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.

Graph and download economic data for Amount Outstanding of International Debt Securities for All Issuers, All Maturities, Residence of Issuer in All countries (IDSAMRIAO3P) from Q4 1962 to Q2 2025 about maturity, World, debt, residents, and securities.

Thailand Domestic Bonds Outstanding: Corporate Debt Securities data was reported at 2,963.158 THB bn in 2017. This records an increase from the previous number of 2,812.672 THB bn for 2016. Thailand Domestic Bonds Outstanding: Corporate Debt Securities data is updated yearly, averaging 393.640 THB bn from Dec 1988 (Median) to 2017, with 30 observations. The data reached an all-time high of 2,963.158 THB bn in 2017 and a record low of 0.000 THB bn in 1991. Thailand Domestic Bonds Outstanding: Corporate Debt Securities data remains active status in CEIC and is reported by The Thai Bond Market Association. The data is categorized under Global Database’s Thailand – Table TH.Z029: Domestic Bonds Outstanding and Issued.

The U.S. dollar was the currency most commonly used for deals on the international debt capital market in the fourth quarter of 2024. At that time, the value of deals in that currency was 639 billion U.S. dollars. What is debt capital market? The debt market is the part of the capital market on which fixed-interest securities are traded. These securities include, for example, government, municipal, corporate or mortgage bonds. It allows the companies and governments to raise capital through issuance of debt securities. In case a company or a government decides to collect additional money on debt capital market, it issues debt securities and sells them to investors. Depending on financial situation of the company issued bonds can obtain different ratings. The better the company is perceived in the market, the lower interest rates it has to pay for raised capital. Other ways of raising capital Some companies can access money via venture capital or private equity funding, where money comes from high net worth individuals, investment funds, banks or other financial institutions. For larger and well-established companies going public can be an option and raising money among investors. This process is called initial public offering (IPO).

Thailand Debt Securities: Registered: Outstanding: Value: Corporate Debt data was reported at 2,964,608.000 THB mn in 2017. This records an increase from the previous number of 2,812,386.000 THB mn for 2016. Thailand Debt Securities: Registered: Outstanding: Value: Corporate Debt data is updated yearly, averaging 937,336.000 THB mn from Dec 1999 (Median) to 2017, with 19 observations. The data reached an all-time high of 2,964,608.000 THB mn in 2017 and a record low of 179,387.000 THB mn in 1999. Thailand Debt Securities: Registered: Outstanding: Value: Corporate Debt data remains active status in CEIC and is reported by Securities and Exchange Commission. The data is categorized under Global Database’s Thailand – Table TH.Z019: Debt Securities Statistics: Registered in Thai Bond Market.

Sovereign Bonds Market Outlook

According to our latest research, the global sovereign bonds market size reached USD 26.8 trillion in 2024, reflecting the continued dominance of government debt securities in global capital markets. The market is projected to grow at a CAGR of 6.1% from 2025 to 2033, with the total market size expected to reach USD 45.8 trillion by 2033. This expansion is being driven by robust demand from institutional investors, persistent fiscal deficits, and the need for governments to fund large-scale infrastructure and social programs. The growth of the sovereign bonds market is also underpinned by the increasing integration of emerging economies into the global financial system, alongside heightened risk aversion among investors seeking safe-haven assets.

One of the primary growth factors for the sovereign bonds market is the heightened demand for low-risk investment vehicles, particularly during periods of global economic uncertainty. Sovereign bonds, issued by national governments, are widely regarded as among the safest asset classes due to their backing by the full faith and credit of the issuing state. As central banks in major economies maintain accommodative monetary policies and investors seek to hedge against market volatility, allocations to sovereign bonds have increased significantly. Furthermore, regulatory requirements for financial institutions, such as Basel III liquidity coverage ratios, have compelled banks and insurers to hold substantial amounts of high-quality liquid assets, further reinforcing demand for government securities.

