US Bond Market

Table Description
1.1. 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,
December
2016 Large time deposits are no longer reported for the money market category.
Changes,
September Risk transfer and single family rentals have been moved from
2016 ABS to MBS.
Changes,
Jun 2016 ABS issuance
Revisions nowof
in Flow includes CDOs marketed
Funds methodology for in the US.
nonfinancial
Changes, corporate bonds have reduced outstanding sizes and are
Sep 2014 subsequently reflected
Home equity and in the table.
manufactured housing issuance has been
Changes, moved from ABS to MBS. Overall bond totals have not
Nov 2013 changed.

Issuance
Long-term only, interest bearing marketable coupon public
Treasury debt. Includes floating rate notes.
Mortgage- Includes GNMA, FNMA, and FHLMC mortgage-backed
Related securities and CMOs and private-label MBS/CMOs.
Includes all non-convertible debt, MTNs and Yankee bonds, but
Corporate De
excludes CDs and federal agency debt.
 Beginning with 2004, Sallie Mae has been excluded due to
privatization. Data for Federal Agency issuance is posted with
Federal Agen
a month lag.

Outstanding
Treasury Interest
Includesbearing marketable
auto, credit coupon
card, home public
equity, debt.
manufacturing,
student loans and other; USD-denominated CDOs are also
Asset-Backed included.
Money MarkeIncludes commercial paper, bankers acceptances, and large time deposits.
Mortgage- Includes GNMA, FNMA, and FHLMC mortgage-backed
Related securities and CMOs and private-label MBS/CMOs.
Includes all non-convertible debt, MTNs and Yankee bonds, but
Corporate De
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.
Due to the change in underlying sourcing from the Federal
Municipal Reserve, muncipal securities outstanding has been restated
from 2004 onward and revised upward by about $840 billion.

Sources:
Bloomberg, Dealogic, Thomson Reuters Eikon, Thomson
Sources: Reuters SDC, U.S. Treasury, Fannie Mae, Freddie Mac, Ginnie
Mae, Farmer Mac, Farm Credit, FHLB
d Market

Time PeriodCurrencValue Last Value Last Updated

A, Q, M USD Millions February 2017 3/7/2017

A, Q USD Billions 4Q'16 3/9/2017

3/9/2017

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

ney market category.

large time deposits.
Issuance in the U.S. Bond Markets
USD Billions

Mortgage- Federal Agency

Year M Municipal Treasury Related Corporate Debt Securities* Asset-Backed Total
1996 182.9 612.4 553.4 343.7 277.9 119.2 2,089.5
1997 218.6 540.0 719.3 466.0 323.1 139.2 2,406.2
1998 284.1 438.4 1,259.3 610.7 596.4 181.8 3,370.7
1999 224.4 364.6 1,125.6 629.2 548.0 193.6 3,085.4
2000 198.3 312.4 778.8 575.1 446.6 237.1 2,548.3
2001 286.2 380.7 1,818.1 770.6 941.0 258.4 4,455.0
2002 355.8 571.6 2,519.4 636.3 1,041.5 265.6 5,390.1
2003 380.2 745.2 3,505.0 773.1 1,219.5 284.1 6,907.1
2004 358.1 853.3 2,411.5 775.6 877.8 327.0 5,603.2
2005 407.2 746.2 2,782.1 748.4 635.0 469.8 5,788.7
2006 386.0 788.5 2,730.9 1,057.8 691.8 655.9 6,310.9
2007 429.2 752.3 2,494.3 1,137.1 831.2 597.1 6,241.3
2008 389.3 1,037.3 1,436.8 710.6 984.9 152.8 4,711.8
2009 409.6 2,074.9 2,106.4 942.1 1,086.7 152.9 6,772.7
2010 433.1 2,319.8 2,010.7 1,054.6 1,203.7 107.5 7,129.5
2011 295.2 2,103.3 1,701.4 1,021.5 838.4 125.9 6,085.6
2012 382.4 2,304.5 2,157.7 1,364.9 720.7 232.0 7,162.4
2013 335.2 2,140.0 2,092.0 1,378.1 419.5 264.5 6,629.4
2014 339.1 2,215.4 1,365.3 1,437.5 377.4 308.5 6,043.2
2015 405.0 2,122.5 1,710.0 1,489.9 513.5 253.8 6,494.6
2016 445.8 2,169.4 1,914.1 1,520.3 673.0 275.4 6,998.0
2017 YTD 56.6 472.5 276.9 296.9 77.1 37.8 1,217.8

