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<span>Participants</span> </div> </a> <ul id="toc-Participants-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Size" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Size"> <div class="vector-toc-text"> <span class="vector-toc-numb">3</span> <span>Size</span> </div> </a> <button aria-controls="toc-Size-sublist" class="cdx-button cdx-button--weight-quiet cdx-button--icon-only vector-toc-toggle"> <span class="vector-icon mw-ui-icon-wikimedia-expand"></span> <span>Toggle Size subsection</span> </button> <ul id="toc-Size-sublist" class="vector-toc-list"> <li id="toc-U.S._bond_market_size" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#U.S._bond_market_size"> <div class="vector-toc-text"> <span class="vector-toc-numb">3.1</span> <span>U.S. bond market size</span> </div> </a> <ul id="toc-U.S._bond_market_size-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-Volatility" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Volatility"> <div class="vector-toc-text"> <span class="vector-toc-numb">4</span> <span>Volatility</span> </div> </a> <ul id="toc-Volatility-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Bond_investments" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Bond_investments"> <div class="vector-toc-text"> <span class="vector-toc-numb">5</span> <span>Bond investments</span> </div> </a> <ul id="toc-Bond_investments-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Bond_indices" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Bond_indices"> <div class="vector-toc-text"> <span class="vector-toc-numb">6</span> <span>Bond indices</span> </div> </a> <ul id="toc-Bond_indices-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-History" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#History"> <div class="vector-toc-text"> <span class="vector-toc-numb">7</span> <span>History</span> </div> </a> <ul id="toc-History-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-See_also" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#See_also"> <div class="vector-toc-text"> <span class="vector-toc-numb">8</span> <span>See also</span> </div> </a> <ul id="toc-See_also-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-References" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#References"> <div class="vector-toc-text"> <span class="vector-toc-numb">9</span> <span>References</span> </div> </a> <ul id="toc-References-sublist" class="vector-toc-list"> </ul> </li> </ul> </div> </div> </nav> </div> </div> <div class="mw-content-container"> <main id="content" class="mw-body"> <header class="mw-body-header vector-page-titlebar"> <nav aria-label="Contents" class="vector-toc-landmark"> <div id="vector-page-titlebar-toc" class="vector-dropdown vector-page-titlebar-toc vector-button-flush-left" > <input type="checkbox" id="vector-page-titlebar-toc-checkbox" role="button" aria-haspopup="true" data-event-name="ui.dropdown-vector-page-titlebar-toc" class="vector-dropdown-checkbox " aria-label="Toggle the table of contents" > <label id="vector-page-titlebar-toc-label" for="vector-page-titlebar-toc-checkbox" class="vector-dropdown-label cdx-button cdx-button--fake-button cdx-button--fake-button--enabled cdx-button--weight-quiet cdx-button--icon-only " aria-hidden="true" ><span class="vector-icon mw-ui-icon-listBullet mw-ui-icon-wikimedia-listBullet"></span> <span class="vector-dropdown-label-text">Toggle the table of contents</span> </label> <div class="vector-dropdown-content"> <div id="vector-page-titlebar-toc-unpinned-container" class="vector-unpinned-container"> </div> </div> </div> </nav> <h1 id="firstHeading" class="firstHeading mw-first-heading"><span class="mw-page-title-main">Bond market</span></h1> <div id="p-lang-btn" class="vector-dropdown mw-portlet mw-portlet-lang" > <input type="checkbox" id="p-lang-btn-checkbox" role="button" aria-haspopup="true" data-event-name="ui.dropdown-p-lang-btn" class="vector-dropdown-checkbox mw-interlanguage-selector" aria-label="Go to an article in another language. Available in 20 languages" > <label id="p-lang-btn-label" for="p-lang-btn-checkbox" class="vector-dropdown-label cdx-button cdx-button--fake-button cdx-button--fake-button--enabled cdx-button--weight-quiet cdx-button--action-progressive mw-portlet-lang-heading-20" aria-hidden="true" ><span class="vector-icon mw-ui-icon-language-progressive mw-ui-icon-wikimedia-language-progressive"></span> <span class="vector-dropdown-label-text">20 languages</span> </label> <div class="vector-dropdown-content"> <div class="vector-menu-content"> <ul class="vector-menu-content-list"> <li class="interlanguage-link interwiki-ar mw-list-item"><a href="https://ar.wikipedia.org/wiki/%D8%B3%D9%88%D9%82_%D8%A7%D9%84%D8%B3%D9%86%D8%AF%D8%A7%D8%AA" title="سوق السندات – Arabic" lang="ar" hreflang="ar" data-title="سوق السندات" data-language-autonym="العربية" data-language-local-name="Arabic" class="interlanguage-link-target"><span>العربية</span></a></li><li class="interlanguage-link interwiki-ast mw-list-item"><a href="https://ast.wikipedia.org/wiki/Merc%C3%A1u_de_bonos" title="Mercáu de bonos – Asturian" lang="ast" hreflang="ast" data-title="Mercáu de bonos" data-language-autonym="Asturianu" data-language-local-name="Asturian" class="interlanguage-link-target"><span>Asturianu</span></a></li><li class="interlanguage-link interwiki-ca mw-list-item"><a href="https://ca.wikipedia.org/wiki/Mercat_de_bons" title="Mercat de bons – Catalan" lang="ca" hreflang="ca" data-title="Mercat de bons" data-language-autonym="Català" data-language-local-name="Catalan" class="interlanguage-link-target"><span>Català</span></a></li><li class="interlanguage-link interwiki-de mw-list-item"><a href="https://de.wikipedia.org/wiki/Rentenmarkt" title="Rentenmarkt – German" lang="de" hreflang="de" data-title="Rentenmarkt" data-language-autonym="Deutsch" data-language-local-name="German" class="interlanguage-link-target"><span>Deutsch</span></a></li><li class="interlanguage-link interwiki-el mw-list-item"><a href="https://el.wikipedia.org/wiki/%CE%91%CE%B3%CE%BF%CF%81%CE%AC_%CE%BF%CE%BC%CE%BF%CE%BB%CF%8C%CE%B3%CF%89%CE%BD" title="Αγορά ομολόγων – Greek" lang="el" hreflang="el" data-title="Αγορά ομολόγων" data-language-autonym="Ελληνικά" data-language-local-name="Greek" class="interlanguage-link-target"><span>Ελληνικά</span></a></li><li class="interlanguage-link interwiki-es mw-list-item"><a href="https://es.wikipedia.org/wiki/Mercado_de_bonos" title="Mercado de bonos – Spanish" lang="es" hreflang="es" data-title="Mercado de bonos" data-language-autonym="Español" data-language-local-name="Spanish" class="interlanguage-link-target"><span>Español</span></a></li><li class="interlanguage-link interwiki-fa mw-list-item"><a href="https://fa.wikipedia.org/wiki/%D8%A8%D8%A7%D8%B2%D8%A7%D8%B1_%D8%A7%D9%88%D8%B1%D8%A7%D9%82_%D9%82%D8%B1%D8%B6%D9%87" title="بازار اوراق قرضه – Persian" lang="fa" hreflang="fa" data-title="بازار اوراق قرضه" data-language-autonym="فارسی" data-language-local-name="Persian" class="interlanguage-link-target"><span>فارسی</span></a></li><li class="interlanguage-link interwiki-fr mw-list-item"><a href="https://fr.wikipedia.org/wiki/March%C3%A9_obligataire" title="Marché obligataire – French" lang="fr" hreflang="fr" data-title="Marché obligataire" data-language-autonym="Français" data-language-local-name="French" class="interlanguage-link-target"><span>Français</span></a></li><li class="interlanguage-link interwiki-hy