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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.
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 | 577 | 14 948 151 117 200 |
| municipal | ||
| USD | 230 | 15 324 561 179 |
| corporate | ||
| USD | 22406 | 9 426 942 837 813 |
| EUR | 728 | 506 371 324 000 |
| GBP | 166 | 83 614 413 000 |
| AUD | 143 | 53 107 907 000 |
| INR | 97 | 238 716 000 000 |
| JPY | 78 | 1 948 737 000 000 |
| MXN | 71 | 132 639 380 000 |
| CAD | 69 | 40 965 075 000 |
| TRY | 67 | 12 825 680 000 |
| BRL | 64 | 8 272 807 000 |
| CHF | 62 | 20 705 000 000 |
| RUB | 54 | 101 040 100 000 |
| ZAR | 43 | 62 281 580 000 |
| CNY | 36 | 19 752 540 000 |
| HKD | 36 | 17 328 000 000 |
| NZD | 26 | 8 938 023 000 |
| ILS | 24 | 10 333 761 005 |
| IDR | 22 | 14 627 112 000 000 |
| NOK | 21 | 17 518 500 000 |
| COP | 19 | 1 996 350 000 000 |
| SEK | 15 | 9 735 000 000 |
| UAH | 11 | 2 641 664 870 |
| RON | 7 | 431 000 000 |
| ITL | 6 | 3 725 000 000 000 |
| SGD | 6 | 2 700 000 000 |
| PLN | 5 | 318 000 000 |
| PEN | 5 | 422 300 000 |
| MYR | 4 | 218 000 000 |
| NGN | 4 | 16 860 000 000 |
| CRC | 4 | 14 400 000 000 |
| CLP | 4 | 72 400 000 000 |
| DEM | 3 | 1 200 000 000 |
| PHP | 3 | 6 450 000 000 |
| CZK | 2 | 950 000 000 |
| UZS | 2 | 160 000 000 000 |
| ZMW | 2 | 417 500 000 |
| EGP | 2 | 1 265 000 000 |
| UYU | 2 | 1 728 000 000 |
| SAR | 2 | 1 180 000 000 |
| GHS | 2 | 74 000 000 |
| ARS | 2 | 2 724 000 000 |
| LKR | 1 | 500 000 000 |
| NAD | 1 | 180 000 000 |
| JMD | 1 | 10 000 000 000 |
| RWF | 1 | 15 000 000 000 |
| DOP | 1 | 450 000 000 |
News and comments
Latest bond issues
| issue | ISIN | coupon | volume | end of placement | maturity date |
|---|---|---|---|---|---|
| Sempra Energy, FRN 15jan2021, USD - International bonds | US816851BD03 | 3m LIBOR USD +50bps | 700 000 000 USD | 09/01/2018 | 01/15/2021 |
| Federal Farm Credit Banks, FRN 25sep2019, USD - Domestic bonds | US3133EJSP57 | PRIME-2.95% | 100 000 000 USD | 06/25/2018 | 09/25/2019 |
| Federal Farm Credit Banks, 2.35% 25jun2019, USD - Domestic bonds | US3133EJSQ31 | 2.35% | 40 000 000 USD | 06/25/2018 | 06/25/2019 |
| Federal Farm Credit Banks, 2.73% 21jun2021, USD - Domestic bonds | US3133EJSA88 | 2.73% | 167 000 000 USD | 06/21/2018 | 06/21/2021 |
| Federal Farm Credit Banks, FRN 21jan2020, USD - Domestic bonds | US3133EJSL44 | 1M LIBOR-0.09% | 200 000 000 USD | 06/21/2018 | 01/21/2020 |
| Federal Farm Credit Banks, 4.28% 21jun2038, USD - Domestic bonds | US3133EJSN00 | 4.28% | 25 000 000 USD | 06/21/2018 | 06/21/2038 |
| AIG Global Funding, FRN 25jun2021, USD - International bonds | US00138EAH71 | 3M LIBOR USD + 0.46% | 250 000 000 USD | 06/20/2018 | 06/25/2021 |
| AIG Global Funding, 3.35% 25jun2021, USD - International bonds | US00138EAG98 | 3.35% | 300 000 000 USD | 06/20/2018 | 06/25/2021 |
| EQT Midstream Partners, 4.75% 15jul2023, USD - International bonds | US26885BAD29 | 4.75% | 1 100 000 000 USD | 06/20/2018 | 07/15/2023 |
