US Bond Issuance and Trading (SIFMA)
The monthly United States debt securities market data, published in USD billion by SIFMA, measures the value of new issuance by category — Treasury bonds, mortgage-backed securities, corporate bonds, municipal bonds, federal agency debt, and asset-backed securities (with Treasuries and municipals restricted to long-term debt) — alongside the average daily trading volume for each category.
| Indicator | 08-2026 | 07-2026 | 06-2026 | 05-2026 | 04-2026 | 03-2026 | 02-2026 | 01-2026 | 12-2025 | 11-2025 | 10-2025 | 09-2025 | 08-2025 | 07-2025 | 06-2025 | 05-2025 | 04-2025 | 03-2025 | 02-2025 | 01-2025 | 12-2024 | 11-2024 | 10-2024 | 09-2024 | 08-2024 | 07-2024 | 06-2024 | 05-2024 | 04-2024 | 03-2024 | 02-2024 | 01-2024 | 12-2023 | 11-2023 | 10-2023 | 09-2023 | 08-2023 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ISSUANCE (USD billion)7 | ||||||||||||||||||||||||||||||||||||||
| Total SIFMA Scope | 1,007.24 | 972.97 | 1,323.58 | 819.05 | 1,067.67 | 1,296.9 | 1,101.94 | 841.8 | 1,019.46 | 775.89 | 1,034.29 | 1,254.73 | 689.67 | 928.22 | ||||||||||||||||||||||||
| Treasury | 418.23 | 404.25 | 626.35 | 201.68 | 423.82 | 607.09 | 439.35 | 174.64 | 612.2 | 191.47 | 387.68 | 596.89 | 203.42 | 396.9 | ||||||||||||||||||||||||
| Mortgage-Backed Securities | 169.25 | 168.79 | 175.7 | 193.87 | 186.38 | 197.17 | 159.65 | 181.71 | 174.19 | 181.96 | 179.24 | 165.12 | 161.89 | 165.93 | ||||||||||||||||||||||||
| Corporate bonds | 202.75 | 160.99 | 277.15 | 218.01 | 246.89 | 284.96 | 240.19 | 268.88 | 69.76 | 187.88 | 197.75 | 299.29 | 139.3 | 135.78 | ||||||||||||||||||||||||
| Municipal | 59.89 | 45.73 | 63.95 | 53.44 | 52.77 | 53.72 | 43.29 | 35.72 | 43.29 | 42.64 | 59.77 | 48.75 | 52.01 | 56.06 | ||||||||||||||||||||||||
| Federal Agency | 124.4 | 149.27 | 138.65 | 96.94 | 113.44 | 111.82 | 166.47 | 137.57 | 97.49 | 125.57 | 156.95 | 97.37 | 89.6 | 116.73 | ||||||||||||||||||||||||
| Asset-Backed Securities | 32.71 | 43.95 | 41.78 | 55.12 | 44.36 | 42.14 | 53 | 43.28 | 22.53 | 46.37 | 52.91 | 47.3 | 43.45 | 56.83 | ||||||||||||||||||||||||
| AVERAGE DAILY TRADING (USD billion/day)8 | ||||||||||||||||||||||||||||||||||||||
| Total SIFMA Scope | 1,546.31 | 1,516.97 | 1,613.28 | 1,724.59 | 1,510.81 | 1,985.99 | 1,651.17 | 1,721.17 | 1,326.82 | 1,563.77 | 1,444.58 | 1,589.03 | 1,429.7 | 1,327.21 | ||||||||||||||||||||||||
| Treasury | 1,165.99 | 1,098.04 | 1,170.2 | 1,265.12 | 1,079.2 | 1,449.01 | 1,206.01 | 1,191.25 | 944.71 | 1,091.69 | 998.68 | 1,077.7 | 1,020.81 | 924.77 | ||||||||||||||||||||||||
| Agency-backed MBS | 299.36 | 335.72 | 354.27 | 367.71 | 346.48 | 441.1 | 353.62 | 437.82 | 316.23 | 389.72 | 365.79 | 421.34 | 338.92 | 325.63 | ||||||||||||||||||||||||
