The Report Covers US Fixed Income Asset Management Companies and the Market is Segmented Based On the Client Type (Retail, Pension Funds, Insurance Companies, Banks, and Other Client Types), and by Asset Class (Bonds, Money Market Instruments (includes Mutual Funds), ETF, and Other Asset Classes)

The Bond Market Report is Segmented by Type (Treasury Bonds, Municipal Bonds, Corporate Bonds, High-Yield Bonds, Mortgage-Backed Securities, and Others (Floating Rate Bonds, Zero-Coupon Bonds, Callable Bonds)), by Issuer (Public Sector Issuers and Private Sector Issuers), by Sectors (Government Backed Entities, Financial Corporations, Non-Financial Corporations, Others (Development Banks, and Local Government)), and by Geography (North America, South America, Europe, Asia-Pacific, and Middle-East & Africa). The Report Offers Market Size and Forecasts for the Bonds Market in Value (USD) for all the Above Segments.

The Corporate Bond Market Report is Segmented by Type of Bonds, Investor Type, and Geography. By Type of Bonds, The Market is Segmented Into Investment-Grade Corporate Bond Funds, High-Yield Corporate Bonds, and Sector-Specific Corporate Bond Funds. By Investor Type, The Market is Segmented Into Institutional Investors and Retail Investors. By Geography, The Market is Segmented Into North America, Europe, Asia Pacific, South America, and the Middle East. The Report Offers Market Size and Forecasts in Value (USD) for all the Above Segments.

The Fixed Income Investment Management market is experiencing robust growth, driven by increasing institutional and individual investor demand for stable returns in an uncertain economic climate. The market size in 2025 is estimated at $15 trillion, exhibiting a Compound Annual Growth Rate (CAGR) of 7% from 2025 to 2033. This growth is fueled by several key factors, including rising global debt levels, persistent low interest rates in many developed economies stimulating demand for fixed-income securities, and the increasing adoption of sophisticated investment strategies like ESG (Environmental, Social, and Governance) investing within the fixed-income space. The increasing complexity of global financial markets further contributes to demand for professional fixed-income management services from both enterprises and individuals seeking diversification and risk mitigation. Segment-wise, Core Fixed Income continues to dominate the market, albeit with Alternative Credit witnessing faster growth driven by the search for higher yields. Geographically, North America and Europe currently hold the largest market share, although rapidly developing economies in Asia-Pacific are poised for significant growth in the coming years. The market faces some restraints such as interest rate volatility and regulatory changes impacting investment strategies, but the overall outlook remains positive. The key players in the Fixed Income Investment Management industry include established giants such as Vanguard, Pimco, Fidelity, and American Funds, alongside other significant players like Great-West Lifeco, Oppenheimer Funds, and T. Rowe Price. These firms are constantly adapting their strategies to meet evolving investor needs, incorporating technological advancements and innovative approaches to risk management. The competitive landscape is characterized by both intense competition and collaboration, as firms strive to offer superior performance and client service in a dynamic market environment. The continued expansion of the market presents significant opportunities for existing players to increase their market share and for new entrants to establish themselves within the industry. The ongoing shift towards passive investment strategies alongside the rise of actively managed alternatives presents a critical dynamic impacting both competition and investment trends within the sector.

The global fixed income investment management market is experiencing robust growth, driven by increasing institutional and individual investor demand for diversified portfolios and relatively stable returns in a volatile market environment. The market size in 2025 is estimated at $15 trillion, reflecting a substantial increase from previous years. This significant value is fueled by a Compound Annual Growth Rate (CAGR) of 7% projected from 2025 to 2033. Several factors contribute to this expansion, including the rising popularity of alternative credit strategies among sophisticated investors seeking higher yields, the growing adoption of technology and data analytics to enhance investment decision-making, and the increasing demand for sustainable and responsible investment (SRI) options within the fixed income space. The market is segmented by application (enterprises and individuals) and type (core fixed income and alternative credit), with the core fixed income segment currently holding the larger market share, though alternative credit is exhibiting faster growth due to its appeal to investors seeking higher returns. Major players like Vanguard, PIMCO, and Fidelity are actively shaping the market landscape through product innovation, strategic partnerships, and aggressive expansion into new markets. Geographic distribution reveals a concentration of market share in North America and Europe, reflecting established financial infrastructure and a high concentration of institutional investors. However, Asia-Pacific is projected to show significant growth over the forecast period, driven by rapid economic expansion and a rising middle class with increasing investable assets. Regulatory changes and geopolitical uncertainties remain potential restraints, impacting investor sentiment and market volatility. The market's future trajectory will depend heavily on macroeconomic conditions, interest rate movements, and ongoing technological advancements that reshape the investment management industry. The continued demand for reliable income streams, particularly during periods of economic instability, ensures the fixed income market remains a crucial component of the global investment landscape.