mw-list-item"><a href="https://hy.wikipedia.org/wiki/%D5%8A%D5%A1%D6%80%D5%BF%D5%A1%D5%BF%D5%B8%D5%B4%D5%BD%D5%A5%D6%80%D5%AB_%D5%B7%D5%B8%D6%82%D5%AF%D5%A1" title="Պարտատոմսերի շուկա – Armenian" lang="hy" hreflang="hy" data-title="Պարտատոմսերի շուկա" data-language-autonym="Հայերեն" data-language-local-name="Armenian" class="interlanguage-link-target"><span>Հայերեն</span></a></li><li class="interlanguage-link interwiki-it mw-list-item"><a href="https://it.wikipedia.org/wiki/Mercato_obbligazionario" title="Mercato obbligazionario – Italian" lang="it" hreflang="it" data-title="Mercato obbligazionario" data-language-autonym="Italiano" data-language-local-name="Italian" class="interlanguage-link-target"><span>Italiano</span></a></li><li class="interlanguage-link interwiki-kn mw-list-item"><a href="https://kn.wikipedia.org/wiki/%E0%B2%AC%E0%B2%BE%E0%B2%82%E0%B2%A1%E0%B3%8D_%E0%B2%AE%E0%B2%BE%E0%B2%B0%E0%B3%81%E0%B2%95%E0%B2%9F%E0%B3%8D%E0%B2%9F%E0%B3%86" title="ಬಾಂಡ್ ಮಾರುಕಟ್ಟೆ – Kannada" lang="kn" hreflang="kn" data-title="ಬಾಂಡ್ ಮಾರುಕಟ್ಟೆ" data-language-autonym="ಕನ್ನಡ" data-language-local-name="Kannada" class="interlanguage-link-target"><span>ಕನ್ನಡ</span></a></li><li class="interlanguage-link interwiki-lt badge-Q70893996 mw-list-item" title=""><a href="https://lt.wikipedia.org/wiki/Obligacij%C5%B3_rinka" title="Obligacijų rinka – Lithuanian" lang="lt" hreflang="lt" data-title="Obligacijų rinka" data-language-autonym="Lietuvių" data-language-local-name="Lithuanian" class="interlanguage-link-target"><span>Lietuvių</span></a></li><li class="interlanguage-link interwiki-mr mw-list-item"><a href="https://mr.wikipedia.org/wiki/%E0%A4%AC%E0%A4%BE%E0%A4%81%E0%A4%A1_%E0%A4%AE%E0%A4%BE%E0%A4%B0%E0%A5%8D%E0%A4%95%E0%A5%87%E0%A4%9F" title="बाँड मार्केट – Marathi" lang="mr" hreflang="mr" data-title="बाँड मार्केट" data-language-autonym="मराठी" data-language-local-name="Marathi" class="interlanguage-link-target"><span>मराठी</span></a></li><li class="interlanguage-link interwiki-pt mw-list-item"><a href="https://pt.wikipedia.org/wiki/Mercado_de_t%C3%ADtulos" title="Mercado de títulos – Portuguese" lang="pt" hreflang="pt" data-title="Mercado de títulos" data-language-autonym="Português" data-language-local-name="Portuguese" class="interlanguage-link-target"><span>Português</span></a></li><li class="interlanguage-link interwiki-ro mw-list-item"><a href="https://ro.wikipedia.org/wiki/Pia%C8%9Ba_obliga%C8%9Biunilor" title="Piața obligațiunilor – Romanian" lang="ro" hreflang="ro" data-title="Piața obligațiunilor" data-language-autonym="Română" data-language-local-name="Romanian" class="interlanguage-link-target"><span>Română</span></a></li><li class="interlanguage-link interwiki-ru mw-list-item"><a href="https://ru.wikipedia.org/wiki/%D0%A0%D1%8B%D0%BD%D0%BE%D0%BA_%D0%BE%D0%B1%D0%BB%D0%B8%D0%B3%D0%B0%D1%86%D0%B8%D0%B9" title="Рынок облигаций – Russian" lang="ru" hreflang="ru" data-title="Рынок облигаций" data-language-autonym="Русский" data-language-local-name="Russian" class="interlanguage-link-target"><span>Русский</span></a></li><li class="interlanguage-link interwiki-simple mw-list-item"><a href="https://simple.wikipedia.org/wiki/Bond_market" title="Bond market – Simple English" lang="en-simple" hreflang="en-simple" data-title="Bond market" data-language-autonym="Simple English" data-language-local-name="Simple English" class="interlanguage-link-target"><span>Simple English</span></a></li><li class="interlanguage-link interwiki-vi mw-list-item"><a href="https://vi.wikipedia.org/wiki/Th%E1%BB%8B_tr%C6%B0%E1%BB%9Dng_tr%C3%A1i_phi%E1%BA%BFu" title="Thị trường trái phiếu – Vietnamese" lang="vi" hreflang="vi" data-title="Thị trường trái phiếu" data-language-autonym="Tiếng Việt" data-language-local-name="Vietnamese" class="interlanguage-link-target"><span>Tiếng Việt</span></a></li><li class="interlanguage-link interwiki-zh-yue mw-list-item"><a href="https://zh-yue.wikipedia.org/wiki/%E5%82%B5%E5%88%B8%E5%B8%82%E5%A0%B4" title="債券市場 – Cantonese" lang="yue" hreflang="yue" data-title="債券市場" data-language-autonym="粵語" data-language-local-name="Cantonese" class="interlanguage-link-target"><span>粵語</span></a></li><li class="interlanguage-link interwiki-zh mw-list-item"><a href="https://zh.wikipedia.org/wiki/%E5%82%B5%E5%88%B8%E5%B8%82%E5%A0%B4" title="債券市場 – Chinese" lang="zh" hreflang="zh" data-title="債券市場" data-language-autonym="中文" data-language-local-name="Chinese" 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class="mw-body-content"><div class="mw-content-ltr mw-parser-output" lang="en" dir="ltr"><div class="shortdescription nomobile noexcerpt noprint searchaux" style="display:none">Financial market where participants can issue new debt or buy and sell debt securities</div> <style data-mw-deduplicate="TemplateStyles:r1129693374">.mw-parser-output .hlist dl,.mw-parser-output .hlist ol,.mw-parser-output .hlist ul{margin:0;padding:0}.mw-parser-output .hlist dd,.mw-parser-output .hlist dt,.mw-parser-output .hlist li{margin:0;display:inline}.mw-parser-output .hlist.inline,.mw-parser-output .hlist.inline dl,.mw-parser-output .hlist.inline ol,.mw-parser-output .hlist.inline ul,.mw-parser-output .hlist dl dl,.mw-parser-output .hlist dl ol,.mw-parser-output .hlist dl ul,.mw-parser-output .hlist ol dl,.mw-parser-output .hlist ol ol,.mw-parser-output .hlist ol ul,.mw-parser-output .hlist ul dl,.mw-parser-output .hlist ul ol,.mw-parser-output .hlist ul ul{display:inline}.mw-parser-output .hlist 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.sidebar:not(.notheme) .sidebar-title-with-pretitle{background:transparent!important}html.skin-theme-clientpref-os .mw-parser-output .sidebar:not(.notheme) .sidebar-title-with-pretitle a{color:var(--color-progressive)!important}}@media print{body.ns-0 .mw-parser-output .sidebar{display:none!important}}</style><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><table class="sidebar nomobile nowraplinks plainlist"><tbody><tr><td class="sidebar-pretitle">Part of a series on</td></tr><tr><th class="sidebar-title-with-pretitle"><a href="/wiki/Financial_market" title="Financial market">Financial markets</a></th></tr><tr><td class="sidebar-image"><span class="notpageimage" typeof="mw:File"><a href="/wiki/File:Philippine-stock-market-board.jpg" class="mw-file-description"><img alt="Looking up at a computerized stocks-value board at the Philippine Stock Exchange" src="//upload.wikimedia.org/wikipedia/commons/thumb/d/d7/Philippine-stock-market-board.jpg/200px-Philippine-stock-market-board.jpg" decoding="async" width="200" height="150" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/d/d7/Philippine-stock-market-board.jpg/300px-Philippine-stock-market-board.