and chartbooks on U.S. markets and financial institutions. 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, mortgage-backed securities, corporate bonds, municipal securities, federal agency securities, asset-backed securities, money markets (outstanding only), repurchase agreements (outstanding only), secured overnight financing rate (SOFR), and environmental, social and governance (ESG).

All reports and corresponding databases can be found at www.sifma.org/research.

Authors

SIFMA Research

  • Katie Kolchin, CFA, Managing Director, Head of Research
  • Justyna Romulus, Vice President, Senior Research Associate
  • Matt Paluzzi, Research Associate

Related Resources

Historical Reports