USA: bonds

The U.S. government bond market is the largest in the world, and is among the most reliable and liquid ones. The range of maturities in the market is from 1 to 30 years. The medium-term segment of the market is represented by Treasury notes (Notes) with tenors not exceeding 10 years. The long segment consists of Treasury bonds (Bonds) with maturities of 20 and 30 years. There also are securities with a coupon rate indexed to inflation in the country (TIPS).

The short segment of the market consists of Treasury bills, securities maturing in one year or less. Bills are sold at a discount or at par (face value).

To finance the public debt the U.S. Treasury sells bonds to institutional and individual investors through public auctions. Treasury auctions occur regularly and have a set schedule. There are three steps to an auction: announcement of the auction, bidding, and issuance of the purchased securities.

Outstanding bond issues

Сurrency Outstanding bond issues Cumulative volume
sovereign
USD 587 14 138 215 970 000
municipal
USD 229 12 588 771 179
corporate
USD 19823 9 280 075 793 820
EUR 673 474 624 842 420
GBP 163 79 976 390 000
AUD 138 54 479 005 000
BRL 80 12 270 707 000
CAD 70 36 066 580 000
CHF 69 22 707 690 000
INR 65 448 988 800 000
JPY 56 1 672 683 000 000
MXN 53 83 367 650 000
RUR 43 81 851 400 000
TRY 37 5 021 300 000
CNY 35 21 098 540 000
ZAR 34 59 918 740 000
NZD 32 12 731 156 000
HKD 30 11 347 000 000
NOK 25 20 070 000 000
IDR 19 13 530 612 000 000
COP 14 1 641 450 000 000
ILS 13 5 430 295 005
SEK 10 15 075 000 000
SGD 9 3 110 000 000
ITL 8 5 000 000 000 000
CRC 4 11 650 000 000
NGN 4 30 260 000 000
CZK 3 1 155 000 000
DEM 3 1 200 000 000
MYR 3 159 000 000
ZMW 2 417 500 000
SAR 2 1 180 000 000
RON 2 205 500 000
PLN 2 240 000 000
PEN 2 147 300 000
GHS 2 74 000 000
DOP 2 840 000 000
UYU 1 437 000 000
JMD 1 10 000 000 000
CLP 1 18 000 000 000
DKK 1 2 000 000 000
LKR 1 500 000 000
NAD 1 180 000 000
PHP 1 250 000 000

Sovereign rating

Rating AgencyRatingRating scaleDate
Dagong Credit *** International scale rating (foreign curr.) ***
Dagong Credit *** International scale rating (local curr.) ***
Rating-Agentur Expert RA *** Rating scale of the creditworthiness of sovereign governments (SGC) -National currency ***
Rating-Agentur Expert RA *** Rating scale of the creditworthiness of sovereign governments (SGC) - Foreign currency ***
Rating-Agentur Expert RA *** Rating scale of the country credit environment (CCE) rating - National currency ***
Rating-Agentur Expert RA *** Rating scale of the country credit environment (CCE) rating - Foreign currency ***
Moody's Investors Service *** LT- foreign currency ***
Moody's Investors Service *** LT- local currency ***
S&P Global Ratings *** Foreign Currency LT ***
S&P Global Ratings *** Local Currency LT ***
Fitch Ratings *** LT Int. Scale (foreign curr.) ***
Fitch Ratings *** LT Int. Scale (local curr.) ***
Rating Agency RAEX (Expert RA) *** Foriegn curr. scale ***
Rating Agency RAEX (Expert RA) *** Local curr. scale ***
National Rating Agency *** Global scale ***
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Latest bond issues