The size and share of the market is categorized based on Type (Core Fixed Income, Alternative Credit) and Application (Enterprises, Individuals) and geographical regions (North America, Europe, Asia-Pacific, South America, and Middle-East and Africa).

The size of the Green Bonds Market was valued at USD 609.64 Million in 2023 and is projected to reach USD 1123.06 Million by 2032, with an expected CAGR of 9.12% during the forecast period. Green bonds are fixed-income financial instruments designed to raise capital specifically for projects with positive environmental impacts. These bonds are issued by governments, corporations, and financial institutions to fund initiatives such as renewable energy, energy efficiency, clean transportation, sustainable water management, and conservation projects. The proceeds from green bonds are earmarked exclusively for green projects, ensuring that the funds contribute directly to environmental sustainability. Investors are attracted to green bonds not only for their financial returns but also for their role in promoting environmental stewardship. These bonds often come with tax incentives, making them more appealing compared to traditional bonds. Additionally, green bonds are typically verified by third-party organizations to ensure that the projects meet specific environmental criteria, adding a layer of credibility and transparency. Recent developments include: In December 2023: The African Development Bank Group partnered with the coalition of development finance institutions of the Global Green Bond Initiative. Both collaborated on technical assistance to promote Africa's green bond markets., In September 2023: The Inter-American Development Bank (IDB) partnered with the KfW Development Bank to Boost Green Bond Market Development. The Partnership gave IDB USD 2.15 million to support initiatives to create and advance best practices, guidelines, and financial tools to support the growth of the green bond markets in the Americas and the Caribbean.. Key drivers for this market are: Growing Number of Investors. Potential restraints include: Small Size of the Green Bond Market Compared to Traditional Bond Market. Notable trends are: Increasing Loans is Fuelling the Market.

Lucror Analytics: Proprietary Fixed Income Data for Credit Quality & Bond Valuation

At Lucror Analytics, we provide cutting-edge corporate data solutions tailored to fixed income professionals and organizations in the financial sector. Our datasets encompass issuer and issue-level credit quality, bond fair value metrics, and proprietary scores designed to offer nuanced, actionable insights into global bond markets that help you stay ahead of the curve. Covering over 3,300 global issuers and over 80,000 bonds, we empower our clients to make data-driven decisions with confidence and precision.

By leveraging our proprietary C-Score, V-Score , and V-Score I models, which utilize CDS and OAS data, we provide unparalleled granularity in credit analysis and valuation. Whether you are a portfolio manager, credit analyst, or institutional investor, Lucror’s data solutions deliver actionable insights to enhance strategies, identify mispricing opportunities, and assess market trends.

What Makes Lucror’s Fixed Income Data Unique?

Proprietary Credit and Valuation Models Our proprietary C-Score, V-Score, and V-Score I are designed to provide a deeper understanding of credit quality and bond valuation:

C-Score: A composite score (0-100) reflecting an issuer's credit quality based on market pricing signals such as CDS spreads. Responsive to near-real-time market changes, the C-Score offers granular differentiation within and across credit rating categories, helping investors identify mispricing opportunities.

V-Score: Measures the deviation of an issue’s option-adjusted spread (OAS) from the market fair value, indicating whether a bond is overvalued or undervalued relative to the market.

V-Score I: Similar to the V-Score but benchmarked against industry-specific fair value OAS, offering insights into relative valuation within an industry context.

Comprehensive Global Coverage Our datasets cover over 3,300 issuers and 80,000 bonds across global markets, ensuring 90%+ overlap with prominent IG and HY benchmark indices. This extensive coverage provides valuable insights into issuers across sectors and geographies, enabling users to analyze issuer and market dynamics comprehensively.

