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 585 13 812 324 791 300
INR 1 90 000 073 000
municipal
USD 177 7 547 343 878
corporate
USD 17735 9 001 251 727 530
EUR 635 434 985 947 420
GBP 158 77 447 903 870
AUD 138 56 129 005 000
BRL 76 13 962 872 000
CHF 67 21 832 690 000
CAD 64 31 533 863 000
JPY 56 1 859 448 000 000
INR 47 141 171 500 000
MXN 43 65 446 650 000
RUR 37 75 042 520 000
ZAR 36 64 188 740 000
CNY 35 25 811 040 000
NZD 33 12 356 486 000
TRY 27 2 773 300 000
NOK 20 18 740 000 000
IDR 17 12 632 612 000 000
HKD 15 4 170 000 000
ILS 11 4 624 537 105
SEK 9 14 275 000 000
SGD 9 3 110 000 000
ITL 8 5 000 000 000 000
COP 7 1 362 711 000 000
NGN 4 21 460 000 000
PLN 3 480 000 000
DEM 3 1 200 000 000
CRC 3 10 000 000 000
CZK 3 1 155 000 000
GHS 2 74 000 000
MYR 2 94 000 000
RON 2 205 500 000
NAD 1 180 000 000
CLP 1 18 000 000 000
DOP 1 390 000 000
ZMW 1 127 500 000
DKK 1 2 000 000 000
GEL 1 30 000 000
HUF 1 7 950 000 000
JMD 1 10 000 000 000
KRW 1 31 750 000 000
SAR 1 625 000 000
PEN 1 118 000 000

Sovereign rating

Rating AgencyRatingRating scaleDate
Dagong Credit *** International scale rating (foreign curr.) ***
Dagong Credit *** International scale rating (local curr.) ***
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
Allstate Corp, 3.28% 15dec2026, USD - Domestic bonds US020002BD26 3.28% 550 000 000  USD 12/01/2026 12/15/2026
Allstate Corp, 4.2% 15dec2046, USD - Domestic bonds US020002BC43 4.2% 700 000 000  USD 12/01/2026 12/15/2046
Fannie Mae, 1.125% 9sep2019, USD - Domestic bonds US3136G34K84 1.125% 250 000 000  USD 09/01/2017 09/09/2019
Two Harbors Investment Corp., 6.25% 15jan2022, USD (Conv.) - Domestic bonds US90187BAA98 6.25% 250 000 000  USD 01/13/2017 01/15/2022
Federal Home Loan Banks, 2.000% 26oct2021, USD - Domestic bonds US3130AAMN51 2% 15 000 000  USD 01/13/2017 10/26/2021
Federal Home Loan Banks, 1.250% 27jan2023, USD - Domestic bonds US3130AAMP00 1.25% 10 000 000  USD 01/13/2017 01/27/2023
Federal Home Loan Banks, 1.250% 18jan2019, USD - Domestic bonds US3130AAMQ82 1.25% 150 000 000  USD 01/13/2017 01/18/2019
Federal Home Loan Banks, FRN 18jan2019, USD - Domestic bonds US3130AAMR65 1ML -0.03% 200 000 000  USD 01/13/2017 01/18/2019
Federal Home Loan Banks, 2.220% 27jan2022, USD - Domestic bonds US3130AAMS49 2.22% 50 000 000  USD 01/13/2017 01/27/2022
Federal Home Loan Banks, 3.140% 19jan2027, USD - Domestic bonds US3130AAMU94 3.14% 5 000 000  USD 01/13/2017 01/19/2027

World Bond Market Indicators

Daily indices

Type: 01/18/2017 01/17/2017 01/16/2017 01/13/2017 01/12/2017 01/11/2017 01/10/2017
T-Note Futures (USA)
2 Year T-Note Futures 108.60 108.60 108.55 108.49 108.58 108.52 108.55
5 Year T-Note Futures 118.12 118.11 117.90 117.69 118.07 117.81 117.89
10 Year T-Note Futures 125.18 125.19 124.85 124.51 125.18 124.72 124.84
30 Year T-Bond Futures 153.20 153.17 152.36 151.49 153.67 152.74 152.70
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World Bond market statistics

