As of December 2024, Japan held United States treasury securities totaling about 1.06 trillion U.S. dollars. Foreign holders of United States treasury debt According to the Federal Reserve and U.S. Department of the Treasury, foreign countries held a total of 8.5 trillion U.S. dollars in U.S. treasury securities as of December 2024. Of the total held by foreign countries, Japan and Mainland China held the greatest portions, with China holding 759 billion U.S. dollars in U.S. securities. The U.S. public debt In 2023, the United States had a total public national debt of 33.2 trillion U.S. dollars, an amount that has been rising steadily, particularly since 2008. In 2023, the total interest expense on debt held by the public of the United States reached 678 billion U.S. dollars, while 197 billion U.S. dollars in interest expense were intra governmental debt holdings. Total outlays of the U.S. government were 6.1 trillion U.S. dollars in 2023. By 2029, spending is projected to reach 8.3 trillion U.S. dollars.

In 2023, China held **** percent of foreign held U.S. securities. Japan held a further **** percent of foreign held securities. The national debt of the United Stated can be found here.

The yield on China 10Y Bond Yield held steady at 1.83% on December 2, 2025. Over the past month, the yield has edged up by 0.07 points, though it remains 0.16 points lower than a year ago, according to over-the-counter interbank yield quotes for this government bond maturity. China 10-Year Government Bond Yield - values, historical data, forecasts and news - updated on December of 2025.

The value of U.S. Treasury securities held by residents of Russia amounted to ** million U.S. dollars in March 2025, marking a stark contrast to ***** billion U.S. dollars held in January 2020. The lowest over the period under consideration was recorded in November 2023 at ** million U.S. dollars. Furthermore, in March 2020, the figure plummeted to **** billion U.S. dollars, down from **** billion U.S. dollars one month prior. Russia’s holdings of U.S. treasury securities have decreased since 2014 following the Western sanctions over the annexation of Crimea and have further dropped in 2022 after more restrictions were imposed over the war in Ukraine. What are U.S. treasury holdings? U.S. treasury holdings are government debt instruments that contribute to the funding of various government projects in the country. The U.S. Department of Treasury allows individuals and organizations to invest in treasury notes, bills, and bonds, which are the main three types of securities. Just under half of the outstanding ** trillion U.S. dollars as of May 2024 were in the form of treasury notes. The notes have varying maturities and coupon payment frequencies, which are different from the maturity periods of treasury bills and bonds. Main foreign holders of U.S. treasury securities Foreign holdings of U.S. treasury debt amounted to ***** trillion U.S. dollars as of January 2024. Japan and China held the largest portions, with China possessing ***** billion U.S. dollars in U.S. securities. Additionally, other significant foreign holders included oil exporting countries and Caribbean banking centers.

Graph and download economic data for Federal Debt Held by Foreign and International Investors (FDHBFIN) from Q1 1970 to Q2 2025 about foreign, debt, federal, and USA.

The yield on China 30 Year Bond Yield rose to 2.09% on November 17, 2025, marking a 0.01 percentage points increase from the previous session. Over the past month, the yield has fallen by 0.15 points and is 0.22 points lower than a year ago, according to over-the-counter interbank yield quotes for this government bond maturity. This dataset includes a chart with historical data for China 30Y.

The major foreign holders of U.S. Treasury securities are typically countries and entities that invest heavily in U.S. government debt. As of the latest data, here are some of the top foreign holders:

Japan: Historically, Japan has been the largest holder of U.S. Treasury securities. China: China is another major holder, though its holdings have fluctuated due to various economic and political factors. United Kingdom: The UK is a significant investor in U.S. Treasuries, often ranked among the top holders. Ireland: Ireland holds a substantial amount of U.S. Treasury securities. Luxembourg: Luxembourg is also a notable holder of U.S. Treasuries. Switzerland: Swiss investments in U.S. Treasury securities are considerable. Brazil: Brazil is one of the largest holders in Latin America. Belgium: Belgium, often through its financial institutions, holds a significant amount. Taiwan: Taiwan's central bank and other financial institutions invest heavily in U.S. Treasuries. Hong Kong: Hong Kong maintains substantial holdings in U.S. Treasuries. These rankings can change frequently based on economic conditions, currency reserves, and geopolitical factors. For the most up-to-date information, refer to the U.S. Department of the Treasury's "Major Foreign Holders of Treasury Securities" report.