Another critical driver is the substantial fiscal stimulus measures enacted by governments worldwide in response to economic disruptions, such as the COVID-19 pandemic and ongoing geopolitical tensions. These measures have led to a surge in sovereign debt issuance, as countries seek to finance stimulus packages, healthcare expenditures, and economic recovery programs. The sovereign bonds market has therefore become a vital conduit for channeling capital from global investors into public sector projects, supporting both economic stability and long-term development. Moreover, the growing prominence of green and social bonds within sovereign issuance programs reflects an increasing alignment between public finance and sustainable development objectives, broadening the market’s appeal to ESG-focused investors.

The sovereign bonds market also benefits from technological advancements and financial innovation, which have enhanced market transparency, accessibility, and efficiency. The digitalization of bond issuance and trading platforms has enabled a broader spectrum of investors, including retail participants, to access sovereign debt markets. Additionally, the adoption of electronic book-building processes and blockchain-based settlement systems has streamlined primary and secondary market operations, reducing transaction costs and settlement risks. These innovations are fostering greater market participation and liquidity, thereby strengthening the overall resilience and attractiveness of sovereign bonds as a core asset class.

Regionally, the sovereign bonds market exhibits considerable diversity in terms of issuance volumes, investor bases, and yield dynamics. North America and Europe remain the largest markets, accounting for the majority of outstanding sovereign debt, driven by the United States, Germany, France, and the United Kingdom. However, the Asia Pacific region is witnessing the fastest growth, fueled by the rising fiscal needs of China, Japan, India, and Southeast Asian economies. Emerging markets in Latin America and the Middle East & Africa are also increasing their presence, albeit from a lower base, as they tap international capital markets to finance development initiatives. This regional diversification is contributing to a more balanced and resilient global sovereign bonds market.

Type Analysis

The sovereign bonds market is characterized by a wide array of bond types, each tailored to meet specific

Thailand Debt Securities: Registered: Outstanding: Value: Govt Debt data was reported at 8,344,519.000 THB mn in 2017. This records an increase from the previous number of 7,982,108.000 THB mn for 2016. Thailand Debt Securities: Registered: Outstanding: Value: Govt Debt data is updated yearly, averaging 3,873,327.000 THB mn from Dec 1999 (Median) to 2017, with 19 observations. The data reached an all-time high of 8,344,519.000 THB mn in 2017 and a record low of 930,506.000 THB mn in 1999. Thailand Debt Securities: Registered: Outstanding: Value: Govt Debt data remains active status in CEIC and is reported by Securities and Exchange Commission. The data is categorized under Global Database’s Thailand – Table TH.Z019: Debt Securities Statistics: Registered in Thai Bond Market.

As of July 18, 2025, the major economy with the highest yield on 10-year government bonds was Turkey, with a yield of ** percent. This is due to the risks investors take when investing in Turkey, notably due to high inflation rates potentially eradicating any profits made when using a foreign currency to investing in securities denominated in Turkish lira. Of the major developed economies, United Kingdom had one the highest yield on 10-year government bonds at this time with **** percent, while Switzerland had the lowest at **** percent. How does inflation influence the yields of government bonds? Inflation reduces purchasing power over time. Due to this, investors seek higher returns to offset the anticipated decrease in purchasing power resulting from rapid price rises. In countries with high inflation, government bond yields often incorporate investor expectations and risk premiums, resulting in comparatively higher rates offered by these bonds. Why are government bond rates significant? Government bond rates are an important indicator of financial markets, serving as a benchmark for borrowing costs, interest rates, and investor sentiment. They affect the cost of government borrowing, influence the price of various financial instruments, and serve as a reflection of expectations regarding inflation and economic growth. For instance, in financial analysis and investing, people often use the 10-year U.S. government bond rates as a proxy for the longer-term risk-free rate.

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.

