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 13 915 013 149 600
municipal
USD 230 12 618 041 179
corporate
USD 19056 9 162 907 364 640
EUR 651 447 216 392 420
GBP 158 78 506 452 580
AUD 136 54 814 005 000
BRL 80 13 500 097 000
CHF 66 21 482 690 000
CAD 62 30 066 580 000
INR 58 439 826 500 000
JPY 55 1 686 034 000 000
MXN 53 84 367 650 000
RUR 39 75 321 600 000
CNY 37 21 498 540 000
ZAR 35 63 338 740 000
NZD 32 12 696 156 000
TRY 30 3 622 300 000
HKD 28 8 236 000 000
NOK 27 21 470 000 000
IDR 19 12 769 362 000 000
ILS 13 5 430 295 005
COP 13 1 601 950 000 000
SEK 9 14 275 000 000
SGD 9 3 110 000 000
ITL 8 5 000 000 000 000
CRC 4 11 650 000 000
NGN 3 18 260 000 000
PLN 3 480 000 000
MYR 3 159 000 000
CZK 3 1 155 000 000
DEM 3 1 200 000 000
PEN 2 147 300 000
SAR 2 1 180 000 000
RON 2 205 500 000
GHS 2 74 000 000
ZMW 1 127 500 000
UYU 1 437 000 000
JMD 1 10 000 000 000
DOP 1 390 000 000
DKK 1 2 000 000 000
CLP 1 18 000 000 000
HUF 1 7 950 000 000
KRW 1 31 750 000 000
NAD 1 180 000 000
LKR 1 500 000 000
PHP 1 250 000 000

Sovereign rating

Rating AgencyRatingRating scaleDate
Dagong Credit *** International scale rating (foreign curr.) ***
Dagong Credit *** International scale rating (local curr.) ***
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
Pfizer, 4.2% 17mar2047, USD - International bonds XS1572326145 4.2% 1 065 000 000  USD 03/24/2017 03/17/2047
BlackRock, 3.2% 15mar2027, USD - Domestic bonds US09247XAN12 3.2% 700 000 000  USD 03/21/2017 03/15/2027
Southern California Edison, 4% 1apr2047, USD - Domestic bonds US842400GG23 4% 700 000 000  USD 03/21/2017 04/01/2047
IFC, 1.75% 30mar2020, USD - International bonds US45950KCL26 1.75% 500 000 000  USD 03/21/2017 03/30/2020
Glencore Funding, 4% 27mar2027, USD - International bonds USU37818AR97 4% 1 000 000 000  USD 03/21/2017 03/27/2027
Genpact, 3.7% 1apr2022, USD - International bonds USL42857AA71 3.7% 350 000 000  USD 03/21/2017 04/01/2022
Dana Inc., 5.75% 15apr2025, USD - International bonds USL22848AB82 5.75% 400 000 000  USD 03/21/2017 04/15/2025
Medtronic, 1.7% 28mar2019, USD - International bonds US58507LAB53 1.7% 1 000 000 000  USD 03/21/2017 03/28/2019

World Bond Market Indicators

Daily indices

Type: 03/22/2017 03/21/2017 03/20/2017 03/17/2017 03/16/2017 03/15/2017 03/14/2017
T-Note Futures (USA)
2 Year T-Note Futures 108.47 108.41 108.36 108.34 108.33 108.20 108.22
5 Year T-Note Futures 117.62 117.46 117.26 117.15 117.11 116.71 116.65
10 Year T-Note Futures 124.53 124.29 123.96 123.76 123.63 123.12 122.93
30 Year T-Bond Futures 150.64 149.89 148.99 148.49 147.64 147.67 146.84
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World Bond market statistics

Monthly indices

Type Feb 2017 Jan 2017 Dec 2016 Nov 2016 Oct 2016 Sep 2016 Aug 2016
Corporate bond market (USA)
Number of new issues of US corporate bonds 338 518 283 310 348 402 527
Government agencies outst., USD mln 1 201 180.35 1 207 203.20 1 194 894.05 1 121 011.90 1 070 880.06 1 052 932.67 1 040 127.21
New issues of corporate bonds, USA, USD mln 103 335.16 186 200.90 79 105.52 148 125.25 156 920.35 190 640.21 204 269.07
New issues of financial inst. bonds, USA, USD mln 23 632.82 73 108.00 19 022.23 30 044.59 51 379.93 34 261.58 27 930.55
New issues of non-financial inst. bonds, USA, USD mln 79 595.47 112 892.95 58 055.61 118 001.92 105 162.99 155 050.34 174 450.68
Government Bond Market (USA)
USA govt Bonds outst., USD bln (without Bills) 13 154.44 13 066.81 13 055.91 12 991.49 13 000.31 12 591.18 12 463.06
New US government bond issues, USD bln (without Bills) 177.33 148.69 123.70 172.94 133.23 117.36 162.37
Number of US government bond issues outs. (without Bills) 364 361 361 362 362 362 362
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Quarterly indices