| EQT Midstream Partners, 5.5% 15jul2028, USD - International bonds | US26885BAC46 | 5.5% | 850 000 000 USD | 06/20/2018 | 07/15/2028 |
World Bond Market Indicators
Daily indices
| Type: | 06/22/2018 | 06/21/2018 | 06/20/2018 | 06/19/2018 | 06/18/2018 | 06/15/2018 | 06/14/2018 |
|---|---|---|---|---|---|---|---|
| T-Note Futures (USA) | |||||||
| 2 Year T-Note Futures | 105.85 | 105.86 | 105.84 | 105.87 | 105.83 | 105.82 | 105.78 |
| 5 Year T-Note Futures | 113.35 | 113.36 | 113.30 | 113.44 | 113.25 | 113.27 | 113.14 |
| 10 Year T-Note Futures | 119.77 | 119.77 | 119.69 | 119.92 | 119.59 | 119.64 | 119.41 |
| 30 Year T-Bond Futures | 143.78 | 143.75 | 143.75 | 144.34 | 143.47 | 143.75 | 143.16 |
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World Bond market statistics
Monthly indices
| Type | May 2018 | Apr 2018 | Apr 2018 | Mar 2018 | Feb 2018 | Jan 2018 | Dec 2017 |
|---|---|---|---|---|---|---|---|
| Corporate bond market (USA) | |||||||
| Number of new issues of US corporate bonds | 411 | 567 | 368 | 274 | 480 | 454 | |
| Government agencies outst., USD mln | 1 192 724.35 | 1 192 617.47 | 1 192 053.82 | 1 220 787.42 | 1 211 790.45 | 1 215 101.60 | |
| New issues of corporate bonds, USA, USD mln | 144 189.19 | 194 678.49 | 119 857.04 | 83 539.75 | 147 877.87 | 95 882.75 | |
| New issues of financial inst. bonds, USA, USD mln | 25 079.34 | 69 489.92 | 26 243.88 | 12 628.62 | 61 817.20 | 8 299.16 | |
| New issues of non-financial inst. bonds, USA, USD mln | 106 859.84 | 125 002.24 | 93 613.16 | 70 911.13 | 86 060.67 | 87 583.59 | |
| Government Bond Market (USA) | |||||||
| USA govt Bonds outst., USD bln (without Bills) | 14 161.58 | 14 070.57 | 14 065.68 | 13 942.53 | 13 872.22 | 13 840.27 | |
| New US government bond issues, USD bln (without Bills) | 206.80 | 194.69 | 103.27 | 201.61 | 157.86 | 85.06 | |
| Number of US government bond issues outs. (without Bills) | 362 | 362 | 362 | 362 | 360 | 360 | |
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Quarterly indices
| Type | I 2018 | IV 2017 | III 2017 | II 2017 | I 2017 | IV 2016 | III 2016 |
|---|---|---|---|---|---|---|---|
| US Bond Market Outstanding (SIFMA) | |||||||
| Municipal bonds outstanding, bln. USD | 3 844 | 3 864 | 3 822 | 3 846 | 3 840 | 3 840 | 3 841 |
| Treasury bonds outstanding, bln. USD | 14 933 | 14 469 | 14 188 | 13 998 | 13 954 | 13 908 | 13 648 |
| Mortgage Related bonds outstanding, bln. USD | 9 382 | 9 305 | 9 185 | 9 123 | 9 087 | 9 016 | 8 954 |
| Corporate bonds outstanding, bln. USD | 9 074 | 8 995 | 9 001 | 8 851 | 8 747 | 8 458 | 8 496 |
| Federal Agency securities outstanding, bln. USD | 1 913 | 1 935 | 1 941 | 1 954 | 1 982 | 1 972 | 1 994 |
New issues of Developed markets International Bonds
Monthly indices
| Type | May 2018 | Apr 2018 | Mar 2018 | Feb 2018 | Jan 2018 | Dec 2017 | Nov 2017 |
|---|---|---|---|---|---|---|---|
| New issues of USA bonds | |||||||
| New issues of USA bonds (Agriculture), USD bln | 0.000 | 0.500 | 0.000 | 0.500 | 0.000 | 0.000 | 0.000 |