Thailand Debt Securities: Registered: Outstanding: No: Corporate Debt data was reported at 2,269.000 Unit in 2017. This records a decrease from the previous number of 2,716.000 Unit for 2016. Thailand Debt Securities: Registered: Outstanding: No: Corporate Debt data is updated yearly, averaging 950.000 Unit from Dec 1999 (Median) to 2017, with 19 observations. The data reached an all-time high of 2,716.000 Unit in 2016 and a record low of 122.000 Unit in 1999. Thailand Debt Securities: Registered: Outstanding: No: Corporate Debt data remains active status in CEIC and is reported by Securities and Exchange Commission. The data is categorized under Global Database’s Thailand – Table TH.Z019: Debt Securities Statistics: Registered in Thai Bond Market.

EDI now provides seven daily feeds, timed to international trading cycles at 03:30, 07:00, 09:00, 11:00, 13:00, 15:00, and 17:15 GMT/UTC, giving clients consistent, market-aligned data throughout the day.

The Worldwide Fixed Income (WFI) Service enables you to keep track of new bond issues or changes in terms and conditions for both corporate and government issuances. Data is sourced globally from stock exchanges, central banks, ministries of finance, lead managers, paying, calculation and transfer agents.

The fixed income data service cover 40 event types including redemption, conversion, defaults and contains static data outlining key terms and conditions and call schedules. EDI can provide you with pricing supplements, offering circulars, term sheets and prospectuses for as many securities as possible subject to availability. It covers approximately 30% of the Fixed Income database. Use cases: Bond Issuance Tracking | Portfolio Risk Management | Portfolio Valuation | Investment Management | Market Analysis

With the service you will have access to: -International debt securities in more than 150 countries A broad range of asset types including: -Convertibles -FRNs -Permanent interest bearing shares -Preferred securities -Treasury bills In addition, where possible we can extend both instruments and geographic coverage to fully cover your portfolio.

Originally in the equity space, Exchange Data International (EDI) moved to the Fixed Income arena following an increased demand from clients to add debt instruments to its coverage. As the firm was approached by a major credit rating agency to build a customised fixed income service, it developed its own Fixed Income service providing global coverage of the debt market. New countries and sources are continually researched and added to enhance geographic coverage and increase the volume of securities in the database. The service provides historical data back from 2007.

Asset Classes Fully covered: • Canadian strip packages without underlying • Cash management bills • Certificate of deposit (tenure more than 28 days) • Commercial papers (tenure more than 28 days) • Convertibles • Corporate bonds • Government bonds • Municipal securities • Short-term corporate Bonds • Short-term government Bonds • Strips (parent needed) • Treasury bills

Covered if in portfolio: • Asset-backed securities (ABS) (securities entered with critical fields and just covered for live • client’s portfolio and Canada; offering documents processed for live clients; corporate actions not maintained) • Certificates (just covered for live client’s portfolio) • Mortgage-backed securities (MBS) (securities entered with critical fields and just covered for live client’s portfolio and Canada, offering documents processed for live clients; corporate actions not maintained) • Musharaka Sukuks (securities entered with critical fields and just covered for live client’s Portfolio; offering documents processed for live clients; corporate actions not maintained) • Structured Products • Genussschein (AT, CH and DE) • Mortgage-pass through certificates • Pass-through certificates In addition, EDI provides a comprehensive global Fixed Income Corporate Action/Event service, to compliment the reference data, including security and issuer level events and distributions.

Thailand Debt Securities: Registered: Outstanding: Value data was reported at 11,043,304.000 THB mn in 2017. This records an increase from the previous number of 10,874,338.000 THB mn for 2016. Thailand Debt Securities: Registered: Outstanding: Value data is updated yearly, averaging 4,325,097.500 THB mn from Dec 1996 (Median) to 2017, with 22 observations. The data reached an all-time high of 11,043,304.000 THB mn in 2017 and a record low of 148,688.920 THB mn in 1996. Thailand Debt Securities: Registered: Outstanding: Value data remains active status in CEIC and is reported by Securities and Exchange Commission. The data is categorized under Global Database’s Thailand – Table TH.Z019: Debt Securities Statistics: Registered in Thai Bond Market.

