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World bond markets: about $160 trillion of debt (2025)
SIFMA, end-2025· Concept
Fact, law or dataA rule, statute, definition or measured number.
Governments, companies and lenders worldwide owed about $160.7 trillion in bonds at end-2025.
See it on the Money & Finance map →How it works
SIFMA counts $160.7 trillion of bonds outstanding in 2025, up 10.6% in a year, with the US at 38.1%, about $61 trillion. Government bonds are the largest segment, followed by bank and corporate debt and mortgage-backed securities. China, Japan and Europe are the next-largest markets. Bond prices move opposite to yields, which track central-bank rates, inflation expectations and the 'term premium' investors demand for lending long. US investors reach it through Treasuries, bond funds or currency-hedged international bond ETFs.
Why it matters
Bonds are a larger market than stocks and set the borrowing costs behind every mortgage, corporate loan and cap rate.
Facts, rules and data
SIFMA's 2026 Capital Markets Fact Book, BIS debt-securities statistics and national central-bank data.
Debates and risks
Whether rising government debt everywhere will push long-term yields structurally higher is a live debate among economists.
Inside this (6)
- Japanese government bonds (JGBs) after yield-curve control
- China's bond market, the world's second largest
- Emerging-market debt: dollar bonds, local bonds and Brady bonds
- European government bonds: German Bunds, French OATs, Italian BTPs
- The 2022 UK gilt crisis: the mini-budget and pension LDI funds
- Eurobonds: international bonds sold offshore since 1963
Connections (4)
▸World bond markets: about $160 trillion of debt (2025) are the global pool of Bonds: lending money in exchange for interestFact, law or data
The connection
Every government, agency, bank and company that borrows by issuing bonds adds to the global pool, about $160.7 trillion at end-2025. Each bond has the same core terms, coupon, maturity and issuer, but they differ by currency, credit risk and liquidity. The US accounts for about 38%, with China, Japan and Europe the next largest markets.
When and why
SIFMA's 2026 Capital Markets Fact Book, covering 2025, when the total grew 10.6%.
How we know
SIFMA and BIS debt-securities statistics, built from national central-bank and issuer data.
Debates and risks
Totals differ by source depending on whether short-term paper and securitized debt are counted.
▸World bond markets: about $160 trillion of debt (2025) are anchored by US Treasury securitiesFact, law or data
The connection
The 10-year Treasury yield is the global benchmark: other bonds are priced as spreads over it, or over local government bonds that tend to move with it. At roughly $30 trillion, Treasuries are close to a fifth of the world's bonds. When Treasury yields jump, yields worldwide often follow.
When and why
Centered in New York, trading roughly $1 trillion a day; the benchmark role grew after World War II.
How we know
IMF and Fed research on spillovers from US yields to other bond markets.
Debates and risks
Whether rising US debt and a higher term premium weaken that anchor role over time is debated.
▸Global real estate: about $393 trillion, the largest store of wealth is worth more than double World bond markets: about $160 trillion of debt (2025)Fact, law or data
The connection
Savills put global real estate at about $393 trillion at the start of 2025, more than double the world bond market, about $145–160 trillion depending on source and date. The two are linked: mortgage-backed securities, including CMBS, are bonds backed by property loans.
When and why
Savills research, October 2025; SIFMA's bond-market total for end-2025.
How we know
The Savills Impacts report and the SIFMA fact book.
Debates and risks
The comparison mixes appraised values with market prices, so the ratio is an estimate.
▸World bond markets: about $160 trillion of debt (2025) are graded by Credit rating agencies: Moody's, S&P and FitchFact, law or data
The connection
Moody's, S&P and Fitch grade most rated bonds worldwide. Ratings decide which bonds pensions and insurers may hold, especially around the investment-grade line at BBB-/Baa3, and how much capital banks must set aside. Moody's cut the US from Aaa to Aa1 in May 2025, so all three now rate the US below top grade.
When and why
Agencies based mainly in New York, rating bonds since the early 1900s; S&P downgraded the US in 2011, Fitch in 2023.
How we know
SEC annual reports on rating agencies show the three issue about 95% of credit ratings outstanding.
Debates and risks
After badly misrating mortgage bonds before 2008, whether the issuer-pays model creates conflicts is still debated.