The outstanding value of China's general government debt securities has shown an upward trend from 2000 to the third quarter of 2024, rising from *** billion U.S. dollars to over ** trillion U.S. dollars. The largest increase occurred between 2019 and 2020, when it went from *** trillion to *** trillion U.S. dollars.

Graph and download economic data for Interest Rates: Long-Term Government Bond Yields: 10-Year: Main (Including Benchmark) for United States (IRLTLT01USM156N) from Apr 1953 to Oct 2025 about long-term, 10-year, bonds, yield, government, interest rate, interest, rate, and USA.

The yield on China 20 Year Bond Yield eased to 2.16% on November 20, 2025, marking a 0.02 percentage points decrease from the previous session. Over the past month, the yield has fallen by 0.03 points and is 0.16 points lower than a year ago, according to over-the-counter interbank yield quotes for this government bond maturity. This dataset includes a chart with historical data for China 20Y.

In June 2025, the average yield on ten-year government bonds in the United States was **** percent. This was the ******* of the selected developed economies considered in this statistic. Bonds and yields – additional information The bond yield indicates the level of return that the investor can expect from a given type of bond. The government of Italy, for instance, offered the investors **** percent yield on ten-year government bonds for borrowing their money in June 2025. In the United States, government needs are also financed by selling various debt instruments such as Treasury bills, notes, bonds and savings bonds to investors. The largest holders of U.S. debt are the Federal Reserve and Government accounts in the United States. The major foreign holders of the United States treasury securities are Japan, Mainland China, and the United Kingdom.

Government bond spreads as of April 15, 2025, varied widely among the largest economies when compared to German Bunds and U.S. Treasury notes. The United Kingdom's bond spread was the higest against both, with ***** basis points (bps) over Germany and **** bps over the U.S. In contrast, China and Japan display negative spreads, with Japan having the lowest spread at ****** bps against U.S. Treasuries. Italy, the United Kingdom, and Canada showed moderate spreads. Positive bond spreads indicate that a country’s government bonds have higher yields compared to the benchmark bonds - in this case, the German Bunds and U.S. Treasury notes. Higher spreads often signal perceived higher risk or economic uncertainty, as investors demand greater returns for holding these bonds. expectations. Conversely, negative spreads mean that these bonds offer lower yields than the benchmark. Negative spreads often indicate strong investor confidence, safe-haven status, or lower inflation expectations, as investors are willing to accept lower returns for the perceived stability of these bonds.

Treasury Bills Market Outlook

According to our latest research, the global Treasury Bills market size reached USD 7.9 trillion in 2024, reflecting robust growth driven by heightened demand for low-risk, highly liquid investment vehicles amid fluctuating macroeconomic conditions. The market is expected to expand at a CAGR of 4.7% from 2025 to 2033, with a forecasted market size of USD 12.1 trillion by 2033. This growth is primarily attributed to increased government borrowing, evolving regulatory frameworks, and the persistent appetite for secure, short-term instruments among institutional and retail investors worldwide.

A principal growth factor for the Treasury Bills market is the prevailing global economic uncertainty, which has led investors to seek safer havens for their capital. Treasury Bills, known for their minimal default risk and high liquidity, have become increasingly attractive as financial markets experience volatility due to geopolitical tensions, inflationary pressures, and shifting monetary policies. Central banks and governments have also ramped up the issuance of Treasury Bills to manage short-term funding needs and stabilize national economies, further fueling the expansion of the market. This dynamic has resulted in greater participation from both domestic and foreign investors, reinforcing the critical role of Treasury Bills in financial portfolio diversification.