| Number of new USA bond issues (Agriculture) | 0.000 | 1.000 | 0.000 | 1.000 | 0.000 | 0.000 | 0.000 |
| New issues of USA bonds (Banks), USD bln | 20.393 | 49.711 | 9.772 | 16.403 | 58.364 | 15.603 | 11.441 |
| Number of new USA bond issues (Banks) | 49.000 | 75.000 | 44.000 | 48.000 | 90.000 | 40.000 | 45.000 |
| New issues of USA bonds (Ferrous metals), USD bln | 0.000 | 0.000 | 0.000 | 0.000 | 0.000 | 0.070 | 0.000 |
| Number of new USA bond issues (Ferrous metals) | 0.000 | 0.000 | 0.000 | 0.000 | 0.000 | 1.000 | 0.000 |
| New issues of USA bonds (Other sectors), USD bln | 3.443 | 7.594 | 0.465 | 0.325 | 5.455 | 2.910 | 2.862 |
| Number of new USA bond issues (Other sectors) | 8.000 | 10.000 | 2.000 | 1.000 | 9.000 | 6.000 | 5.000 |
| New issues of USA bonds (Information and High Technologies), USD bln | 6.661 | 3.200 | 1.097 | 1.290 | 12.140 | 2.409 | 22.015 |
| Number of new USA bond issues (Information and High Technologies) | 16.000 | 2.000 | 3.000 | 3.000 | 8.000 | 5.000 | 17.000 |
| New issues of USA bonds (Public utilities), USD bln | 2.075 | 2.472 | 0.000 | 0.000 | 0.000 | 0.300 | 4.745 |
| Number of new USA bond issues (Public utilities) | 4.000 | 3.000 | 0.000 | 0.000 | 0.000 | 1.000 | 7.000 |
| New issues of USA bonds (Light industry), USD bln | 0.500 | 0.000 | 1.200 | 0.000 | 0.000 | 1.707 | 0.000 |
| Number of new USA bond issues (Light industry) | 1.000 | 0.000 | 2.000 | 0.000 | 0.000 | 2.000 | 0.000 |
| New issues of USA bonds (Engineering industry), USD bln | 15.350 | 4.350 | 4.300 | 2.950 | 4.550 | 2.217 | 8.320 |
| Number of new USA bond issues (Engineering industry) | 22.000 | 6.000 | 10.000 | 8.000 | 9.000 | 5.000 | 14.000 |
| New issues of USA bonds (Healthcare), USD bln | 4.419 | 3.067 | 42.100 | 10.322 | 2.200 | 3.566 | 16.374 |
| Number of new USA bond issues (Healthcare) | 7.000 | 8.000 | 13.000 | 13.000 | 5.000 | 9.000 | 22.000 |
| New issues of USA bonds (Oil and gas), USD bln | 3.935 | 3.721 | 3.116 | 11.475 | 9.221 | 7.944 | 5.450 |
| Number of new USA bond issues (Oil and gas) | 7.000 | 8.000 | 8.000 | 15.000 | 13.000 | 12.000 | 10.000 |
| New issues of USA bonds (Food industry), USD bln | 13.000 | 19.050 | 8.903 | 2.100 | 2.485 | 1.700 | 7.631 |
| Number of new USA bond issues (Food industry) | 16.000 | 19.000 | 15.000 | 4.000 | 5.000 | 3.000 | 12.000 |
| New issues of USA bonds (Communication), USD bln | 5.386 | 3.563 | 11.415 | 9.939 | 6.750 | 6.967 | 12.576 |
| Number of new USA bond issues (Communication) | 6.000 | 3.000 | 10.000 | 9.000 | 6.000 | 5.000 | 8.000 |
| New issues of USA bonds (Media and Entertainment), USD bln | 0.193 | 0.400 | 3.446 | 0.625 | 1.528 | 0.500 | 1.500 |
| Number of new USA bond issues (Media and Entertainment) | 1.000 | 1.000 | 7.000 | 2.000 | 2.000 | 1.000 | 4.000 |
| New issues of USA bonds (Construction and development), USD bln | 3.426 | 3.245 | 2.352 | 5.012 | 2.550 | 0.600 | 8.463 |
| Number of new USA bond issues (Construction and development) | 8.000 | 7.000 | 8.000 | 11.000 | 6.000 | 2.000 | 19.000 |