2016 Q1 99.9 578.2 361.9 397.4 147.4 53.3 1,638.1

Q2 125.6 591.6 445.5 438.0 194.8 70.3 1,865.8
Q3 115.4 548.0 549.3 423.1 229.3 75.5 1,940.6
Q4 104.9 451.6 557.3 261.8 101.4 76.4 1,553.5
2017 Q1
Q2
Q3
Q4

2016 1 25.7 73.0 113.9 134.5 27.6 11.6 386.3

2 31.7 313.6 113.8 117.5 64.0 21.9 662.5
3 42.5 191.6 134.2 145.4 55.8 19.8 589.3
4 35.4 72.4 139.8 119.4 59.7 19.6 446.3
5 42.3 343.6 155.5 205.0 56.3 28.0 830.8
6 48.0 175.6 150.2 113.6 78.8 22.6 588.7
7 28.8 72.6 168.3 106.8 80.6 27.7 484.8
8 46.7 300.5 175.3 134.2 91.6 19.7 768.0
9 39.8 174.8 205.7 182.1 57.1 28.1 687.8
10 53.6 170.5 187.1 105.6 40.5 35.0 592.3
11 31.9 198.1 179.9 95.2 35.7 27.5 568.3
12 19.4 83.0 190.4 61.0 25.2 13.9 392.9

2017 1 34.7 282.2 157.0 191.0 50.1 19.2 734.1

2 21.9 190.3 119.9 105.9 27.0 18.6 483.6
3
4
5
6
7
8
9
10
11
12

YTD '16 57.4 386.6 227.7 252.0 91.6 33.5 1,048.8

YTD '17 56.6 472.5 276.9 296.9 77.1 37.8 1,217.8
% Change -1.4% 22.2% 21.6% 17.8% -15.8% 12.9% 16.1%

