The June 2023 report shows the U.S. bond market reaching an estimated $55 trillion in Q3 2022, up 26% since 2019. Issuance fell sharply in 2022 and into Q1 2023, led by drops in mortgage-related (24.2%) and municipal debt (64.2%), while federal agency securities surged 209%. Q1 2023 fixed income ADV averaged $995 billion, up 9.2% year over year, though overall volume declined 4% due to reduced Treasury trading. Investment-grade corporate bond trades hit a record 1.9 million. Tradeweb led SEF market share at 35%, and Bloomberg dominated index credit default swaps with 72.3%.

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