Monthly indices

Type Dec 2016 Nov 2016 Oct 2016 Sep 2016 Aug 2016 Jul 2016 Jun 2016
Government Bond Market (USA)
USA govt Bonds outst., USD bln (without Bills) 13 055.91 12 991.49 13 000.31 12 591.18 12 463.06 12 389.16 12 374.68
New US government bond issues, USD bln (without Bills) 123.70 172.94 133.23 117.36 162.37 148.76 124.84
Number of US government bond issues outs. (without Bills) 361 362 362 362 362 361 361
Corporate bond market (USA)
Number of new issues of US corporate bonds 283 310 348 402 527 419 249
Government agencies outst., USD mln 1 194 894.05 1 121 011.90 1 070 880.06 1 052 932.67 1 040 127.21 993 532.70 957 614.68
New issues of corporate bonds, USA, USD mln 79 105.52 148 125.25 156 920.35 190 640.21 204 269.07 203 279.23 188 576.09
New issues of financial inst. bonds, USA, USD mln 19 022.23 30 044.59 51 379.93 34 261.58 27 930.55 57 900.81 40 709.20
New issues of non-financial inst. bonds, USA, USD mln 58 055.61 118 001.92 105 162.99 155 050.34 174 450.68 140 342.37 135 109.74
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Quarterly indices

Type III 2016 II 2016 I 2016 IV 2015 III 2015 II 2015 I 2015
US Bond Market Outstanding (SIFMA)
Municipal bonds outstanding, bln. USD 3 831 3 838 3 809 3 788 3 798 3 810 3 800
Treasury bonds outstanding, bln. USD 13 648 13 418 13 431 13 192 12 841 12 699 12 630
Mortgage Related bonds outstanding, bln. USD 8 853 8 830 8 807 8 759 8 787 8 768 8 734
Corporate bonds outstanding, bln. USD 8 552 8 424 8 358 8 166 8 214 8 092 7 941
Federal Agency securities outstanding, bln. USD 1 994 2 005 1 947 1 995 1 959 1 963 1 976

Developed Markets International Bonds

Monthly indices

Type Dec 2016 Nov 2016 Oct 2016 Sep 2016 Aug 2016 Jul 2016 Jun 2016
International bonds Developed Markets
USA corporate international bonds, USD bln 3 127.639 3 037.485 2 924.972 2 795.129 3 081.168 2 949.888 2 858.088
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Money market

Daily indices

Type: 01/16/2017 01/13/2017 01/12/2017 01/11/2017 01/10/2017 01/09/2017 01/06/2017
IRS USD (Annual Fixed vs 3M Libor)
IRS USD 3M vs 3M LIBOR mid 1.0232 1.0218 1.0220 1.0182 1.0149   1.0095
IRS USD 6M vs 3M LIBOR mid 1.1323 1.1208 1.1216 1.1225 1.1161   1.1003
IRS USD 9M vs 3M LIBOR mid 1.2749 1.2637 1.2509 1.2653 1.2560   1.2346
IRS USD 1Y vs 3M LIBOR mid 1.2318 1.2293 1.2146 1.2256 1.2135 1.2150 1.2040
IRS USD 18M vs 3M LIBOR mid 1.3665 1.3496 1.3371 1.3524 1.3408   1.3226
IRS USD 2Y vs 3M LIBOR mid 1.4932 1.4866 1.4609 1.4789 1.4688 1.4723 1.4660
IRS USD 3Y vs 3M LIBOR mid 1.6945 1.6869 1.6516 1.6788 1.6657 1.6760 1.6711
IRS USD 4Y vs 3M LIBOR mid 1.8400 1.8300 1.7794 1.8253 1.8006 1.8250 1.8058
IRS USD 5Y vs 3M LIBOR mid 1.9498 1.9408 1.8942 1.9348 1.9159 1.9335 1.9349
IRS USD 6Y vs 3M LIBOR mid 2.0393 2.0274 1.9665 2.0259 1.9966 2.0250 2.0125
IRS USD 7Y vs 3M LIBOR mid 2.1160 2.1028 2.0381 2.1018 2.0716 2.1000 2.0900
IRS USD 8Y vs 3M LIBOR mid 2.1775 2.1670 2.0995 2.1650 2.1334 2.1630 2.1557
IRS USD 9Y vs 3M LIBOR mid 2.2332 2.2218 2.1521 2.2182 2.1865 2.2150 2.2100
IRS USD 10Y vs 3M LIBOR mid 2.2825 2.2768 2.2198 2.2684 2.2478 2.2692 2.2762
IRS USD 12Y vs 3M LIBOR mid 2.3593 2.3248 2.2797 2.3352 2.3066   2.3077
IRS USD 15Y vs 3M LIBOR mid 2.4332 2.4209 2.3453 2.4101 2.3815 2.4080 2.4027
IRS USD 20Y vs 3M LIBOR mid 2.4978 2.4855 2.4067 2.4686 2.4423 2.4670 2.4617
IRS USD 25Y vs 3M LIBOR mid 2.5193 2.4858 2.4275 2.4828 2.4579   2.4568
IRS USD 30Y vs 3M LIBOR mid 2.5240 2.5256 2.4599 2.4987 2.4839 2.5042 2.5049
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BofA Merrill Lynch