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/d/d7/Philippine-stock-market-board.jpg/400px-Philippine-stock-market-board.jpg 2x" data-file-width="640" data-file-height="480" /></a></span></td></tr><tr><td class="sidebar-above" style="padding-bottom:0.7em;"> <ul><li><a href="/wiki/Market_(economics)" title="Market (economics)">Public market</a></li> <li><a href="/wiki/Exchange_(organized_market)" title="Exchange (organized market)">Exchange</a> <b>·</b> <a href="/wiki/Security_(finance)" title="Security (finance)">Securities</a></li></ul></td></tr><tr><th class="sidebar-heading" style="background:#ddddff;"> <a class="mw-selflink selflink">Bond market</a></th></tr><tr><td class="sidebar-content hlist" style="padding:0.15em 0.5em 0.7em;"> <ul><li><a href="/wiki/Bond_valuation" title="Bond valuation">Bond valuation</a></li> <li><a href="/wiki/Corporate_bond" title="Corporate bond">Corporate bond</a></li> <li><a href="/wiki/Fixed_income" title="Fixed income">Fixed income</a></li> <li><a href="/wiki/Government_bond" title="Government bond">Government bond</a></li> <li><a href="/wiki/High-yield_debt" title="High-yield debt">High-yield debt</a></li> <li><a href="/wiki/Municipal_bond" title="Municipal bond">Municipal bond</a></li> <li><br /><a href="/wiki/Securitization" title="Securitization">Securitization</a></li></ul></td> </tr><tr><th class="sidebar-heading" style="background:#ddddff;"> <a href="/wiki/Stock_market" title="Stock market">Stock market</a></th></tr><tr><td class="sidebar-content hlist" style="padding:0.15em 0.5em 0.7em;"> <ul><li><a href="/wiki/Common_stock" title="Common stock">Common stock</a></li> <li><a href="/wiki/Growth_stock" title="Growth stock">Growth stock</a></li> <li><a href="/wiki/Preferred_stock" title="Preferred stock">Preferred stock</a></li> <li><a href="/wiki/Registered_share" title="Registered share">Registered share</a></li> <li><a href="/wiki/Shareholder" title="Shareholder">Shareholder</a></li> <li><a href="/wiki/Stock" title="Stock">Stock</a></li> <li><a href="/wiki/Stockbroker" title="Stockbroker">Stockbroker</a></li> <li><a href="/wiki/Stock_certificate" title="Stock certificate">Stock certificate</a></li> <li><a href="/wiki/Stock_exchange" title="Stock exchange">Stock exchange</a></li> <li><a href="/wiki/Watered_stock" title="Watered stock">Watered stock</a></li></ul></td> </tr><tr><th class="sidebar-heading" style="background:#ddddff;"> Other markets</th></tr><tr><td class="sidebar-content hlist" style="padding:0.15em 0.5em 0.7em;"> <div style="display:inline-block; padding:0.2em 0.4em; line-height:1.2em; line-height:1.25em;"><a href="/wiki/Derivatives_market" title="Derivatives market">Derivatives</a> <div class="hlist"><ul><li>(<a href="/wiki/Credit_derivative" title="Credit derivative">Credit derivative</a></li><li><a href="/wiki/Futures_exchange" title="Futures exchange">Futures exchange</a></li><li><a href="/wiki/Hybrid_security" title="Hybrid security">Hybrid security</a>)</li></ul></div> </div> <div style="display:inline-block; padding:0.2em 0.4em; line-height:1.2em; line-height:1.25em;padding-bottom:0.25em;"><a href="/wiki/Foreign_exchange_market" title="Foreign exchange market">Foreign exchange</a> <div class="hlist"><ul><li>(<a href="/wiki/Currency" title="Currency">Currency</a></li><li><a href="/wiki/Exchange_rate" title="Exchange rate">Exchange rate</a>)</li></ul></div> </div> <ul><li><a href="/wiki/Commodity_market" title="Commodity market">Commodity</a></li> <li><a href="/wiki/Exchange-traded_fund" title="Exchange-traded fund">ETF</a></li> <li><a href="/wiki/Money_market" title="Money market">Money</a></li> <li><a href="/wiki/Mutual_fund" title="Mutual fund">Mutual fund</a></li> <li><a href="/wiki/Option_(finance)" title="Option (finance)">Option</a></li> <li><a href="/wiki/Real_estate" title="Real estate">Real estate</a></li> <li><a href="/wiki/Reinsurance" title="Reinsurance">Reinsurance</a></li> <li><a href="/wiki/Structured_product" title="Structured product">Structured product</a></li> <li><a href="/wiki/Swap_(finance)" title="Swap (finance)">Swap (finance)</a></li></ul></td> </tr><tr><th class="sidebar-heading" style="background:#ddddff;"> <a href="/wiki/Over-the-counter_(finance)" title="Over-the-counter (finance)">Over-the-counter (off-exchange)</a></th></tr><tr><td class="sidebar-content hlist" style="padding:0.15em 0.5em 0.7em;"> <div class="hlist"><ul><li><a href="/wiki/Forward_contract" title="Forward contract">Forwards</a></li><li><a href="/wiki/Option_(finance)" title="Option (finance)">Options</a></li></ul></div> <div class="hlist"><ul><li><a href="/wiki/Spot_market" title="Spot market">Spot market</a></li><li><a href="/wiki/Swap_(finance)" title="Swap (finance)">Swaps</a></li></ul></div></td> </tr><tr><th class="sidebar-heading" style="background:#ddddff;"> <a href="/wiki/Trader_(finance)" title="Trader (finance)">Trading</a></th></tr><tr><td class="sidebar-content hlist" style="padding:0.15em 0.5em 0.7em;"> <ul><li><a href="/wiki/Financial_market_participants" title="Financial market participants">Participants</a></li> <li><a href="/wiki/Financial_regulation" title="Financial regulation">Regulation</a></li> <li><a href="/wiki/Clearing_(finance)" title="Clearing (finance)">Clearing</a></li></ul></td> </tr><tr><th class="sidebar-heading" style="background:#ddddff;"> Related areas</th></tr><tr><td class="sidebar-content hlist" style="padding:0.15em 0.5em 0.7em;"> <ul><li><a href="/wiki/Alternative_investment" title="Alternative investment">Alternative investment</a></li> <li><a href="/wiki/Angel_investor" title="Angel investor">Angel investor</a></li> <li><a href="/wiki/Asset_(economics)" title="Asset (economics)">Asset (economics)</a></li> <li><a href="/wiki/Asset_pricing" title="Asset pricing">Asset pricing</a></li> <li><a href="/wiki/Bank" title="Bank">Banks and banking</a></li> <li><a href="/wiki/Bull_(stock_market_speculator)" title="Bull (stock market speculator)">Bull</a></li> <li><a href="/wiki/Climate_finance" title="Climate finance">Climate finance</a></li> <li><a href="/wiki/Diversification_(finance)" title="Diversification (finance)">Diversification (finance)</a></li> <li><a href="/wiki/Eco-investing" title="Eco-investing">Eco-investing</a></li> <li><a href="/wiki/Environmental_finance" title="Environmental finance">Environmental finance</a></li> <li><a href="/wiki/Environmental,_social,_and_governance" title="Environmental, social, and governance">ESG</a></li> <li><a href="/wiki/Finance" title="Finance">Financial</a> <ul><li><a href="/wiki/Financial_analysis" title="Financial analysis">analysis</a></li> <li><a href="/wiki/Financial_analyst" title="Financial analyst">analyst</a></li> <li><a href="/wiki/Financial_asset" title="Financial asset">asset</a></li> <li><a href="/wiki/Financial_betting" title="Financial betting">betting</a></li> <li><a href="/wiki/Corporate_finance" title="Corporate finance">corporate</a></li> <li><a href="/wiki/Financial_crime" title="Financial crime">crime</a></li> <li><a href="/wiki/Financial_forecast" title="Financial forecast">forecast</a></li> <li><a href="/wiki/Personal_finance" title="Personal finance">personal</a></li> <li><a href="/wiki/Public_finance" title="Public finance">public</a></li> <li><a href="/wiki/Financial_services" title="Financial services">services</a></li></ul></li> <li><a href="/wiki/Fintech" title="Fintech">Fintech</a></li> <li><a href="/wiki/Greenwashing" title="Greenwashing">Greenwashing</a></li> <li><a href="/wiki/Growth_investing" title="Growth investing">Growth investing</a></li> <li><a href="/wiki/Impact_investing" title="Impact investing">Impact investing</a></li> <li><a href="/wiki/Investment_management" title="Investment management">Investment management</a></li> <li><a href="/wiki/Market_risk" title="Market risk">Market risk</a></li> <li><a href="/wiki/Market_trend" title="Market trend">Market trend</a></li> <li><a href="/wiki/Speculative_attack" title="Speculative attack">Speculative attack</a></li> <li><a href="/wiki/Sustainable_development_goals" class="mw-redirect" title="Sustainable development goals">Sustainable development goals</a></li> <li><a href="/wiki/Sustainable_finance" title="Sustainable finance">Sustainable finance</a></li></ul></td> </tr><tr><td