issue ISIN coupon volume end of placement maturity date
Exelon, 3.4% 15mar2022, USD - International bonds US30161MAR43 3.4% 500 000 000  USD 08/07/2017 03/15/2022
Exelon, 2.95% 15jan2020, USD - International bonds US30161MAP86 2.95% 1 000 000 000  USD 08/07/2017 01/15/2020
IBRD, 5.5% 10dec2019, TRY - International bonds XS1624136948 5.5% 20 000 000  TRY 05/25/2017 12/10/2019
American Financial Group, 4.5% 15jun2047, USD - Domestic bonds US025932AL88 4.5% 350 000 000  USD 05/25/2017 06/15/2047
Federal Home Loan Banks, FRN 24may2019, USD - Domestic bonds US3130ABHZ20 3M LIBOR -0.16% 1 000 000 000  USD 05/25/2017 05/24/2019
Federal Home Loan Banks, 2.14% 1mar2024, USD - Domestic bonds US3130ABJ493 2.14% 26 120 000  USD 05/25/2017 03/01/2024
Federal Home Loan Banks, 1.76% 1oct2021, USD - Domestic bonds US3130ABJ568 1.76% 13 660 000  USD 05/25/2017 10/01/2021
Federal Home Loan Banks, FRN 28may2019, USD - International bonds US3130ABJ642 3M LIBOR -0.16% 125 000 000  USD 05/25/2017 05/28/2019
Federal Home Loan Banks, 2.04% 30jun2023, USD - Domestic bonds US3130ABJ725 2.04% 8 750 000  USD 05/25/2017 06/30/2023
PetSmart, 5.875% 1jun2025, USD - International bonds USU71663AB17 5.875% 1 350 000 000  USD 05/25/2017 06/01/2025

World Bond Market Indicators

Daily indices

Type: 05/30/2017 05/29/2017 05/26/2017 05/25/2017 05/24/2017 05/23/2017 05/22/2017
T-Note Futures (USA)
2 Year T-Note Futures 108.44 108.45 108.44 108.47 108.33 108.41 108.46
5 Year T-Note Futures 118.16 118.16 118.64 118.67 118.40 118.47 118.65
10 Year T-Note Futures 125.97 125.94 126.21 126.21 125.78 125.91 126.18
30 Year T-Bond Futures 152.92 152.92 153.91 153.83 153.12 153.49 153.89
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World Bond market statistics

Monthly indices

Type Apr 2017 Mar 2017 Feb 2017 Jan 2017 Dec 2016 Nov 2016 Oct 2016
Corporate bond market (USA)
Number of new issues of US corporate bonds 338 579 512 518 283 310 348
Government agencies outst., USD mln 1 216 560.61 1 225 365.64 1 225 232.76 1 207 203.20 1 194 894.05 1 121 011.90 1 070 880.06
New issues of corporate bonds, USA, USD mln 97 862.11 173 455.89 142 574.61 186 200.90 92 441.01 148 125.25 156 920.35
New issues of financial inst. bonds, USA, USD mln 49 174.78 41 675.73 28 558.09 73 108.00 21 757.62 30 044.59 51 379.93
New issues of non-financial inst. bonds, USA, USD mln 48 687.33 131 780.16 113 868.87 112 892.95 70 061.74 118 001.92 105 162.99
Government Bond Market (USA)
USA govt Bonds outst., USD bln (without Bills) 13 260.98 13 267.29 13 154.44 13 066.81 13 055.91 12 991.49 13 000.31
New US government bond issues, USD bln (without Bills) 157.26 122.65 177.33 148.69 123.70 172.94 133.23
Number of US government bond issues outs. (without Bills) 363 364 364 361 361 362 362
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Quarterly indices

Type I 2017 IV 2016 III 2016 II 2016 I 2016 IV 2015 III 2015
US Bond Market Outstanding (SIFMA)
Municipal bonds outstanding, bln. USD   3 834 3 833 3 841 3 812 3 791 3 801
Treasury bonds outstanding, bln. USD 13 954 13 908 13 648 13 418 13 431 13 192 12 841
Mortgage Related bonds outstanding, bln. USD 8 969 8 921 8 868 8 831 8 807 8 759 8 787
Corporate bonds outstanding, bln. USD   8 517 8 555 8 426 8 353 8 159 8 206
Federal Agency securities outstanding, bln. USD   1 972 1 994 2 005 1 947 1 995 1 959

Developed Markets International Bonds

Monthly indices

Type Apr 2017 Mar 2017 Feb 2017 Jan 2017 Dec 2016 Nov 2016 Oct 2016
International bonds Developed Markets
USA corporate international bonds, USD bln 3 740.906 3 600.485 3 468.335 3 315.912 3 127.639 3 037.485 2 924.972
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Money market