Tier 2 Capital Bonds Market Outlook

According to our latest research, the global Tier 2 Capital Bonds market size reached USD 413.2 billion in 2024, reflecting a robust growth trajectory driven by regulatory requirements and the ongoing need for capital adequacy in the financial sector. The market is witnessing a compound annual growth rate (CAGR) of 6.1% from 2025 to 2033. By the end of 2033, the Tier 2 Capital Bonds market is forecasted to achieve a valuation of USD 701.7 billion. This significant expansion is primarily attributed to evolving Basel III regulations, heightened demand for risk-weighted capital instruments, and the growing participation of institutional investors in emerging markets.

The growth of the Tier 2 Capital Bonds market is fundamentally underpinned by the increasing regulatory emphasis on strengthening the capital base of financial institutions. Basel III and other global regulatory frameworks have imposed more stringent capital requirements, compelling banks and financial institutions to bolster their capital adequacy ratios through the issuance of Tier 2 instruments. These bonds, serving as supplementary capital, not only enhance the resilience of the financial system but also provide issuers with a cost-effective solution to meet regulatory thresholds. As a result, the market for Tier 2 Capital Bonds has seen a marked uptick in issuance volumes, particularly among systemically important banks seeking to maintain compliance and investor confidence in an evolving regulatory environment.

Another critical growth factor for the Tier 2 Capital Bonds market is the diversification of funding sources by financial institutions. In an era characterized by volatile interest rates and fluctuating economic cycles, banks and insurance companies are increasingly leveraging Tier 2 instruments to optimize their capital structures. These bonds offer a balance between risk and reward, appealing to both issuers and investors seeking yield enhancement and credit protection. The flexibility in terms, such as subordination and loss-absorption features, has further fueled investor appetite, especially among institutional investors who are constantly seeking to diversify their fixed-income portfolios. This trend is further amplified by the growing sophistication of capital markets in emerging economies, where local regulatory authorities are aligning with global best practices.

Technological advancements and digitalization within the financial services sector have also played a pivotal role in the expansion of the Tier 2 Capital Bonds market. The adoption of advanced analytics, blockchain, and digital issuance platforms has streamlined the process of bond issuance, distribution, and monitoring, reducing operational costs and enhancing transparency. These technological innovations have facilitated broader market participation, enabling issuers to reach a wider pool of investors, including retail participants who were previously less involved in such instruments. As digital finance continues to evolve, the accessibility and attractiveness of Tier 2 Capital Bonds are expected to increase, further propelling market growth over the next decade.

Regionally, the Asia Pacific market stands out as a major growth engine, driven by rapid financial sector development, regulatory reforms, and a burgeoning investor base. Countries such as China, India, and Southeast Asian economies are witnessing a surge in Tier 2 bond issuances as local banks strive to align with international capital standards. Meanwhile, North America and Europe remain mature markets with steady issuance activity, underpinned by a stable regulatory environment and sophisticated capital markets. Latin America and the Middle East & Africa are emerging as promising regions, albeit at a relatively nascent stage, with increasing cross-border investments and regulatory convergence supporting incremental growth in Tier 2 Capital Bonds adoption.

In the context of the evolving financial landscape, Convertible Bond Issuance Advisory services have become increasingly vital for institutions looking to optimize their capital strategies. These advisory services provide tailored solutions for structuring and issuing convertible bonds, which offer the dual benefits of debt and equity. By leveraging expert insights and market analysi

High-Yield Bonds Market Outlook

According to our latest research, the global high-yield bonds market size reached USD 2.34 trillion in 2024 and is projected to expand at a robust CAGR of 6.1% during the forecast period, surging to an estimated USD 3.98 trillion by 2033. This significant growth trajectory is primarily driven by a combination of persistent investor appetite for higher returns, ongoing accommodative monetary policies in key economies, and a dynamic corporate financing landscape that favors riskier debt instruments. The market continues to evolve rapidly as both institutional and retail investors seek to optimize their portfolios amid a fluctuating interest rate environment and heightened global economic uncertainty.