Data Customization and Flexibility We recognize that different users have unique requirements. Lucror Analytics offers tailored datasets delivered in customizable formats, frequencies, and levels of granularity, ensuring that our data integrates seamlessly into your workflows.

High-Frequency, High-Quality Data Our C-Score, V-Score, and V-Score I models and metrics are updated daily using end-of-day (EOD) data from S&P. This ensures that users have access to current and accurate information, empowering timely and informed decision-making.

How Is the Data Sourced? Lucror Analytics employs a rigorous methodology to source, structure, transform and process data, ensuring reliability and actionable insights:

Proprietary Fixed Income Data Models: Our scores are derived from proprietary quant algorithms based on CDS spreads, OAS, and other issuer and bond data.

Global Data Partnerships: Our collaborations with S&P and other reputable data providers ensure comprehensive and accurate datasets.

Data Cleaning and Structuring: Advanced processes ensure data integrity, transforming raw inputs into actionable insights.

Primary Use Cases

1. Portfolio Construction & Rebalancing Lucror’s C-Score provides a granular view of issuer credit quality, allowing portfolio managers to evaluate risks and identify mispricing opportunities. With CDS-driven insights and daily updates, clients can incorporate near-real-time issuer/bond movements into their credit assessments.

2. Portfolio Optimization The V-Score and V-Score I allow portfolio managers to identify undervalued or overvalued bonds, supporting strategies that optimize returns relative to credit risk. By benchmarking valuations against market and industry standards, users can uncover potential mean-reversion opportunities and enhance portfolio performance.

3. Risk Management With data updated daily, Lucror’s models provide dynamic insights into market risks. Organizations can use this data to monitor shifts in credit quality, assess valuation anomalies, and adjust exposure proactively.

4. Strategic Decision-Making Our comprehensive datasets enable financial institutions to make informed strategic decisions. Whether it’s assessing the fair value of bonds, analyzing industry-specific credit spreads, or understanding broader market trends, Lucror’s data delivers the depth and accuracy required for success.

Why Choose Lucror Analytics? Lucror Analytics is committed to providing high-quality, actionable data solutions tailored to the evolving needs of the financial sector. Our unique combination of proprietary models, rigorous sourcing of high-quality data, and customizable delivery ensures that users have the insights they need to make smarter deci...

Fixed Income Investment Management is a continuously evolving sector of the financial industry. The market has witnessed steady growth in recent years, driven by increasing demand from institutional investors and high net worth individuals seeking stable returns and diversification in their portfolios. The report provides a comprehensive overview of the Fixed Income Investment Management market, including key trends, drivers, and challenges. It offers insights into the concentration of the market, product offerings, and the competitive landscape. The report also explores the impact of regulations, technological advancements, and the ever-changing economic landscape on the industry.

Asia-Pacific Fixed Income Asset Management Industry is Segmented by Source of Funds (Pension Funds and Insurance Companies, Retail Investors, Institutional Investors, Government/Sovereign Wealth Fund, and Other Sources of Funds), Asset Management Firms (Large Financial Institutions/Bulge Bracket Banks, Mutual Funds ETFs, Private Equity and Venture Capital, Fixed Income Funds, Managed Pension Funds, and Other Asset Management Firms), and Country.

As of December 30, 2024, the major economy with the highest yield on 10-year government bonds was Turkey, with a yield of 27.38 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 States had one the highest yield on 10-year government bonds at this time with 4.59 percent, while Switzerland had the lowest at 0.27 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.

The bond fund sales market has been experiencing steady growth in recent years, driven by factors such as low interest rates, increasing demand for fixed income investments, and growing awareness of bond funds among investors. The market is expected to continue expanding over the next decade, with a projected CAGR of XX% during the 2025-2033 forecast period. Key trends in the bond fund sales market include the rising popularity of ETFs and index funds, as well as the increasing demand for ESG-compliant and impact-oriented bond funds. These trends are being driven by factors such as technological advancements, regulatory changes, and growing investor demand for sustainable investments. The market is also expected to benefit from the growth of wealth management and retirement planning, as more individuals seek to manage their financial futures.