Daily indices

Type: 05/26/2017 05/25/2017 05/24/2017 05/23/2017 05/22/2017 05/19/2017 05/18/2017
IRS USD (mid-swaps) 
IRS USD 3M (mid-swap) * * * * * * *
IRS USD 6M (mid-swap) * * * * * * *
IRS USD 9M (mid-swap) * * * * * * *
IRS USD 1Y (mid-swap) * * * * * * *
IRS USD 18M (mid-swap) * * * *   * *
IRS USD 2Y (mid-swap) * * * * * * *
IRS USD 3Y (mid-swap) * * * * * * *
IRS USD 4Y (mid-swap) * * * * * * *
IRS USD 5Y (mid-swap) * * * * * * *
IRS USD 6Y (mid-swap) * * * * * * *
IRS USD 7Y (mid-swap) * * * * * * *
IRS USD 8Y (mid-swap) * * * * * * *
IRS USD 9Y (mid-swap) * * * * * * *
IRS USD 10Y (mid-swap) * * * * * * *
IRS USD 12Y (mid-swap) * * * * * * *
IRS USD 15Y (mid-swap) * * * * * * *
IRS USD 20Y (mid-swap) * * * * * * *
IRS USD 25Y (mid-swap) * * * * * * *
IRS USD 30Y (mid-swap) * * * * * * *
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Periodic indices

Type: Current value Change Last update
Central Banks Rates
FRS discount rate, % 1.50 0.25 16.03.2017

BofA Merrill Lynch

Daily indices

Type: 05/26/2017 05/25/2017 05/24/2017 05/23/2017 05/22/2017 05/19/2017 05/18/2017
BofA Merrill Lynch US and Global High Yield Indices
H0A0 US High Yield Master II Index, Spread-Govt  367 367 368 367 372 378 385
H0A0, total return 1 229.33 1 229.54 1 228.78 1 228.22 1 227.07 1 225.28 1 222.35
H0A0, %YTD USD 4.68 4.70 4.64 4.59 4.49 4.34 4.09
H0A0, effective yield 5.52 5.52 5.54 5.55 5.58 5.62 5.68
H0A0, effective duration 3.93 3.94 3.94 3.95 3.96 3.99 4.02
BofA Merrill Lynch Global EM and EM Makets Credit Indices
IC00 The BofA Merrill Lynch Global Emerging Markets Credit Index, Spread-Govt  478 480 481 486 487 483 490
IC1B The BofA Merrill Lynch BB Global Emerging Markets Credit Index, Spread-Govt  299 302 302 309 308 306 312
IC1C The BofA Merrill Lynch CCC & Lower Global Emerging Markets Credit Index, Spread-Govt  1 698 1 698 1 700 1 718 1 731 1 713 1 729
IC2B The BofA Merrill Lynch Single-B Global Emerging Markets Credit Index, Spread-Govt   466 468 468 468 469 467 471
ICP0 The BofA Merrill Lynch Emerging Markets Credit Plus Index, Spread-Govt  272 272 272 273 274 275 279
ICPD The BofA Merrill Lynch US Emerging Markets Credit Plus Index, Spread-Govt  339 340 340 342 344 344 348
ICPC The BofA Merrill Lynch Emerging Markets Credit Plus Constrained Index, Spread-Govt  272 272 273 273 274 275 279
ICPE The BofA Merrill Lynch Euro Emerging Markets Credit Plus Index, Spread-Govt  182 182 181 181 181 183 186
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Risk Management Institute

Daily indices

Type: 05/26/2017 05/25/2017 05/24/2017 05/23/2017 05/22/2017 05/19/2017 05/18/2017
RMI CVI - North America
US CVI value weighted  5.17 5.17 5.17 5.21 5.21 5.22 5.31
US CVI tail  215.40 209.05 216.53 218.27 214.34 212.10 213.72
US CVI equally weighted  56.08 56.00 55.12 55.06 54.95 54.79 56.05
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Macroeconomic Indicators (World economy)

Monthly indices

Type Apr 2017 Mar 2017 Feb 2017 Jan 2017
Inflation Rate (World), % to the same period of the previous year
Inflation Rate (United States) 2.20 2.40 2.70 2.50
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Yearly indices

Type 2015 2014
Government Debt to GDP (World), %
Government Debt to GDP(United States) 104.17 103.00

Stock market (World)

Daily indices

Type: 05/26/2017 05/25/2017 05/24/2017 05/23/2017 05/22/2017 05/19/2017 05/18/2017
Stock market (Developed countries)
Dow Jones 21 080 21 083 21 012 20 938 20 895 20 805 20 663
S&P 500 2 416 2 415 2 404 2 398 2 394 2 382 2 366
NASDAQ Composite  6 210.19 6 205.26 6 163.02 6 138.71 6 133.62 6 083.70 6 055.13
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