| Non-agency-backed MBS | 1.52 | 1.38 | 1.6 | 2.03 | 1.74 | 2.01 | 2.13 | 2.3 | 1.29 | 1.56 | 1.56 | 2.35 | 1.49 | 1.37 | ||||||||||||||||||||||||
| Corporate bonds | 58.83 | 62.39 | 67.03 | 69.41 | 64.36 | 73.3 | 70.49 | 70.25 | 47.18 | 61.39 | 58.06 | 64.94 | 47.84 | 54.8 | ||||||||||||||||||||||||
| Municipal | 15.48 | 14.48 | 15.13 | 14.94 | 13.84 | 13.55 | 14 | 13.1 | 12.95 | 13.78 | 14.91 | 15.46 | 15.3 | 15.53 | ||||||||||||||||||||||||
| Federal Agency | 2.68 | 2.54 | 2.49 | 2.55 | 2.67 | 3.45 | 2.77 | 4.03 | 3.24 | 3.27 | 3.59 | 5.25 | 3.7 | 3.05 | ||||||||||||||||||||||||
| Asset-Backed Securities | 2.45 | 2.42 | 2.55 | 2.83 | 2.52 | 3.56 | 2.15 | 2.42 | 1.22 | 2.36 | 2 | 1.98 | 1.65 | 2.06 | ||||||||||||||||||||||||
| RETAIL SAVINGS BONDS (USD million)2 | ||||||||||||||||||||||||||||||||||||||
| Series EE (fixed rate)4 | ||||||||||||||||||||||||||||||||||||||
| Gross sales | 3.05 | 3.29 | 3.71 | 4 | 4.69 | 4.74 | 5.4 | 13.15 | 8.12 | 3.59 | 4.49 | 3.76 | 3.57 | 3.86 | 3.73 | 4.27 | 4.99 | 5.67 | 6.29 | 16.47 | 8.92 | 4.93 | 5.48 | 5.05 | 4.53 | 4.41 | 3.94 | 5.15 | 7.14 | 6.64 | 7.56 | 19.85 | 10.3 | 6.62 | 5.57 | 4.71 | 5.41 | |
| Returned sales | 0.03 | 0.04 | 0.09 | 0.07 | 0.04 | 0.06 | 0.07 | 0.1 | 0.16 | 0.03 | 0.05 | 0.08 | 0.1 | 0.14 | 0.12 | 0.11 | 0.15 | 0.19 | 0.1 | 0.36 | 0.26 | 0.12 | 0.16 | 0.2 | 0.15 | 0.23 | 0.09 | 0.15 | 0.15 | 0.16 | 0.17 | 0.27 | 0.09 | 0.14 | 0.24 | 0.14 | 0.19 | |
| Net sales | 3.02 | 3.25 | 3.63 | 3.92 | 4.65 | 4.68 | 5.33 | 13.05 | 7.96 | 3.56 | 4.44 | 3.68 | 3.47 | 3.72 | 3.61 | 4.16 | 4.85 | 5.47 | 6.19 | 16.11 | 8.65 | 4.81 | 5.32 | 4.85 | 4.38 | 4.18 | 3.85 | 5.01 | 6.99 | 6.48 | 7.39 | 19.58 | 10.21 | 6.48 | 5.33 | 4.57 | 5.22 | |
| Number of bonds sold | 13,986 | 14,590 | 14,580 | 14,214 | 14,761 | 15,470 | 13,995 | 16,909 | 27,208 | 14,851 | 16,857 | 15,999 | 15,639 | 15,920 | 16,067 | 16,366 | 16,561 | 16,379 | 15,941 | 20,875 | 31,020 | 19,212 | 18,594 | 18,244 | 18,439 | 18,494 | 16,889 | 19,122 | 19,442 | 19,547 | 18,597 | 22,902 | 32,398 | 21,221 | 19,836 | 19,150 | 19,446 | |
| Series I (inflation-indexed)4 | ||||||||||||||||||||||||||||||||||||||
| Gross sales | 62.28 | 71.3 | 102.57 | 179.09 | 162.3 | 105.73 | 109.02 | 359.51 | 129.35 | 69.44 | 167 | 65.97 | 51.21 | 55.06 | 60 | 104.09 | 191.59 | 93.25 | 108.2 | 355.1 | 93.79 | 51 | 157.16 | 73.33 | 61.3 | 65.35 | 62.81 | 107.97 | 501.34 | 256.17 | 311.2 | 946.75 | 251.6 | 258.38 | 78.79 | 62.86 | 82.24 | |
| Returned sales | 0.63 | 1.01 | 1.09 | 1.38 | 1.32 | 0.66 | 0.86 | 2.86 | 1.55 | 0.81 | 1.5 | 0.41 | 0.51 | 0.76 | 0.75 | 1.25 | 1.59 | 0.92 | 1.07 | 3.95 | 1.02 | 0.87 | 1.68 | 0.99 | 0.93 | 1.12 | 0.8 | 1.59 | 3.28 | 2.04 | 2.63 | 7.7 | 2.57 | 2.08 | 1.48 | 0.92 | 1.04 | |