One of the most prominent growth factors propelling the high-yield bonds market is the persistent low-yield environment in traditional fixed-income assets, which has encouraged investors to pursue higher-risk, higher-return alternatives. Central banks across developed economies have maintained relatively low interest rates to spur economic recovery post-pandemic, inadvertently compressing yields on government and investment-grade corporate bonds. This scenario has funneled substantial capital into high-yield bonds, particularly from pension funds, insurance companies, and mutual funds seeking to enhance portfolio yields. Furthermore, the search for income in a low-rate world has expanded the investor base, drawing significant interest from both institutional and retail segments.

Another critical driver is the increasing trend of corporate refinancing and leveraged buyouts, especially in sectors undergoing transformation or consolidation. Companies with sub-investment grade ratings are leveraging favorable market conditions to refinance existing debt at lower costs or to support strategic acquisitions, fueling new issuances of high-yield bonds. The market has also witnessed a surge in innovative debt structures and covenant-lite deals, catering to the evolving risk appetite of investors. This dynamism is further accentuated by the rise of emerging market high-yield issuances, as sovereign and corporate entities in developing economies tap into global capital markets to fund growth and infrastructure projects.

Technological advancements and the proliferation of digital trading platforms have also played a pivotal role in shaping the high-yield bonds market. Enhanced access to market data, real-time pricing, and streamlined execution processes have democratized bond investing, making high-yield instruments more accessible to a broader spectrum of investors. Online platforms and fintech innovations have lowered transaction costs, improved transparency, and enabled retail investors to participate more actively in the market. This digital transformation is fostering greater liquidity and efficiency, thereby supporting the overall expansion of the high-yield bonds ecosystem.

Regionally, North America continues to dominate the high-yield bonds market, accounting for nearly 47% of global issuance in 2024. The United States, in particular, remains the epicenter of high-yield activity, driven by a mature capital market infrastructure, a deep pool of institutional investors, and a steady pipeline of corporate issuers. Europe and Asia Pacific are also emerging as significant contributors, with European issuances gaining momentum amid regulatory harmonization and Asia Pacific benefitting from robust economic growth and increasing financial market sophistication. Latin America and the Middle East & Africa are gradually expanding their market share, propelled by sovereign and corporate financing needs, though these regions still face structural and regulatory challenges that temper growth.

Type Analysis

The high-yield bonds market can be segmented by type into Corporate High-Yield Bonds, Sovereign High-Yield Bonds, Emerging Market High-Yield Bonds, and Others. Corporate high-yield bonds represent the largest share of the market, driven by a sustained ap

Callable Bonds Market Outlook

According to our latest research, the global callable bonds market size reached USD 2.21 trillion in 2024, reflecting robust activity across government, corporate, and municipal issuances. The market is poised for steady expansion, with a projected CAGR of 5.3% from 2025 to 2033. By the end of 2033, the callable bonds market is forecasted to attain a value of USD 3.51 trillion. This growth is primarily driven by increasing demand for flexible debt instruments in a dynamic interest rate environment, as issuers seek to optimize their capital structures and manage refinancing risks efficiently.

A key growth factor for the callable bonds market is the persistent volatility in global interest rates. As central banks continue to adjust monetary policies in response to inflationary pressures and macroeconomic uncertainties, both public and private sector issuers are increasingly favoring callable bonds. These instruments provide issuers with the strategic option to redeem debt early if interest rates decline, allowing for refinancing at lower costs. This flexibility is especially attractive in periods of economic uncertainty, where the ability to manage interest expenses and maintain liquidity is crucial. The growing sophistication of debt management strategies among governments and corporations further fuels the adoption of callable bonds worldwide.