Another key driver is the digital transformation of financial markets, which has significantly streamlined the distribution and trading of Treasury Bills. The proliferation of online trading platforms and the integration of advanced fintech solutions have democratized access to these instruments, enabling a broader spectrum of investors—including retail participants—to engage in Treasury Bill transactions. Enhanced transparency, real-time pricing, and seamless settlement processes have made Treasury Bills more accessible and appealing, especially in emerging markets where digital adoption is accelerating. This technological evolution is expected to sustain market growth by fostering greater efficiency and inclusivity in Treasury Bill investments.

Additionally, regulatory reforms aimed at strengthening financial stability have played a pivotal role in boosting the Treasury Bills market. Policymakers across various regions have implemented measures to encourage prudent liquidity management among financial institutions, often mandating higher allocations to government securities such as Treasury Bills. These reforms, coupled with increasing fiscal deficits in many economies, have led to a steady uptick in Treasury Bill issuance. The resulting expansion in supply has been matched by robust demand from institutional investors seeking compliance with liquidity coverage ratios and capital adequacy requirements, further cementing the market’s upward trajectory.

From a regional perspective, North America continues to dominate the Treasury Bills market, accounting for the largest share in 2024, followed closely by Asia Pacific and Europe. The United States, in particular, remains a global benchmark due to its deep and liquid government securities market, while China and India are emerging as significant contributors to regional growth. In Europe, the market is buoyed by the European Central Bank’s ongoing monetary interventions and fiscal stimulus measures. Meanwhile, Latin America and the Middle East & Africa are witnessing gradual expansion, driven by financial sector reforms and increasing investor awareness. These regional trends underscore the global nature of the Treasury Bills market and its resilience amid diverse economic environments.

Type Analysis

The Treasury Bills market is segmented by type into 91-Day, 182-Day, 364-Day, and Others, each catering to different investor preferences and liquidity requirements. The 91-Day Treasury Bill segment represents the most actively traded and widely issued type, favored for its ultra-short maturity and frequent auction cycles. Governments utilize 91-day bills to manage immediate cash flow needs, while investors appreciate the rapid turnover and minimal interest rate exposure. The consistent demand for 91-day bills is further reinforced by their role as a benchmark for short-term interest rates and their utility in monetary policy operations. This segment's dominance is expected to persist, supported by ongoing efforts to enhance market liquidity and

Key information about Hong Kong SAR (China) Government Debt: % of GDP

• Hong Kong SAR (China) Government debt accounted for 49.1 % of the country's Nominal GDP in Mar 2024, compared with the ratio of 50.2 % in the previous year.
• Hong Kong SAR (China) government debt to GDP ratio data is updated yearly, available from Mar 2003 to Mar 2024.

*This indicator will be no longer available from March 2026, 4th onwards. CEIC has a plan to remove the non-standard frequency indicator after the standard frequency indicator has been added and be available on this table. CEIC calculates Government Debt as % of Nominal GDP from annual Government Debt and quarterly Nominal GDP. The Treasury provides Government Debt in local currency. Census and Statistics Department provides Nominal GDP in local currency. Government Debt covers Provision for pensions, Bonds and Notes issued and Other Liabilities. Government Debt as % of Nominal GDP is in annual frequency, ending in March of each year.


Related information about Hong Kong SAR (China) Government Debt: % of GDP

• In the latest reports, Hong Kong SAR (China) National Government Debt reached 190.1 USD bn in Mar 2024.
• The country's Nominal GDP reached 109.2 USD bn in Sep 2025.

As of December 2024, the countries with the highest 10-year yields are the United Kingdom, the United States and Australia with 4.68, 4.38 and 4.21 percent, respectively. Of the largest economies by GDP, the United States saw the sharpest fall in absolute terms for 10-year government bond yields due to the coronavirus (COVID-19) pandemic. From a level of 1.51 percent in January 2020, yields on 10-year government bonds fell to 0.65 percent by April 2020, and had further fallen to 0.53 percent by July 2020 before starting to recover towards the end of the year. Conversely, countries that went into 2020 with already low bond yields like Japan, Germany and France actually saw a small increase in March 2020 - although these already low yields mean that these small changes are significant in relative terms.