class="sidebar-navbar" style="border-top:1px solid #aaa;"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><style data-mw-deduplicate="TemplateStyles:r1239400231">.mw-parser-output .navbar{display:inline;font-size:88%;font-weight:normal}.mw-parser-output .navbar-collapse{float:left;text-align:left}.mw-parser-output .navbar-boxtext{word-spacing:0}.mw-parser-output .navbar ul{display:inline-block;white-space:nowrap;line-height:inherit}.mw-parser-output .navbar-brackets::before{margin-right:-0.125em;content:"[ "}.mw-parser-output .navbar-brackets::after{margin-left:-0.125em;content:" ]"}.mw-parser-output .navbar li{word-spacing:-0.125em}.mw-parser-output .navbar a>span,.mw-parser-output .navbar a>abbr{text-decoration:inherit}.mw-parser-output .navbar-mini abbr{font-variant:small-caps;border-bottom:none;text-decoration:none;cursor:inherit}.mw-parser-output .navbar-ct-full{font-size:114%;margin:0 7em}.mw-parser-output .navbar-ct-mini{font-size:114%;margin:0 4em}html.skin-theme-clientpref-night .mw-parser-output .navbar li a abbr{color:var(--color-base)!important}@media(prefers-color-scheme:dark){html.skin-theme-clientpref-os .mw-parser-output .navbar li a abbr{color:var(--color-base)!important}}@media print{.mw-parser-output .navbar{display:none!important}}</style><div class="navbar plainlinks hlist navbar-mini"><ul><li class="nv-view"><a href="/wiki/Template:Financial_markets" title="Template:Financial markets"><abbr title="View this template">v</abbr></a></li><li class="nv-talk"><a href="/wiki/Template_talk:Financial_markets" title="Template talk:Financial markets"><abbr title="Discuss this template">t</abbr></a></li><li class="nv-edit"><a href="/wiki/Special:EditPage/Template:Financial_markets" title="Special:EditPage/Template:Financial markets"><abbr title="Edit this template">e</abbr></a></li></ul></div></td></tr></tbody></table> <p>The <b>bond market</b> (also <b>debt market</b> or <b>credit market</b>) is a <a href="/wiki/Financial_market" title="Financial market">financial market</a> in which participants can issue new <a href="/wiki/Debt" title="Debt">debt</a>, known as the <a href="/wiki/Primary_market" title="Primary market">primary market</a>, or buy and sell debt <a href="/wiki/Security_(finance)" title="Security (finance)">securities</a>, known as the <a href="/wiki/Secondary_market" title="Secondary market">secondary market</a>. This is usually in the form of <a href="/wiki/Bond_(finance)" title="Bond (finance)">bonds</a>, but it may include notes, bills, and so on for public and private expenditures. The bond market has largely been dominated by the United States, which accounts for about 39% of the market. As of 2021, the size of the bond market (total debt outstanding) is estimated to be at $119 <a href="/wiki/Trillion_(short_scale)" class="mw-redirect" title="Trillion (short scale)">trillion</a> worldwide and $46 <a href="/wiki/Trillion_(short_scale)" class="mw-redirect" title="Trillion (short scale)">trillion</a> for the US market, according to the <a href="/wiki/Securities_Industry_and_Financial_Markets_Association" title="Securities Industry and Financial Markets Association">Securities Industry and Financial Markets Association</a> (SIFMA).<sup id="cite_ref-1" class="reference"><a href="#cite_note-1"><span class="cite-bracket">[</span>1<span class="cite-bracket">]</span></a></sup> </p><p>Bonds and bank loans form what is known as the <i>credit market</i>. The global credit market in aggregate is about three times the size of the global equity market.<sup id="cite_ref-2" class="reference"><a href="#cite_note-2"><span class="cite-bracket">[</span>2<span class="cite-bracket">]</span></a></sup> Bank loans are not securities under the Securities and Exchange Act, but bonds typically are and are therefore more highly regulated. Bonds are typically not secured by collateral (although they can be), and are sold in relatively small denominations of around $1,000 to $10,000. Unlike bank loans, bonds may be held by retail investors. Bonds are more frequently traded than loans, although not as often as equity. </p><p>Nearly all of the average daily trading in the U.S. bond market takes place between <a href="/wiki/Broker-dealer" title="Broker-dealer">broker-dealers</a> and large institutions in a decentralized <a href="/wiki/Over-the-counter_(finance)" title="Over-the-counter (finance)">over-the-counter</a> (OTC) market.<sup id="cite_ref-Avg_Daily_Trading_Volume_3-0" class="reference"><a href="#cite_note-Avg_Daily_Trading_Volume-3"><span class="cite-bracket">[</span>3<span class="cite-bracket">]</span></a></sup> However, a small number of bonds, primarily corporate ones, are listed on <a href="/wiki/Stock_exchange" title="Stock exchange">exchanges</a>. Bond trading prices and volumes are reported on <a href="/wiki/Financial_Industry_Regulatory_Authority" title="Financial Industry Regulatory Authority">Financial Industry Regulatory Authority</a>'s (FINRA) <a href="/wiki/Trade_Reporting_And_Compliance_Engine" class="mw-redirect" title="Trade Reporting And Compliance Engine">Trade Reporting And Compliance Engine</a>, or TRACE. </p><p>An important part of the bond market is the <a href="/wiki/Government_bond" title="Government bond">government bond</a> market, because of its size and <a href="/wiki/Market_liquidity" title="Market liquidity">liquidity</a>. Government bonds are often used to compare other bonds to measure <a href="/wiki/Credit_risk" title="Credit risk">credit risk</a>. Because of the inverse relationship between <a href="/wiki/Bond_valuation" title="Bond valuation">bond valuation</a> and interest rates (or yields), the bond market is often used to indicate changes in interest rates or the shape of the <a href="/wiki/Yield_curve" title="Yield curve">yield curve</a>, the measure of "cost of funding". The yield on government bonds in low risk countries such as the United States and Germany is thought to indicate a risk-free rate of default. Other bonds denominated in the same currencies (U.S. Dollars or Euros) will typically have higher yields, in large part because other borrowers are more likely than the U.S. or German Central Governments to default, and the losses to investors in the case of default are expected to be higher. The primary way to default is to not pay in full or not pay on time. </p> <meta property="mw:PageProp/toc" /> <div class="mw-heading mw-heading2"><h2 id="Types">Types</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Bond_market&action=edit&section=1" title="Edit section: Types"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>The <a href="/wiki/Securities_Industry_and_Financial_Markets_Association" title="Securities Industry and Financial Markets Association">Securities Industry and Financial Markets Association</a> (SIFMA) classifies the broader bond market into five specific bond markets. </p> <ul><li><a href="/wiki/Corporate_bond" title="Corporate bond">Corporate</a></li> <li>Government and agency</li> <li><a href="/wiki/Municipal_bond" title="Municipal bond">Municipal</a></li> <li><a href="/wiki/Mortgage-backed_security" title="Mortgage-backed security">Mortgage-backed</a>, asset-backed, and <a href="/wiki/Collateralized_debt_obligation" title="Collateralized debt obligation">collateralized debt obligations</a></li> <li>Funding</li></ul> <div class="mw-heading mw-heading2"><h2 id="Participants">Participants</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Bond_market&action=edit&section=2" title="Edit