In H1 2023, the U.S. bond market grew to over $52 trillion in notional outstanding, up 18% since 2019, despite a 12.5% decline in issuance compared to H1 2022. Mortgage-related debt issuance fell 54.8%, while federal agency securities rose 163%. Average daily volume for fixed income increased 17%, driven mainly by a 3% rise in U.S. Treasury trading. Investment-grade credit saw continued growth in trade counts, while high-yield activity declined. OTC derivatives trading was flat, with interest rate derivatives making up 85-90% of volume, led by Tradeweb’s 35% SEF market share.

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