Another significant driver is the rising participation of institutional investors in the callable bonds market. Asset managers, pension funds, and insurance companies are drawn to callable bonds for their relatively higher yields compared to non-callable alternatives, compensating for the embedded call risk. In addition, the expansion of emerging markets into global capital markets has led to increased callable bond issuances by sovereign and quasi-sovereign entities. This trend is amplified by advancements in technology and digital trading platforms, which enhance transparency and accessibility, making callable bonds more attractive to a broader investor base. The proliferation of online platforms is also enabling retail investors to participate more actively, further boosting market liquidity.

Regulatory reforms and evolving market practices are also shaping the trajectory of the callable bonds market. Enhanced disclosure requirements, improved pricing transparency, and the adoption of standardized documentation have contributed to greater investor confidence and market integrity. These regulatory developments, alongside the growing integration of environmental, social, and governance (ESG) criteria into bond issuance, are prompting issuers to innovate with callable structures that align with sustainable finance objectives. As a result, the market is witnessing a diversification of callable bond types and a broader range of issuers, which is expected to sustain growth over the long term.

From a regional perspective, North America continues to dominate the callable bonds market, accounting for the largest share of global issuances in 2024. This leadership is underpinned by the active participation of U.S. government agencies, corporates, and municipal entities, coupled with a highly developed financial infrastructure. Europe and Asia Pacific are also experiencing notable growth, driven by regulatory harmonization and increased cross-border capital flows. In contrast, Latin America and the Middle East & Africa are gradually expanding their presence, supported by economic reforms and infrastructure investments. Each region exhibits unique market dynamics, but the overarching trend points toward increasing globalization and diversification in callable bond offerings.

Type Analysis

The callable bonds market is segmented by type into traditional callable bonds, make-whole callable bonds, European callable bonds, Bermudan callable bonds, and others. Traditional callable bonds remain the most prevalent, offering issuers a straightforward mechanism to redeem bonds at predetermined call dates and prices. This type is favored for its simplicity and flexibility, particularly in markets where interest rates are expected to fluctuate. Traditional callable bonds provide issuers with the ability to refinance debt efficiently, while investors are compensated for call risk through higher yields. The enduring popularity of this segment is supported by well-established legal frameworks and market conventions, especially in North America and Europe.

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.

The outstanding value of debt securities issued by nonfinancial corporations in the United States increased steadily between 2000 and 2024. As of the third quarter of 2024, U.S. nonfinancial corporate debt securities amounted to approximately 8.5 trillion U.S. dollars.

Thailand Debt Securities: Registered: Outstanding: No: Govt Debt data was reported at 516.000 Unit in 2017. This records a decrease from the previous number of 548.000 Unit for 2016. Thailand Debt Securities: Registered: Outstanding: No: Govt Debt data is updated yearly, averaging 529.000 Unit from Dec 1999 (Median) to 2017, with 19 observations. The data reached an all-time high of 686.000 Unit in 2009 and a record low of 265.000 Unit in 1999. Thailand Debt Securities: Registered: Outstanding: No: Govt Debt data remains active status in CEIC and is reported by Securities and Exchange Commission. The data is categorized under Global Database’s Thailand – Table TH.Z019: Debt Securities Statistics: Registered in Thai Bond Market.

The Convertible Bond market has emerged as a sophisticated financial instrument that marries the features of debt and equity, providing unique investment opportunities for both issuers and investors. At its core, a convertible bond is a type of fixed income security that allows bondholders to convert their bonds int

The table shows the level of bank credit to the private sector around the world, i.e. the total value of debt outstanding at a point in time. The first column of numbers presents the amount in local currency. The second column shows the percent change in that amount from three months ago and the last column shows the percent change since the same month last year. All amounts are in nominal terms. Note that total private credit consists of business credit and household credit which, in turn, has two components: mortgage credit that finances the acquisition of real estate and consumer credit that includes credit cards, auto loans, personal lines of credit, student loans, and other types of personal credit. Bank credit is by far the main source of financing for the business sector in almost all countries. Two notable exceptions are the U.S. and the UK where companies can also tap the well developed stock and bond markets to finance projects. In the rest of the world, bank credit is the main source of firm financing. If you are interested, you read our brief article on the interplay between the real economy and credit.