section: Participants"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Bond market participants are similar to participants in most <a href="/wiki/Financial_market" title="Financial market">financial markets</a> and are essentially either buyers (debt issuer) of funds or sellers (institution) of funds and often both. </p><p>Participants include: </p> <ul><li><a href="/wiki/Institutional_investor" title="Institutional investor">Institutional investors</a></li> <li>Governments</li> <li><a href="/wiki/Financial_institutions" class="mw-redirect" title="Financial institutions">Financial institutions</a></li> <li>Individuals</li></ul> <p>Because of the specificity of individual bond issues, and the lack of liquidity in many smaller issues, the majority of outstanding bonds are held by institutions like <a href="/wiki/Pension_funds" class="mw-redirect" title="Pension funds">pension funds</a>, banks and <a href="/wiki/Mutual_funds" class="mw-redirect" title="Mutual funds">mutual funds</a>. In the <a href="/wiki/United_States" title="United States">United States</a>, approximately 10% of the market is held by private individuals. </p> <div class="mw-heading mw-heading2"><h2 id="Size">Size</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Bond_market&action=edit&section=3" title="Edit section: Size"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <figure class="mw-default-size" typeof="mw:File/Thumb"><a href="/wiki/File:World_bond_market_level_map.webp" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/2/27/World_bond_market_level_map.webp/220px-World_bond_market_level_map.webp.png" decoding="async" width="220" height="125" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/2/27/World_bond_market_level_map.webp/330px-World_bond_market_level_map.webp.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/2/27/World_bond_market_level_map.webp/440px-World_bond_market_level_map.webp.png 2x" data-file-width="3470" data-file-height="1970" /></a><figcaption>World bond market level map</figcaption></figure> <figure class="mw-default-size" typeof="mw:File/Thumb"><a href="/wiki/File:World_bond_market_by_country.webp" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/8/86/World_bond_market_by_country.webp/220px-World_bond_market_by_country.webp.png" decoding="async" width="220" height="200" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/8/86/World_bond_market_by_country.webp/330px-World_bond_market_by_country.webp.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/8/86/World_bond_market_by_country.webp/440px-World_bond_market_by_country.webp.png 2x" data-file-width="2662" data-file-height="2422" /></a><figcaption>World bond market by country <style data-mw-deduplicate="TemplateStyles:r981673959">.mw-parser-output .legend{page-break-inside:avoid;break-inside:avoid-column}.mw-parser-output .legend-color{display:inline-block;min-width:1.25em;height:1.25em;line-height:1.25;margin:1px 0;text-align:center;border:1px solid black;background-color:transparent;color:black}.mw-parser-output .legend-text{}</style><div class="legend"><span class="legend-color mw-no-invert" style="background-color:#00A2FF; color:black;"> </span> Domestic</div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r981673959"><div class="legend"><span class="legend-color mw-no-invert" style="background-color:#61D836; color:black;"> </span> International</div> </figcaption></figure> <p>Amounts outstanding on the global bond market increased by 2% in the twelve months to March 2012 to nearly $100 trillion. Domestic bonds accounted for 70% of the total and international bonds for the remainder. The United States was the largest market with 33% of the total followed by <a href="/wiki/Japan" title="Japan">Japan</a> (14%). As a proportion of global GDP, the bond market increased to over 140% in 2011 from 119% in 2008 and 80% a decade earlier. The considerable growth means that in March 2012 it was much larger than the global equity market which had a market capitalisation of around $53 trillion. Growth of the market since the start of the economic slowdown was largely a result of an increase in issuance by governments. In terms of number of bonds, there are over 500,000 unique corporate bonds in the US.<sup id="cite_ref-4" class="reference"><a href="#cite_note-4"><span class="cite-bracket">[</span>4<span class="cite-bracket">]</span></a></sup> </p><p>The outstanding value of international bonds increased by 2% in 2011 to $30 trillion. The $1.2 trillion issued during the year was down by around a fifth on the previous year's total. The first half of 2012 was off to a strong start with issuance of over $800 billion. The United States was the leading center in terms of value outstanding with 24% of the total followed by the UK 13%.<sup id="cite_ref-Bond_Market_2011_report_5-0" class="reference"><a href="#cite_note-Bond_Market_2011_report-5"><span class="cite-bracket">[</span>5<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="U.S._bond_market_size">U.S. bond market size</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Bond_market&action=edit&section=4" title="Edit section: U.S. bond market size"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <div class="PieChartTemplate thumb tright"><div class="thumbinner" style="width:202px"> <div class="mw-no-invert" style="background-color:white;margin:auto;position:relative;width:200px;height:200px;overflow:hidden;border-radius:100px;border:1px solid black;transform:scaleX(-1)rotate(-90deg)"> <div style="border:solid transparent;background-color:initial;position:absolute;width:100px;line-height:0;left:0; top:0; border-width:0 200px 200px 0; border-color:#A6CEE3; z-index:-1"></div><div style="border:solid transparent;background-color:initial;position:absolute;width:100px;line-height:0;left:100px; top:100px; border-width:100px 0 0 446.05761170953px; border-left-color:#B15928"></div> <div style="position:absolute;line-height:0;border-style:solid;left:0;top:0;border-width:0 200px 100px 0;border-color:#B15928"></div> <div style="position:absolute;line-height:0;border-style:solid;left:0;top:0;border-width:0 100px 200px 0;border-color:#B15928"></div><div style="border:solid transparent;background-color:initial;position:absolute;width:100px;line-height:0;left:100px; top:100px; border-width:100px 0 0 169.0907655785px; border-left-color:#6A3D9A"></div> <div style="position:absolute;line-height:0;border-style:solid;left:0;top:0;border-width:0 200px 100px 0;border-color:#6A3D9A"></div> <div style="position:absolute;line-height:0;border-style:solid;left:0;top:0;border-width:0 100px 200px 0;border-color:#6A3D9A"></div><div style="border:solid transparent;background-color:initial;position:absolute;width:100px;line-height:0;left:100px; top:100px; border-width:100px 0 0 123.06752585759px; border-left-color:#FF7F00"></div> <div style="position:absolute;line-height:0;border-style:solid;left:0;top:0;border-width:0 200px 100px 0;border-color:#FF7F00"></div> <div style="position:absolute;line-height:0;border-style:solid;left:0;top:0;border-width:0 100px 200px 0;border-color:#FF7F00"></div><div style="border:solid transparent;background-color:initial;position:absolute;width:100px;line-height:0;left:100px; top:100px; border-width:100px 0 0 29.120833351388px; border-left-color:#E31A1C"></div> <div style="position:absolute;line-height:0;border-style:solid;left:0;top:0;border-width:0 200px 100px 0;border-color:#E31A1C"></div> <div