As of October 16, 2024, the yield for a ten-year U.S. government bond was 4.04 percent, while the yield for a two-year bond was 3.96 percent. This represents an inverted yield curve, whereby bonds of longer maturities provide a lower yield, reflecting investors' expectations for a decline in long-term interest rates. Hence, making long-term debt holders open to more risk under the uncertainty around the condition of financial markets in the future. That markets are uncertain can be seen by considering both the short-term fluctuations, and the long-term downward trend, of the yields of U.S. government bonds from 2006 to 2021, before the treasury yield curve increased again significantly in 2022 and 2023. What are government bonds? Government bonds, otherwise called ‘sovereign’ or ‘treasury’ bonds, are financial instruments used by governments to raise money for government spending. Investors give the government a certain amount of money (the ‘face value’), to be repaid at a specified time in the future (the ‘maturity date’). In addition, the government makes regular periodic interest payments (called ‘coupon payments’). Once initially issued, government bonds are tradable on financial markets, meaning their value can fluctuate over time (even though the underlying face value and coupon payments remain the same). Investors are attracted to government bonds as, provided the country in question has a stable economy and political system, they are a very safe investment. Accordingly, in periods of economic turmoil, investors may be willing to accept a negative overall return in order to have a safe haven for their money. For example, once the market value is compared to the total received from remaining interest payments and the face value, investors have been willing to accept a negative return on two-year German government bonds between 2014 and 2021. Conversely, if the underlying economy and political structures are weak, investors demand a higher return to compensate for the higher risk they take on. Consequently, the return on bonds in emerging markets like Brazil are consistently higher than that of the United States (and other developed economies). Inverted yield curves When investors are worried about the financial future, it can lead to what is called an ‘inverted yield curve’. An inverted yield curve is where investors pay more for short term bonds than long term, indicating they do not have confidence in long-term financial conditions. Historically, the yield curve has historically inverted before each of the last five U.S. recessions. The last U.S. yield curve inversion occurred at several brief points in 2019 – a trend which continued until the Federal Reserve cut interest rates several times over that year. However, the ultimate trigger for the next recession was the unpredicted, exogenous shock of the global coronavirus (COVID-19) pandemic, showing how such informal indicators may be grounded just as much in coincidence as causation.

Green Bond Market size was valued at around USD 224 billion in 2024 and is projected to reach USD 350 billion by 2030, growing at a CAGR of 8%.

The global convertible bond market is experiencing robust growth, driven by increasing demand for flexible financing options and strategic investments across diverse sectors. While precise figures for market size and CAGR aren't provided, a reasonable estimation based on typical convertible bond market performance and considering the listed key players suggests a 2025 market size of approximately $500 billion USD. Considering the involvement of major global investment banks and the expansion into various application sectors, a conservative Compound Annual Growth Rate (CAGR) of 6-8% is projected for the period 2025-2033, reflecting the sustained appeal of convertible bonds in both mature and emerging markets. This growth is fueled by several factors, including the increasing complexity of financial instruments and the need for companies to access capital while retaining flexibility in their capital structure. Furthermore, favorable regulatory environments in certain regions and the increasing sophistication of investors in understanding the risk-reward profile of convertible bonds are contributing to this market expansion. The market segmentation reveals significant activity across diverse application sectors. Energy, finance, and real estate consistently remain significant drivers due to their inherent capital-intensive nature and the need for long-term financing solutions. However, the expanding reach of convertible bonds into sectors such as manufacturing, transportation, and hospitality indicates evolving investment strategies and a broader application of this financial tool. The diverse range of types, including Vanilla Convertible Bonds, Mandatory Convertible Bonds, and Reversible Convertible Bonds, reflects the versatility of these instruments to tailor financing structures to specific project requirements and risk appetites. Leading investment banks play a crucial role, acting as underwriters, advisors, and key players in the structuring and placement of these bonds, reinforcing the market's overall dynamism and sophistication.

The global convertible bond fund market is projected to expand significantly in the coming years, driven by factors such as the growing demand for yield enhancement strategies and the increasing popularity of fixed income investments. The market is expected to reach a value of approximately XXX million units by 2033, exhibiting a CAGR of XX% during the forecast period 2025-2033. Key trends in the convertible bond fund market include the increasing adoption of active management strategies, the rise of passive convertible bond funds, and the growing popularity of sustainability-focused convertible bond offerings. The market is segmented based on application (direct and indirect sales) and type (active and passive convertible bond funds). The active convertible bond fund segment is anticipated to maintain its dominance, owing to its ability to generate alpha through active management. The passive convertible bond fund segment is also expected to gain traction, propelled by the increasing demand for low-cost and transparent investment solutions. Notable companies operating in the market include BlackRock Fund, Vanguard, UBS Group, Fidelity Investments, and State Street Global Advisors, among others. These players are continually innovating and enhancing their product offerings to cater to the evolving needs of investors.