In January 2020, prior to the onset of the global coronavirus (COVID-19) pandemic, three of the seven largest economies by GDP had negative yields for two-year government bonds (Japan, Germany and France). With the onset of the pandemic, two-year bond yields in these countries actually rose slightly - in contrast to the other major economies, where yields fell over this period. As of December 2024, yields for two-year government bonds exhibited fluctuations across all countries. Notably, Japan showed a slight upward trend, while China experienced a modest decline.Negative yields assume that investors lack confidence in economic growth, meaning many investments (such as stocks) may lose value. Therefore, it is preferable to take a small loss on government debt that carries almost no risk to the investor, than risk a larger loss on other investments. As both the yen and euro are considered very safe assets, Japanese, German and French bonds were already being held by many investors prior to the pandemic as a hedge against economic downturn. Therefore, with the announcement of fiscal responses to the pandemic by many governments around March 2020, the value of these assets rose as confidence increased (slightly) that the worst case may be avoided. At the same time, yields on bonds with a higher return fell, as investors sought out investments with a higher return that were still considered safe.

Snapshot img

Debt Financing Market Size 2025-2029

The debt financing market size is forecast to increase by USD 7.89 billion at a CAGR of 6.4% between 2024 and 2029.

The market is experiencing significant growth, driven by the tax advantages of debt financing for businesses. The ability to deduct interest payments from taxable income makes debt financing an attractive option for companies seeking capital. Another key trend in the market is the increasing collaboration and mergers and acquisitions (M&A) activity, which often involves the use of debt financing to fund transactions. However, it is important to note that collateral may be necessary for some forms of debt financing, adding layer of complexity to the process.
Companies seeking to capitalize on these opportunities must navigate the challenges of securing adequate collateral and managing debt levels to maintain financial health and wellness. Effective debt management strategies, such as optimizing debt structures and maintaining strong credit ratings, will be essential for companies looking to succeed in this dynamic market. Debt financing is a significant component of the regional capital markets, with financial institutions, banks, and insurance companies serving as major players.

What will be the Size of the Debt Financing Market during the forecast period?

Request Free Sample

The market encompasses various debt instruments issued by entities to secure funds for business operations and growth. Market dynamics are influenced by several factors, including interest rate cycles, monetary policy, and economic growth. Basel Accords and the Financial Stability Board set standards for financial institutions' risk management and capital adequacy, impacting debt issuance. Government debt, securitization transactions, and various debt instruments like interest rate swaps, loan-to-value ratios, and credit-linked notes, shape the market landscape. Market volatility, driven by factors such as business cycles, credit spreads, and risk appetite, influences investor sentiment. Debt sustainability, fiscal policy, and ESG investing are increasingly important considerations for issuers and investors.
Asset managers are focusing on leveraging technology and data analytics to improve operational efficiency and meet the evolving needs of investors. The market is, however, not without challenges, with regulatory compliance and interest rate risks being major concerns. Overall, the income asset management market in North America is poised for steady growth, driven by the demand for debt financing and wealth management solutions, and the increasing adoption of advanced analytics and ETFs.

How is this Debt Financing Industry segmented?

The debt financing industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD million' for the period 2025-2029, as well as historical data from 2019-2023 for the following segments.

Source

  Private
  Public


Type

  Long-term
  Short-term
  Long-term


Geography

  North America

    US
    Canada


  Europe

    France
    Germany
    Italy
    Spain
    UK


  APAC

    China
    Japan
    South Korea


  Middle East and Africa



  South America

By Source Insights

The private segment is estimated to witness significant growth during the forecast period. Debt financing is a popular financing method for businesses seeking to expand operations while maintaining ownership. Private debt financing, in particular, has gained significant traction among financial specialists worldwide due to its importance in funding small- and mid-sized organizations globally. The demand for debt financing by startups has increased annually, leading to the sector's substantial growth over the last five years. This financing option's flexibility enables businesses to customize their financing solutions to address specific needs, making it an allure for numerous organizations. Private debt financing encompasses various instruments such as Real Estate Debt, Term Loans, Leveraged Buyouts, Asset Securitization, Infrastructure Financing, Loan Servicing, and more.