style="position:absolute;line-height:0;border-style:solid;left:0;top:0;border-width:0 100px 200px 0;border-color:#E31A1C"></div><div style="border:solid transparent;background-color:initial;position:absolute;width:100px;line-height:0;right:100px; top:100px; border-width:42.065583473297px 90.722029778059px 0 0; border-top-color:#33A02C"></div> <div style="position:absolute;line-height:0;border-style:solid;left:0;top:0;border-width:0 200px 100px 0;border-color:#33A02C"></div><div style="border:solid transparent;background-color:initial;position:absolute;width:100px;line-height:0;right:100px; top:0; border-width:0 74.20158309857px 100px 0; border-right-color:#1F78B4"></div> <div style="position:absolute;line-height:0;border-style:solid;right:0;top:0;border-width:0 100px 100px 0;border-color:#1F78B4"></div> </div> <div class="thumbcaption"> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r981673959"><div class="legend"><span class="legend-color mw-no-invert" style="background-color:#1F78B4; color:;"> </span> Treasury (35.16%)</div><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r981673959"><div class="legend"><span class="legend-color mw-no-invert" style="background-color:#33A02C; color:;"> </span> Corporate Debt (21.75%)</div><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r981673959"><div class="legend"><span class="legend-color mw-no-invert" style="background-color:#E31A1C; color:;"> </span> Mortgage Related (22.60%)</div><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r981673959"><div class="legend"><span class="legend-color mw-no-invert" style="background-color:#FF7F00; color:;"> </span> Municipal (9.63%)</div><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r981673959"><div class="legend"><span class="legend-color mw-no-invert" style="background-color:#6A3D9A; color:;"> </span> Money Markets (2.36%)</div><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r981673959"><div class="legend"><span class="legend-color mw-no-invert" style="background-color:#B15928; color:;"> </span> Agency Securities (4.99%)</div><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r981673959"><div class="legend"><span class="legend-color mw-no-invert" style="background-color:#A6CEE3; color:;"> </span> Asset-backed (3.51%)</div> </div> </div></div> <p>According to the Securities Industry and Financial Markets Association (SIFMA),<sup id="cite_ref-SIFMA_Statistics_6-0" class="reference"><a href="#cite_note-SIFMA_Statistics-6"><span class="cite-bracket">[</span>6<span class="cite-bracket">]</span></a></sup> as of Q1 2017, the U.S. bond market size is (in billions): </p> <table class="wikitable"> <tbody><tr> <th>Category </th> <th>Amount </th> <th>Percentage </th></tr> <tr> <td>Treasury </td> <td>$13,953.6 </td> <td>35.16% </td></tr> <tr> <td>Corporate Debt </td> <td>$8,630.6 </td> <td>21.75% </td></tr> <tr> <td>Mortgage Related </td> <td>$8,968.8 </td> <td>22.60% </td></tr> <tr> <td>Municipal </td> <td>$3,823.3 </td> <td>9.63% </td></tr> <tr> <td>Money Markets </td> <td>$937.2 </td> <td>2.36% </td></tr> <tr> <td>Agency Securities </td> <td>$1,981.8 </td> <td>4.99% </td></tr> <tr> <td>Asset-Backed </td> <td>$1,393.3 </td> <td>3.51% </td></tr> <tr> <td>Total </td> <td>$39,688.6 </td> <td>100% </td></tr></tbody></table> <p>The total federal government debts recognized by SIFMA are significantly less than the total bills, notes and bonds issued by the U.S. Treasury Department,<sup id="cite_ref-Treasury_Bulletin_7-0" class="reference"><a href="#cite_note-Treasury_Bulletin-7"><span class="cite-bracket">[</span>7<span class="cite-bracket">]</span></a></sup> of some $19.8 trillion at the time. This figure is likely to have excluded the inter-governmental debts such as those held by the <a href="/wiki/Federal_Reserve" title="Federal Reserve">Federal Reserve</a> and the <a href="/wiki/Social_Security_Trust_Fund" title="Social Security Trust Fund">Social Security Trust Fund</a>. </p> <figure class="mw-default-size mw-halign-center" typeof="mw:File/Thumb"><a href="/wiki/File:US_bond_market_cap_compared_to_stock_market_cap.webp" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/7/7a/US_bond_market_cap_compared_to_stock_market_cap.webp/220px-US_bond_market_cap_compared_to_stock_market_cap.webp.png" decoding="async" width="220" height="100" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/7/7a/US_bond_market_cap_compared_to_stock_market_cap.webp/330px-US_bond_market_cap_compared_to_stock_market_cap.webp.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/7/7a/US_bond_market_cap_compared_to_stock_market_cap.webp/440px-US_bond_market_cap_compared_to_stock_market_cap.webp.png 2x" data-file-width="4198" data-file-height="1916" /></a><figcaption>US bond market compared to stock market cap (<a href="/wiki/Wilshire_5000" title="Wilshire 5000">Wilshire 5000</a>) <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r981673959"><div class="legend"><span class="legend-line mw-no-invert" style="display: inline-block; vertical-align: middle; width: 1.67em; height: 0; border-style: none; border-top: 2px dotted black;border-top:#01A1FF solid 2px;"> </span> <a href="/wiki/Wilshire_5000" title="Wilshire 5000">Wilshire 5000</a></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r981673959"><div class="legend"><span class="legend-color mw-no-invert" style="border: 1px solid #929292;background-color:#B9B9B9; color:black;"> </span> Corporate bonds</div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r981673959"><div class="legend"><span class="legend-color mw-no-invert" style="border: 1px solid #FFD932;background-color:#FEE786; color:black;"> </span> <a href="/wiki/Local_government_in_the_United_States" title="Local government in the United States">Municipal</a> bonds</div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r981673959"><div class="legend"><span class="legend-color mw-no-invert" style="border: 1px solid #0A3161;background-color:#5B7694; color:white;"> </span> <a href="/wiki/United_States_Treasury_security" title="United States Treasury security">US Treasuries</a></div> </figcaption></figure> <div class="mw-heading mw-heading2"><h2 id="Volatility">Volatility</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Bond_market&action=edit&section=5" title="Edit section: Volatility"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <figure class="mw-default-size" typeof="mw:File/Thumb"><a href="/wiki/File:TMXGroup5.JPG" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/e/e8/TMXGroup5.JPG/220px-TMXGroup5.JPG" decoding="async" width="220" height="146" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/e/e8/TMXGroup5.JPG/330px-TMXGroup5.JPG 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/e/e8/TMXGroup5.JPG/440px-TMXGroup5.JPG 2x" data-file-width="4928" data-file-height="3264" /></a><figcaption>Bond market prices.