China has seen a growing share of global fixed income markets outstanding since 2014, with SIFMA data showing it to be one of the only countries to increase its hold in the space.
Global fixed income markets outstanding was up 2.4% year-on-year (YoY) in 2024, reaching US$145.1 trillion according to SIFMA data.
The bulk of this came from the US, which took 40.1% of the pie – down just 0.4 percentage points over the last decade. But the real success story has been China, which saw a more than 10 percentage point increase since 2014 to take a 17.3% share of the global market.
By contrast, the EU’s share fell 6 percentage points to 18%, and Japan’s by almost five percentage points to 7.3%.
Globally, long-term fixed income issuance dropped 1.5% YoY to US$27.4 trillion in 2024.
The US remains the largest fixed income market in the world, more than 2.2 times the size of the runner-up EU market. In the States, long-term fixed income issuance was up 26% YoY to US$10.4 trillion, with big gains in asset-backed securities (+43.3% YoY to US$388.1 billion) and munis (+33.2% YoY to US$513.6 billion). Corporate bond issuance reached US$2 trillion (+30.6% YoY), and US Treasury issuance was up 32.8% to US$4.7 trillion.
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