Type IV 2016 III 2016 II 2016 I 2016 IV 2015 III 2015 II 2015
US Bond Market Outstanding (SIFMA)
Municipal bonds outstanding, bln. USD 3 834 3 833 3 841 3 812 3 791 3 801 3 813
Treasury bonds outstanding, bln. USD 13 908 13 648 13 418 13 431 13 192 12 841 12 699
Mortgage Related bonds outstanding, bln. USD 8 916 8 864 8 830 8 807 8 759 8 787 8 768
Corporate bonds outstanding, bln. USD 8 517 8 555 8 426 8 353 8 159 8 206 8 083
Federal Agency securities outstanding, bln. USD 1 972 1 994 2 005 1 947 1 995 1 959 1 963

Developed Markets International Bonds

Monthly indices

Type Feb 2017 Jan 2017 Dec 2016 Nov 2016 Oct 2016 Sep 2016 Aug 2016
International bonds Developed Markets
USA corporate international bonds, USD bln 3 468.335 3 315.912 3 127.639 3 037.485 2 924.972 2 795.129 3 081.168
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Money market

Daily indices

Type: 03/21/2017 03/20/2017 03/17/2017 03/16/2017 03/15/2017 03/14/2017 03/13/2017
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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BofA Merrill Lynch

Daily indices

Type: 03/21/2017 03/20/2017 03/17/2017 03/16/2017 03/15/2017 03/14/2017 03/13/2017
BofA Merrill Lynch US and Global High Yield Indices
H0A0 US High Yield Master II Index, Spread-Govt  404 397 391 388 402 405 394
H0A0, total return 1 194.70 1 196.51 1 197.43 1 197.61 1 192.01 1 187.24 1 192.13
H0A0, %YTD USD 1.74 1.89 1.97 1.98 1.51 1.10 1.52
H0A0, effective yield 6.03 5.99 5.96 5.95 6.07 6.19 6.10
H0A0, effective duration 4.17 4.16 4.16 4.16 4.21 4.25 4.22
BofA Merrill Lynch Global EM and EM Makets Credit Indices
IC00 The BofA Merrill Lynch Global Emerging Markets Credit Index, Spread-Govt  475 475 472 470 478 475 466
IC1B The BofA Merrill Lynch BB Global Emerging Markets Credit Index, Spread-Govt  299 300 297 297 304 301 295
IC1C The BofA Merrill Lynch CCC & Lower Global Emerging Markets Credit Index, Spread-Govt  1 770 1 764 1 747 1 734 1 752 1 758 1 719
IC2B The BofA Merrill Lynch Single-B Global Emerging Markets Credit Index, Spread-Govt   516 515 512 507 515 507 497
ICP0 The BofA Merrill Lynch Emerging Markets Credit Plus Index, Spread-Govt  290 291 291 291 296 294 290
ICPD The BofA Merrill Lynch US Emerging Markets Credit Plus Index, Spread-Govt  351 350 348 347 355 351 345
ICPC The BofA Merrill Lynch Emerging Markets Credit Plus Constrained Index, Spread-Govt  290 291 290 290 296 293 289
ICPE The BofA Merrill Lynch Euro Emerging Markets Credit Plus Index, Spread-Govt  206 209 210 211 214 214 212
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Risk Management Institute

Daily indices

Type: 03/21/2017 03/20/2017 03/17/2017 03/16/2017 03/15/2017 03/14/2017 03/13/2017
RMI CVI - North America
US CVI value weighted  5.65 5.48 5.44 5.43 5.49 5.54 5.48
US CVI tail  230.52 220.01 213.77 220.20 226.36 222.25 217.98
US CVI equally weighted  54.00 52.19 51.80 51.39 51.78 50.42 50.95
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Stock market (World)

Daily indices

Type: 03/22/2017 03/21/2017 03/20/2017 03/17/2017 03/16/2017 03/15/2017 03/14/2017
Stock market (Developed countries)
Dow Jones   20 668 20 906 20 915 20 935 20 950 20 837
S&P 500 2 348 2 344 2 373 2 378 2 381 2 385 2 365
NASDAQ Composite  5 821.64 5 793.83 5 901.53 5 901.00 5 900.76 5 900.05 5 856.82
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