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.

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.

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 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.

The national debt of China amounted to 16.65 trillion U.S. dollars in 2024. Following a continuous upward trend, the national debt has risen by 16.46 trillion U.S. dollars since 1995. Between 2024 and 2030, the national debt will rise by 12.97 trillion U.S. dollars, continuing its consistent upward trajectory.

United States USF: Long Term: Corporate Debt: China data was reported at 16.288 USD bn in 2017. This records an increase from the previous number of 15.898 USD bn for 2016. United States USF: Long Term: Corporate Debt: China data is updated yearly, averaging 18.337 USD bn from Jun 2002 (Median) to 2017, with 16 observations. The data reached an all-time high of 58.494 USD bn in 2006 and a record low of 10.898 USD bn in 2002. United States USF: Long Term: Corporate Debt: China data remains active status in CEIC and is reported by US Department of Treasury. The data is categorized under Global Database’s USA – Table US.Z047: Foreign Residents' Portfolio Holdings of U.S. Securities.

United States FSU: Debt: Long Term: Asset Backed: China data was reported at 52.000 USD mn in 2016. This stayed constant from the previous number of 52.000 USD mn for 2015. United States FSU: Debt: Long Term: Asset Backed: China data is updated yearly, averaging 8.000 USD mn from Dec 2003 (Median) to 2016, with 13 observations. The data reached an all-time high of 52.000 USD mn in 2016 and a record low of 0.000 USD mn in 2012. United States FSU: Debt: Long Term: Asset Backed: China data remains active status in CEIC and is reported by US Department of Treasury. The data is categorized under Global Database’s USA – Table US.Z044: U.S. Residents' Portfolio Holdings of Foreign Securities.

External Debt in China decreased to 24198 USD Hundred Million in 2024 from 24475 USD Hundred Million in 2023. This dataset provides - China External Debt - actual values, historical data, forecast, chart, statistics, economic calendar and news.

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.

United States FSU: Debt: Short Term: Negotiable CDs: China data was reported at 382.000 USD mn in 2016. This records an increase from the previous number of 189.000 USD mn for 2015. United States FSU: Debt: Short Term: Negotiable CDs: China data is updated yearly, averaging 24.000 USD mn from Dec 2003 (Median) to 2016, with 14 observations. The data reached an all-time high of 670.000 USD mn in 2014 and a record low of 0.000 USD mn in 2005. United States FSU: Debt: Short Term: Negotiable CDs: China data remains active status in CEIC and is reported by US Department of Treasury. The data is categorized under Global Database’s USA – Table US.Z044: U.S. Residents' Portfolio Holdings of Foreign Securities.

Key information about China External Debt

• China External Debt reached 2,436.8 USD bn in Jun 2025, compared with 2,451.4 USD bn in the previous quarter.
• China External Debt: USD mn data is updated quarterly, available from Jun 2003 to Jun 2025.

• In the latest reports of China, Current Account recorded a surplus of 195.6 USD bn in Sep 2025.
• Foreign Direct Investment (FDI) increased by 8.5 USD bn in Sep 2025.
• China Direct Investment Abroad expanded by 39.9 USD bn in Sep 2025.
• Its Foreign Portfolio Investment increased by 8.3 USD bn in Jun 2025.
• The country's Nominal GDP was reported at 4,953.4 USD bn in Sep 2025.

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.

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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?

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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

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.

Key information about China Foreign Exchange Reserves

• China Foreign Exchange Reserves was measured at 3,343.3 USD bn in Oct 2025, compared with 3,338.7 USD bn in the previous month
• China Foreign Exchange Reserves: USD mn data is updated monthly, available from Jan 1989 to Oct 2025
• The data reached an all-time high of 3,993.2 USD bn in Jun 2014 and a record low of 3.7 USD bn in Jan 1989

• In the latest reports, China Foreign Exchange Reserves equaled 15.5 Months of Import in Oct 2025.
• Its Money Supply M2 increased 44,251.0 USD bn YoY in Mar 2025.
• China Domestic Credit reached 52,818.4 USD bn in Oct 2025, representing an increased of 7.9 % YoY.
• The country's Non Performing Loans Ratio stood at 1.5 % in Sep 2025, compared with the ratio of 1.5 % in the previous quarter.
• Household Debt of China reached 60.4 % in Sep 2025, accounting for 60.4 % of the country's Nominal GDP.

Key information about Canada External Debt

• Canada External Debt reached 3,163.2 USD bn in Dec 2024, compared with 3,172.8 USD bn in the previous quarter.
• Canada External Debt: USD mn data is updated quarterly, available from Mar 1990 to Dec 2024.
• The data reached an all-time high of 3,172.8 USD bn in Sep 2024 and a record low of 303.1 USD bn in Mar 1990.

• In the latest reports of Canada, Current Account recorded a deficit of 4.6 USD bn in Mar 2023.
• Foreign Direct Investment (FDI) increased by 20.0 USD bn in Dec 2024.
• Canada Direct Investment Abroad expanded by 28.5 USD bn in Dec 2024.
• Its Foreign Portfolio Investment increased by 35.6 USD bn in Dec 2024.
• The country's Nominal GDP was reported at 520.3 USD bn in Mar 2023.