| New issues of USA bonds (Trade and retail), USD bln | 17.750 | 4.500 | 1.853 | 0.784 | 0.500 | 0.300 | 3.318 |
| Number of new USA bond issues (Trade and retail) | 11.000 | 5.000 | 4.000 | 3.000 | 1.000 | 1.000 | 6.000 |
| New issues of USA bonds (Transportation), USD bln | 0.974 | 5.100 | 1.550 | 5.325 | 2.175 | 0.427 | 11.356 |
| Number of new USA bond issues (Transportation) | 4.000 | 9.000 | 3.000 | 9.000 | 3.000 | 2.000 | 19.000 |
| New issues of USA bonds (Financial institutions), USD bln | 17.123 | 19.965 | 26.191 | 12.951 | 12.388 | 5.427 | 12.394 |
| Number of new USA bond issues (Financial institutions) | 64.000 | 41.000 | 69.000 | 38.000 | 44.000 | 20.000 | 40.000 |
| New issues of USA bonds (Chemical and petrochemical industry), USD bln | 0.872 | 0.950 | 1.850 | 1.500 | 1.350 | 3.040 | 2.600 |
| Number of new USA bond issues (Chemical and petrochemical industry) | 2.000 | 2.000 | 4.000 | 3.000 | 3.000 | 6.000 | 5.000 |
| New issues of USA bonds (Non-ferrous metals), USD bln | 0.285 | 0.000 | 0.000 | 0.000 | 0.000 | 0.000 | 0.000 |
| Number of new USA bond issues (Non-ferrous metals) | 1.000 | 0.000 | 0.000 | 0.000 | 0.000 | 0.000 | 0.000 |
| New issues of USA bonds (Timber and paper&pulp industry), USD bln | 0.000 | 0.000 | 0.000 | 0.000 | 0.000 | 2.100 | 0.000 |
| Number of new USA bond issues (Timber and paper&pulp industry) | 0.000 | 0.000 | 0.000 | 0.000 | 0.000 | 5.000 | 0.000 |
| New issues of USA bonds (Ferrous metals), USD bln | 0.000 | 1.350 | 2.273 | 0.000 | 0.000 | 0.716 | 0.000 |
| Number of new USA bond issues (Ferrous metals) | 0.000 | 3.000 | 3.000 | 0.000 | 0.000 | 2.000 | 0.000 |
| New issues of USA bonds (Power), USD bln | 6.691 | 4.372 | 6.350 | 8.950 | 8.880 | 0.900 | 10.525 |
| Number of new USA bond issues (Power) | 17.000 | 9.000 | 13.000 | 14.000 | 16.000 | 2.000 | 22.000 |
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Developed Markets International Bonds
Monthly indices
| Type | May 2018 | Apr 2018 | Mar 2018 | Feb 2018 | Jan 2018 | Dec 2017 | Nov 2017 |
|---|---|---|---|---|---|---|---|
| International bonds Developed Markets | |||||||
| USA corporate international bonds, USD bln | 4 620.028 | 4 604.097 | 4 569.936 | 4 510.222 | 4 520.489 | 4 444.033 | 4 411.522 |
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Money market
Daily indices
| Type: | 06/20/2018 | 06/19/2018 | 06/18/2018 | 06/15/2018 | 06/14/2018 | 06/13/2018 | 06/11/2018 |
|---|---|---|---|---|---|---|---|
| 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 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: | 06/20/2018 | 06/19/2018 | 06/18/2018 | 06/15/2018 | 06/14/2018 | 06/13/2018 | 06/12/2018 |
|---|---|---|---|---|---|---|---|
| BofA Merrill Lynch US and Global High Yield Indices | |||||||
| H0A0 US High Yield Master II Index, Spread-Govt | 334 | 340 | 334 | 333 | 331 | 333 | 338 |
| H0A0, total return | 1 270.68 | 1 269.34 | 1 270.52 | 1 270.51 | 1 270.38 | 1 268.90 | 1 267.74 |