Daily indices

Type: 01/16/2017 01/13/2017 01/12/2017 01/11/2017 01/10/2017 01/09/2017 01/06/2017
BofA Merrill Lynch US and Global High Yield Indices
H0A0 US High Yield Master II Index, Spread-Govt  400 402 405 403 400 402 398
H0A0, total return 1 187.56 1 186.93 1 186.11 1 186.43 1 187.02 1 185.75 1 185.21
H0A0, %YTD USD 1.13 1.07 1.00 1.03 1.08 0.97 0.93
H0A0, effective yield 5.92 5.95 5.96 5.95 5.93 5.95 5.95
H0A0, effective duration 4.15 4.15 4.16 4.15 4.16 4.16 4.16
BofA Merrill Lynch Global EM and EM Makets Credit Indices
IC00 The BofA Merrill Lynch Global Emerging Markets Credit Index, Spread-Govt  499 499 501 507 502 505 503
IC1B The BofA Merrill Lynch BB Global Emerging Markets Credit Index, Spread-Govt  315 315 317 321 316 316 313
IC1C The BofA Merrill Lynch CCC & Lower Global Emerging Markets Credit Index, Spread-Govt  1 868 1 865 1 870 1 893 1 880 1 890 1 878
IC2B The BofA Merrill Lynch Single-B Global Emerging Markets Credit Index, Spread-Govt   471 471 473 481 477 484 486
ICP0 The BofA Merrill Lynch Emerging Markets Credit Plus Index, Spread-Govt  310 310 311 314 310 311 310
ICPD The BofA Merrill Lynch US Emerging Markets Credit Plus Index, Spread-Govt  379 380 382 387 381 383 380
ICPC The BofA Merrill Lynch Emerging Markets Credit Plus Constrained Index, Spread-Govt  309 308 310 313 309 310 309
ICPE The BofA Merrill Lynch Euro Emerging Markets Credit Plus Index, Spread-Govt  211 210 211 210 210 209 210
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Risk Management Institute

Daily indices

Type: 01/16/2017 01/13/2017 01/11/2017 01/10/2017 01/09/2017 01/06/2017 01/05/2017
RMI CVI - North America
US CVI value weighted  6.97 6.97 6.88 6.92 6.98 6.87 6.75
US CVI tail  222.12 222.12 221.17 226.79 230.90 231.73 229.61
US CVI equally weighted  52.05 52.07 51.97 52.16 52.78 52.49 50.35
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Stock market (World)

Daily indices

Type: 01/17/2017 01/13/2017 01/12/2017 01/11/2017 01/10/2017 01/09/2017 01/06/2017
Stock market (Developed countries)
Dow Jones 19 827 19 886 19 891 19 954 19 856 19 887 19 964
S&P 500 2 268 2 275 2 270 2 275 2 269 2 269 2 277
NASDAQ Composite  5 538.73 5 574.12 5 547.49 5 563.65 5 551.82 5 531.82 5 521.06
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