| Net sales | 61.66 | 70.29 | 101.47 | 177.7 | 160.97 | 105.07 | 108.16 | 356.65 | 127.81 | 68.63 | 165.5 | 65.56 | 50.7 | 54.3 | 59.25 | 102.84 | 190.01 | 92.33 | 107.14 | 351.16 | 92.77 | 50.13 | 155.48 | 72.35 | 60.37 | 64.23 | 62 | 106.37 | 498.06 | 254.13 | 308.56 | 939.04 | 249.03 | 256.3 | 77.3 | 61.94 | 81.19 | |
| Number of bonds sold | 61,317 | 64,897 | 68,653 | 77,875 | 75,222 | 68,743 | 62,398 | 97,839 | 90,925 | 62,125 | 82,895 | 66,919 | 63,113 | 65,081 | 66,449 | 74,936 | 86,720 | 72,078 | 71,245 | 111,814 | 100,607 | 79,404 | 100,092 | 86,857 | 86,444 | 89,412 | 81,778 | 99,647 | 160,077 | 123,400 | 123,940 | 207,523 | 147,810 | 137,204 | 108,108 | 104,794 | 110,134 |
Latest reading
Total SIFMA Scope stood at 1,007.24 USD billion in Aug 2026. That is +3.5% from Jul 2026 and +46.0% from a year earlier. The series on this page is monthly and runs from Jul 2025 to Aug 2026. Source: SIFMA — Securities Industry and Financial Markets Association.
- Latest
- 1,007.24 USD billion
- Aug 2026
- vs previous period
- +3.5%
- Jul 2026
- vs a year earlier
- +46.0%
About this data
The monthly United States debt securities market data, published in USD billion by SIFMA, measures the value of new issuance by category — Treasury bonds, mortgage-backed securities, corporate bonds, municipal bonds, federal agency debt, and asset-backed securities (with Treasuries and municipals restricted to long-term debt) — alongside the average daily trading volume for each category. The final section covers Series EE and Series I retail savings bonds, detailing sales, redemptions, and net sales for direct sales of Treasury debt to individuals outside of auctions.
Frequently asked questions
- What does the US Debt Securities Issuance and Trading table measure?
- This table measures the total monthly issuance volume and average daily trading activity of major US debt securities, including Treasury bonds, mortgage-backed securities, municipal bonds, and corporate debt.
- How often is the SIFMA debt securities data published and how far back does it go?
- The data is published monthly by the Securities Industry and Financial Markets Association, with historical monthly series beginning since 2025.
- Which debt categories and breakdowns are available in this table?
- The table provides figures for Treasury securities, mortgage-backed securities, municipal securities, federal agency debt, asset-backed securities, and corporate bonds, broken down by issuance volume and average daily trading.
- In what units are the issuance and trading figures reported?
- All issuance volumes and average daily trading figures are reported in billions of US dollars, with trading activity specifically measured in US dollars per day.