Financial Leverage, Debt Covenants, Credit Risk, and Interest Rate Risk are essential considerations in this sector. Hedge Funds, Collateralized Loan Obligations, High Yield Debt, and Investment Grade Debt are alternative investment areas. Private Equity, Syndicated Loans, Venture Debt, Bridge Financing, and Mezzanine Financing are also integral components. Financial Institutions offer various debt financing solutions, including Capital Markets, Expansion Financing, Growth Capital, Debt Refinancing, and Debt Consolidation. Financial Modeling, Return on Investment, and Risk Management are crucial aspects of debt financing. Debt Advisory, Financial Engineering, and Debt Capital Markets are essential services in this field. Small Business Loans, Supply Ch

Green Bond Issuance Market Outlook

According to our latest research, the Global Green Bond Issuance market size was valued at $570 billion in 2024 and is projected to reach $2,350 billion by 2033, expanding at a CAGR of 16.7% during 2024–2033. The primary factor propelling the growth of the global green bond issuance market is the increasing commitment of governments, corporations, and financial institutions to climate change mitigation and sustainable development goals. This surge is further fueled by robust regulatory frameworks, heightened investor demand for ESG-compliant assets, and the global momentum toward decarbonization and green infrastructure investment. As the world transitions toward a low-carbon economy, green bonds have emerged as a critical financial instrument to channel capital into environmentally beneficial projects, driving both market growth and innovation across sectors.

Regional Outlook

Europe continues to dominate the Green Bond Issuance market, accounting for the largest share with over 40% of total global issuances in 2024. This leadership is attributed to the region’s mature financial markets, proactive regulatory environment, and ambitious sustainability targets set by the European Union. The EU Green Bond Standard and the European Green Deal have established a robust policy framework that incentivizes both public and private sector participation in green finance. Major financial centers such as Luxembourg, Frankfurt, and Paris have become hubs for green bond listings, while governments and supranational entities regularly tap into the market to fund renewable energy, clean transportation, and energy efficiency projects. The high level of investor awareness and the integration of ESG metrics in investment decisions further reinforce Europe’s preeminent position in the global landscape.

The Asia Pacific region is emerging as the fastest-growing market for green bond issuance, registering a remarkable CAGR of 21.3% during the forecast period. This rapid expansion is underpinned by escalating infrastructure needs, urbanization, and strong policy mandates from governments such as China, Japan, and India. China, in particular, has become a global leader in green finance, supported by the People’s Bank of China’s green bond guidelines and the government’s commitment to peak carbon emissions by 2030. The region’s financial institutions and corporates are increasingly leveraging green bonds to finance renewable power generation, sustainable transport, and water management projects. International collaboration, such as the ASEAN Green Bond Standards, is also fostering cross-border investment and harmonization of green finance practices, thereby accelerating the market’s growth trajectory.

In contrast, emerging economies in Latin America, the Middle East, and Africa are experiencing a gradual uptake in green bond issuance. While these regions collectively account for less than 15% of the global market, their potential is significant due to untapped renewable resources and growing awareness of climate risks. Adoption challenges persist, including limited technical expertise, lower investor familiarity, and regulatory uncertainties. However, targeted policy interventions, capacity building, and support from multilateral development banks are helping to bridge these gaps. For instance, countries like Brazil, South Africa, and the United Arab Emirates have launched pioneering green bond transactions to finance water management, clean transport, and sustainable agriculture, indicating a positive outlook for future growth as local demand and policy support strengthen.

Report Scope

Attributes	Details
Report Title	Green Bond Issuance Market Research Report 2033
By Bond Type	Use of Proceeds Bonds, Revenue Bonds, Project Bonds, Securitized Bonds
By Issuer Type	Government, Corporate, Financial Institutions, Municipalities, Others
By

As of 2023, the United States had the largest bond market worldwide, accounting for nearly 40 percent of the total. The European Union was second in the ranking, accouting for almost one fifth of the total outstanding value of corporate and government bonds worldwid, followed by China with 16.3 percent.