</figcaption></figure> <p>For market participants who own a bond, collect the coupon and hold it to maturity, market <a href="/wiki/Volatility_(finance)" title="Volatility (finance)">volatility</a> is irrelevant; principal and interest are received according to a pre-determined schedule. </p><p>But participants who buy and sell bonds before maturity are exposed to many risks, most importantly changes in interest rates. When interest rates increase, the value of existing bonds falls, since new issues pay a higher yield. Likewise, when interest rates decrease, the value of existing bonds rises, since new issues pay a lower yield. This is the fundamental concept of bond market volatility—changes in bond prices are inverse to changes in interest rates. Fluctuating interest rates are part of a country's <a href="/wiki/Monetary_policy" title="Monetary policy">monetary policy</a> and bond market volatility is a response to expected monetary policy and economic changes. </p><p>Economists' views of <a href="/wiki/Economic_indicator" title="Economic indicator">economic indicators</a> versus actual released data contribute to market volatility. A tight consensus is generally reflected in bond prices and there is little price movement in the market after the release of "in-line" data. If the economic release differs from the consensus view, the market usually undergoes rapid price movement as participants interpret the data. Uncertainty (as measured by a wide consensus) generally brings more volatility before and after a release. Economic releases vary in importance and impact depending on where the economy is in the <a href="/wiki/Business_cycle" title="Business cycle">business cycle</a>. </p> <div class="mw-heading mw-heading2"><h2 id="Bond_investments">Bond investments</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Bond_market&action=edit&section=6" title="Edit section: Bond investments"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Bonds typically trade in $1,000 increments and are priced as a percentage of <a href="/wiki/Par_value" title="Par value">par value</a> (100%). Many bonds have minimums imposed by the bond or the dealer. Typical sizes offered are increments of $10,000. For broker/dealers, however, anything smaller than a $100,000 trade is viewed as an "odd lot". </p><p>Bonds typically pay interest at set intervals. Bonds with fixed coupons divide the stated coupon into parts defined by their <a href="/wiki/Payment_schedule" title="Payment schedule">payment schedule</a>, for example, semi-annual pay. Bonds with floating rate coupons have set calculation schedules where the floating rate is calculated shortly before the next payment. <a href="/wiki/Zero-coupon_bond" title="Zero-coupon bond">Zero-coupon bonds</a> do not pay interest. They are issued at a deep discount to account for the implied interest. </p><p>Because most bonds have predictable income, they are typically purchased as part of a more conservative investment scheme. Nevertheless, investors have the ability to actively trade bonds, especially <a href="/wiki/Corporate_bonds" class="mw-redirect" title="Corporate bonds">corporate bonds</a> and <a href="/wiki/Municipal_bonds" class="mw-redirect" title="Municipal bonds">municipal bonds</a> with the market and can make or lose money depending on economic, interest rate, and issuer factors. </p><p>Bond <a href="/wiki/Interest" title="Interest">interest</a> is taxed as ordinary income, in contrast to <a href="/wiki/Dividend" title="Dividend">dividend</a> income, which receives favorable taxation rates. However many government and municipal bonds are exempt from one or more types of taxation. </p><p><a href="/wiki/Investment_company" title="Investment company">Investment companies</a> allow individual investors the ability to participate in the bond markets through <a href="/wiki/Bond_fund" title="Bond fund">bond funds</a>, <a href="/wiki/Closed-end_fund" title="Closed-end fund">closed-end funds</a> and <a href="/wiki/Unit_investment_trust" title="Unit investment trust">unit-investment trusts</a>. In 2006 total bond fund net inflows increased 97% from $30.8 billion in 2005 to $60.8 billion in 2006.<sup id="cite_ref-Bond_fund_flows_8-0" class="reference"><a href="#cite_note-Bond_fund_flows-8"><span class="cite-bracket">[</span>8<span class="cite-bracket">]</span></a></sup> <a href="/wiki/Exchange-traded_fund" title="Exchange-traded fund">Exchange-traded funds</a> (ETFs) are another alternative to trading or investing directly in a bond issue. These securities allow individual investors the ability to overcome large initial and incremental trading sizes. </p> <div class="mw-heading mw-heading2"><h2 id="Bond_indices">Bond indices</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Bond_market&action=edit&section=7" title="Edit section: Bond indices"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <style data-mw-deduplicate="TemplateStyles:r1236090951">.mw-parser-output .hatnote{font-style:italic}.mw-parser-output div.hatnote{padding-left:1.6em;margin-bottom:0.5em}.mw-parser-output .hatnote i{font-style:normal}.mw-parser-output .hatnote+link+.hatnote{margin-top:-0.5em}@media print{body.ns-0 .mw-parser-output .hatnote{display:none!important}}</style><div role="note" class="hatnote navigation-not-searchable">Main article: <a href="/wiki/Bond_market_index" title="Bond market index">Bond market index</a></div> <p>A number of bond indices exist for the purposes of managing portfolios and measuring performance, similar to the <a href="/wiki/S%26P_500" title="S&P 500">S&P 500</a> or <a href="/wiki/Russell_Indexes" title="Russell Indexes">Russell Indexes</a> for <a href="/wiki/Stock" title="Stock">stocks</a>. The most common American benchmarks are the <a href="/wiki/Barclays_Capital_Aggregate_Bond_Index" class="mw-redirect" title="Barclays Capital Aggregate Bond Index">Barclays Capital Aggregate Bond Index</a>, <a href="/wiki/Citigroup_BIG" class="mw-redirect" title="Citigroup BIG">Citigroup BIG</a> and <a href="/wiki/Merrill_Lynch_Domestic_Master" title="Merrill Lynch Domestic Master">Merrill Lynch Domestic Master</a>. Most indices are parts of families of broader indices that can be used to measure global bond portfolios, or may be further subdivided by <a href="/wiki/Maturity_(finance)" title="Maturity (finance)">maturity</a> or sector for managing specialized portfolios. </p> <div class="mw-heading mw-heading2"><h2 id="History">History</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Bond_market&action=edit&section=8" title="Edit section: History"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>In ancient <a href="/wiki/Sumer" title="Sumer">Sumer</a>, temples functioned both as places of worship and as banks, under the oversight of the priests and the ruler.<sup id="cite_ref-9" class="reference"><a href="#cite_note-9"><span class="cite-bracket">[</span>9<span class="cite-bracket">]</span></a></sup> Loans were made at a customary fixed 20% interest rate; this custom was continued in <a href="/wiki/Babylon" title="Babylon">Babylon</a>, <a href="/wiki/Mesopotamia" title="Mesopotamia">Mesopotamia</a> and written into the <a href="/wiki/Code_of_Hammurabi" title="Code of Hammurabi">Code of Hammurabi</a>.<sup id="cite_ref-10" class="reference"><a href="#cite_note-10"><span class="cite-bracket">[</span>10<span class="cite-bracket">]</span></a></sup> </p><p>The first known bond in history dates from circa 2400BC in <a href="/wiki/Nippur" title="Nippur">Nippur</a>, <a href="/wiki/Mesopotamia" title="Mesopotamia">Mesopotamia</a> (modern-day <a href="/wiki/Iraq" title="Iraq">Iraq</a>).<sup id="cite_ref-11" class="reference"><a href="#cite_note-11"><span class="cite-bracket">[</span>11<span class="cite-bracket">]</span></a></sup> It guaranteed the payment of grain by the principal. The surety bond guaranteed reimbursement if the principal failed to make payment. Corn (grain) was often the currency priced. </p><p>In these ancient times, loans were initially made in cattle or grain from which interest could be paid from growing the herd or crop and returning a portion to the lender.