The global bond trading platform market is poised to witness substantial growth in the coming years. The market was valued at XXX million in 2025 and is projected to reach XXX million by 2033, exhibiting a CAGR of XX% during the forecast period (2025-2033). This expansion is primarily driven by the increasing participation of institutional and retail investors in bond markets, growing demand for online bond trading platforms, and the rising popularity of financial technologies. Additionally, the need for efficient and transparent bond trading processes has further fueled the demand for specialized platforms. The market is segmented by application into institutional investors and retail investors, and by type into government bond trading, financial bond trading, and corporate bond trading. Regionally, North America and Asia Pacific are expected to dominate the market throughout the forecast period, owing to the presence of well-established financial markets and increasing investor participation. Key players in the market include FMR LLC, Charles Schwab Corporation, Monex Group, Inc., IBG LLC, Lion Global Financial Limited, GAIN Global Markets Inc., AxiTrader Limited, LMAX Global, IG Group, CMC Markets, Saxo Bank, City Index, XXZW Investment Group SA, eToro, and StoneX. These companies are continuously investing in platform developments, expanding their product offerings, and acquiring smaller players to gain a competitive edge in the market.

The global convertible bond market is experiencing robust growth, driven by increasing demand for flexible financing options and strategic investment opportunities across diverse sectors. While precise market size figures for 2025 aren't provided, based on typical market dynamics and considering a substantial CAGR (let's assume a conservative 7% for illustrative purposes), we can project a market size exceeding $500 billion USD in 2025. This substantial value reflects the market's maturity and the continued reliance on convertible bonds as a sophisticated financing tool. The growth is further fueled by the expanding use of convertible bonds in various sectors like energy, finance, and real estate, each contributing uniquely to market expansion. The diverse range of convertible bond types – including vanilla, mandatory, and reversible – offers tailored solutions for issuers, enhancing market appeal. Key players like Morgan Stanley, Goldman Sachs, and others are actively shaping market dynamics through their expertise in structuring and underwriting these complex financial instruments. The projected CAGR of 7% (again, an illustrative figure) indicates sustained growth through 2033, promising a significant increase in market size and further market segmentation. Factors driving this growth include a favorable regulatory environment in many jurisdictions, a surge in mergers and acquisitions activity, and increasing demand for capital-efficient financing among corporations. However, potential macroeconomic headwinds, shifts in interest rate policies, and volatility in equity markets represent challenges that could moderate the pace of growth. Further analysis considering specific regional trends, including North America's mature market and the rapidly developing Asia-Pacific region, is crucial for a complete understanding of the market's future trajectory.

In 2023, the green bond issuance in China exceeded 83 U.S. dollars, while Germany came in second with 67 billion U.S. dollars worth of green bonds. Green bonds are fixed-income instruments which are specifically designed to raise money for climate and environmental projects.

Korea Direct Corporate Funding: Growth: Corporate Bond (CB): Net Issue data was reported at 410.400 KRW bn in Oct 2018. This records a decrease from the previous number of 1,985.400 KRW bn for Sep 2018. Korea Direct Corporate Funding: Growth: Corporate Bond (CB): Net Issue data is updated monthly, averaging 220.150 KRW bn from Sep 2000 (Median) to Oct 2018, with 218 observations. The data reached an all-time high of 6,117.200 KRW bn in Feb 2009 and a record low of -4,760.300 KRW bn in Dec 2000. Korea Direct Corporate Funding: Growth: Corporate Bond (CB): Net Issue data remains active status in CEIC and is reported by The Bank of Korea. The data is categorized under Global Database’s South Korea – Table KR.KB006: Deposits and Loans: Monthly Financial Market Trend. Monthly Financial Market Trend records data as of 20th of every month i.e. Sept 2014 data is as of 20th Sept 2014 Based on Bonds (including P-CBOs but excluding ABSs) issued through public subscription.