* Federal Agency data may be posted with a month lag due to availability.
Outstanding U.S. Bond Market Debt
$ Billions
Federal
Mortgage Corporate Money
Municipal Treasury Agency Asset-Backed Total
Related Debt Markets
Securities
1980 399.4 623.2 111.4 458.6 164.3 163.8 1,920.7
1981 443.7 720.3 127.0 489.2 194.5 215.1 2,189.8
1982 508.0 881.5 177.1 534.7 208.8 226.8 2,536.9
1983 575.1 1,050.9 248.3 575.3 209.3 253.8 2,912.6
1984 650.6 1,247.4 302.9 651.9 240.4 305.7 3,399.0
1985 859.5 1,437.7 399.9 776.6 261.0 358.5 1.2 4,094.4
1986 920.4 1,619.0 614.7 959.3 276.6 384.9 11.3 4,786.1
1987 1,012.0 1,724.7 816.0 1,074.9 308.3 437.9 18.1 5,391.8
1988 1,080.0 1,821.3 973.6 1,195.8 370.7 513.4 25.8 5,980.5
1989 1,129.8 1,945.4 1,192.7 1,292.4 397.5 579.2 37.3 6,574.3
1990 1,178.6 2,195.8 1,340.1 1,350.3 421.5 609.9 66.2 7,162.5
1991 1,272.1 2,471.6 1,577.1 1,454.6 421.5 565.9 91.7 7,854.5
1992 1,295.4 2,754.1 1,774.3 1,557.1 462.4 579.0 116.4 8,538.8
1993 1,361.7 2,989.5 2,209.0 1,782.8 550.8 580.0 132.6 9,606.5
1994 1,325.8 3,126.0 2,352.9 1,931.1 727.7 623.5 162.1 10,249.0
1995 1,268.2 3,307.2 2,432.1 2,087.5 924.0 700.4 215.7 10,935.1
1996 1,261.6 3,459.7 2,606.4 2,248.5 925.8 803.0 297.8 11,602.9
1997 1,318.5 3,456.8 2,871.8 2,459.3 1,021.8 979.4 397.6 12,505.2
1998 1,402.7 3,355.5 3,243.4 2,781.8 1,302.1 1,172.6 482.7 13,740.8
1999 1,457.1 3,266.0 3,832.2 3,122.7 1,620.0 1,402.4 588.9 15,289.3
2000 1,480.7 2,951.9 4,119.3 3,403.4 1,853.7 1,614.0 705.5 16,128.5
2001 1,603.4 2,967.5 4,711.0 3,827.1 2,157.4 1,474.0 816.7 17,557.0
2002 1,762.8 3,204.9 5,289.4 4,038.4 2,377.7 1,374.9 905.5 18,953.6
2003 1,900.4 3,574.9 5,714.5 4,313.5 2,626.2 1,292.9 996.4 20,418.8
2004 2,875.2 3,943.6 6,301.7 4,541.7 2,700.6 1,399.1 1,100.9 22,862.8
2005 3,098.2 4,165.9 7,218.1 4,607.8 2,616.0 1,644.2 1,281.9 24,632.1
2006 3,285.1 4,322.9 8,389.9 4,845.1 2,634.0 1,958.4 1,654.5 27,089.8
2007 3,544.9 4,516.7 9,386.0 5,257.0 2,906.2 1,788.9 1,956.6 29,356.3
2008 3,658.7 5,783.6 9,467.4 5,419.6 3,210.6 1,599.8 1,823.0 30,962.7
2009 3,833.0 7,260.6 9,352.5 5,932.6 2,727.5 1,138.0 1,707.1 31,951.2
2010 3,940.0 8,853.0 9,258.4 6,539.6 2,538.8 1,057.6 1,498.7 33,686.0
2011 3,893.5 9,928.4 9,075.5 6,614.3 2,326.9 969.3 1,351.5 34,159.4
2012 3,887.2 11,046.1 8,838.1 7,046.6 2,095.8 952.4 1,272.3 35,138.4
2013 3,818.3 11,854.4 8,741.6 7,454.9 2,056.9 951.6 1,268.2 36,146.0
2014 3,776.3 12,504.8 8,764.2 7,827.5 2,028.7 930.4 1,333.1 37,165.1
2015 3,791.2 13,191.6 8,759.1 8,159.5 1,995.4 941.5 1,359.2 38,197.5
2016 3,833.7 13,908.2 8,916.4 8,516.9 1,971.7 884.9 1,329.8 39,361.5

2015
Q1 3,802.9 12,630.2 8,733.9 7,931.9 1,975.6 952.7 1,354.7 37,382.0
Q2 3,812.9 12,698.8 8,767.7 8,082.6 1,963.0 978.8 1,384.1 37,687.9
Q3 3,801.1 12,841.4 8,786.6 8,205.7 1,958.6 991.3 1,375.0 37,959.6
Q4 3,791.2 13,191.6 8,759.1 8,159.5 1,995.4 941.5 1,359.2 38,197.5

2016
Q1 3,812.1 13,431.1 8,806.9 8,352.5 1,946.7 1,021.1 1,352.1 38,722.7
Q2 3,840.7 13,417.8 8,829.9 8,426.0 2,005.1 1,015.9 1,360.1 38,895.5
Q3 3,833.4 13,647.6 8,864.3 8,555.1 1,994.2 911.3 1,354.2 39,160.1
Q4 3,833.7 13,908.2 8,916.4 8,516.9 1,971.7 884.9 1,329.8 39,361.5