| H0A0, %YTD USD | 0.67 | 0.57 | 0.66 | 0.66 | 0.65 | 0.53 | 0.44 |
| H0A0, effective yield | 6.13 | 6.16 | 6.13 | 6.12 | 6.12 | 6.17 | 6.19 |
| H0A0, effective duration | 4.10 | 4.11 | 4.11 | 4.12 | 4.12 | 4.13 | 4.13 |
| BofA Merrill Lynch Global EM and EM Makets Credit Indices | |||||||
| IC00 The BofA Merrill Lynch Global Emerging Markets Credit Index, Spread-Govt | 486 | 501 | 484 | 470 | 460 | 457 | 456 |
| IC1B The BofA Merrill Lynch BB Global Emerging Markets Credit Index, Spread-Govt | 413 | 428 | 416 | 402 | 396 | 394 | 394 |
| IC1C The BofA Merrill Lynch CCC & Lower Global Emerging Markets Credit Index, Spread-Govt | 888 | 915 | 865 | 848 | 838 | 833 | 821 |
| IC2B The BofA Merrill Lynch Single-B Global Emerging Markets Credit Index, Spread-Govt | 531 | 544 | 525 | 512 | 496 | 490 | 489 |
| ICP0 The BofA Merrill Lynch Emerging Markets Credit Plus Index, Spread-Govt | 306 | 312 | 305 | 301 | 300 | 300 | 302 |
| ICPD The BofA Merrill Lynch US Emerging Markets Credit Plus Index, Spread-Govt | 345 | 352 | 344 | 339 | 335 | 334 | 336 |
| ICPC The BofA Merrill Lynch Emerging Markets Credit Plus Constrained Index, Spread-Govt | 305 | 310 | 303 | 299 | 298 | 298 | 299 |
| ICPE The BofA Merrill Lynch Euro Emerging Markets Credit Plus Index, Spread-Govt | 219 | 220 | 217 | 216 | 219 | 225 | 227 |
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Risk Management Institute
Daily indices
| Type: | 06/12/2018 | 06/11/2018 | 06/08/2018 | 06/07/2018 | 06/06/2018 | 06/05/2018 | 06/04/2018 |
|---|---|---|---|---|---|---|---|
| RMI CVI - North America | |||||||
| US CVI value weighted | 3.96 | 3.96 | 4.38 | 4.38 | 4.39 | 4.44 | 4.44 |
| US CVI tail | 172.99 | 174.93 | 178.09 | 179.18 | 180.14 | 182.21 | 186.81 |
| US CVI equally weighted | 44.08 | 44.55 | 45.34 | 45.92 | 46.38 | 45.87 | 46.67 |
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Macroeconomic Indicators (World economy)
Monthly indices
| Type | May 2018 | Apr 2018 | Mar 2018 | Feb 2018 | Jan 2018 | Dec 2017 | Nov 2017 |
|---|---|---|---|---|---|---|---|
| Inflation Rate (World), % to the same period of the previous year | |||||||
| Inflation Rate (United States) | 2.80 | 2.50 | 2.40 | 2.20 | 2.10 | 2.10 | 2.20 |
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Yearly indices
| Type | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|
| Government Debt to GDP (World), % | ||||
| Government Debt to GDP(United States) | 105.40 | 106.10 | 104.17 | 103.00 |
Stock market (World)
Daily indices
| Type: | 06/21/2018 | 06/20/2018 | 06/19/2018 | 06/18/2018 | 06/15/2018 | 06/14/2018 | 06/13/2018 |
|---|---|---|---|---|---|---|---|
| Stock market (Developed countries) | |||||||
| Dow Jones | 24 462 | 24 658 | 24 700 | 24 987 | 25 090 | 25 175 | 25 201 |
| S&P 500 | 2 750 | 2 767 | 2 763 | 2 774 | 2 780 | 2 782 | 2 776 |
| NASDAQ Composite | 7 712.95 | 7 781.52 | 7 725.59 | 7 747.02 | 7 746.38 | 7 761.04 | 7 695.70 |
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