<sup class="noprint Inline-Template" style="white-space:nowrap;">[<i><a href="/wiki/Wikipedia:Accuracy_dispute#Disputed_statement" title="Wikipedia:Accuracy dispute"><span title="The material near this tag is possibly inaccurate or nonfactual. (June 2024)">dubious</span></a> – <a href="/wiki/Talk:Bond_market#History" title="Talk:Bond market">discuss</a></i>]</sup> Silver became popular as it was less perishable and allowed large values to be transported more easily, but unlike cattle or grain could not naturally produce interest. Taxation derived from human labor evolved as a solution to this problem.<sup id="cite_ref-12" class="reference"><a href="#cite_note-12"><span class="cite-bracket">[</span>12<span class="cite-bracket">]</span></a></sup> </p><p>By the <a href="/wiki/Plantagenet" class="mw-redirect" title="Plantagenet">Plantagenet</a> era, the <a href="/wiki/English_Crown" class="mw-redirect" title="English Crown">English Crown</a> had long-standing links with Italian financiers and merchants such as <a href="/wiki/Riccardi_of_Lucca" title="Riccardi of Lucca">Riccardi of Lucca</a> in Tuscany. These trade links were based on loans, similar to modern-day <a href="/wiki/Bank_loan" class="mw-redirect" title="Bank loan">Bank loans</a>;<sup id="cite_ref-13" class="reference"><a href="#cite_note-13"><span class="cite-bracket">[</span>13<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-14" class="reference"><a href="#cite_note-14"><span class="cite-bracket">[</span>14<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-15" class="reference"><a href="#cite_note-15"><span class="cite-bracket">[</span>15<span class="cite-bracket">]</span></a></sup> other loans were linked to the need to finance the <a href="/wiki/Crusades" title="Crusades">Crusades</a> and the city-states of Italy found themselves - uniquely - at the intersection of international trade,<sup id="cite_ref-16" class="reference"><a href="#cite_note-16"><span class="cite-bracket">[</span>16<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-17" class="reference"><a href="#cite_note-17"><span class="cite-bracket">[</span>17<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-18" class="reference"><a href="#cite_note-18"><span class="cite-bracket">[</span>18<span class="cite-bracket">]</span></a></sup> finance and religion. The loans of the time were however not yet securitized in the form of bonds. That innovation came from further north: <a href="/wiki/Venice" title="Venice">Venice</a>. </p><p>In 12th Century Venice, the city-state's government began issuing war-bonds known as <i>prestiti</i>, perpetuities paying a fixed rate of 5%<sup id="cite_ref-19" class="reference"><a href="#cite_note-19"><span class="cite-bracket">[</span>19<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-20" class="reference"><a href="#cite_note-20"><span class="cite-bracket">[</span>20<span class="cite-bracket">]</span></a></sup> These were initially regarded with suspicion but the ability to buy and sell them became regarded as valuable. Securities of this late Medieval period were priced with techniques very similar to those used in modern-day <a href="/wiki/Quantitative_finance" class="mw-redirect" title="Quantitative finance">Quantitative finance</a>.<sup id="cite_ref-21" class="reference"><a href="#cite_note-21"><span class="cite-bracket">[</span>21<span class="cite-bracket">]</span></a></sup> The bond market had begun.<sup id="cite_ref-22" class="reference"><a href="#cite_note-22"><span class="cite-bracket">[</span>22<span class="cite-bracket">]</span></a></sup> </p><p>Following the <a href="/wiki/Hundred_Years%27_War" title="Hundred Years' War">Hundred Years' War</a>, monarchs of <a href="/wiki/England" title="England">England</a> and <a href="/wiki/France" title="France">France</a> defaulted on very large debts to Venetian bankers causing a collapse of the system of <a href="/wiki/Lombard_banking" title="Lombard banking">Lombard banking</a> in 1345.<sup id="cite_ref-23" class="reference"><a href="#cite_note-23"><span class="cite-bracket">[</span>23<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-24" class="reference"><a href="#cite_note-24"><span class="cite-bracket">[</span>24<span class="cite-bracket">]</span></a></sup> This economic set-back <a href="/wiki/Economics_of_English_towns_and_trade_in_the_Middle_Ages" title="Economics of English towns and trade in the Middle Ages">hit every part of economic life</a> - including clothing, food and hygiene - and during the ensuing <a href="/wiki/Black_Death" title="Black Death">Black Death</a> the European economy and bond market were depleted even further. Venice banned its bankers from trading government debt but the idea of debt as a tradable instrument and thus the bond market endured. </p><p>With their origins in antiquity, bonds are much older than the equity market which appeared with the first ever joint-stock corporation the <a href="/wiki/Dutch_East_India_Company" title="Dutch East India Company">Dutch East India Company</a> in 1602<sup id="cite_ref-25" class="reference"><a href="#cite_note-25"><span class="cite-bracket">[</span>25<span class="cite-bracket">]</span></a></sup> (although some scholars argue that something similar to the joint-stock corporation existed in Ancient Rome<sup id="cite_ref-26" class="reference"><a href="#cite_note-26"><span class="cite-bracket">[</span>26<span class="cite-bracket">]</span></a></sup>). </p><p>The first-ever Sovereign bond was issued in 1693 by the newly formed <a href="/wiki/Bank_of_England" title="Bank of England">Bank of England</a>. This bond was used to fund conflict with <a href="/wiki/France" title="France">France</a>. Other European governments followed suit. </p><p>The U.S.A. first issued sovereign Treasury bonds to finance the <a href="/wiki/American_Revolutionary_War" title="American Revolutionary War">American Revolutionary War</a>. Sovereign debt ("Liberty Bonds") was again used to finance its <a href="/wiki/World_War_I" title="World War I">World War I</a> efforts and issued in 1917 shortly after the U.S. declared war on Germany. </p><p>Each maturity of bond (one-year, two-year, five-year and so on) was thought of as a separate market until the mid-1970s when traders at <a href="/wiki/Salomon_Brothers" title="Salomon Brothers">Salomon Brothers</a> began <a href="/wiki/Yield_curve#Historical_development_of_yield_curve_theory" title="Yield curve">drawing a curve through their yields</a>. This innovation - the <a href="/wiki/Yield_curve" title="Yield curve">yield curve</a> - transformed the way bonds were both priced and traded and paved the way for <a href="/wiki/Quantitative_finance" class="mw-redirect" title="Quantitative finance">quantitative finance</a> to flourish. </p><p>Starting in the late 1970s, non-investment grade public companies were allowed to issue corporate debt. </p><p>The next innovation was the advent of <a href="/wiki/Derivatives_market" title="Derivatives market">Derivatives</a> in the 1980s and onwards, which saw the creation of <a href="/wiki/Collateralized_debt_obligation" title="Collateralized debt obligation">Collateralized debt obligations</a>, <a href="/wiki/Residential_mortgage-backed_security" title="Residential mortgage-backed security">Residential mortgage-backed securities</a> and the advent of the <a href="/wiki/Structured_product" title="Structured product">Structured products</a> industry.<sup id="cite_ref-27" class="reference"><a href="#cite_note-27"><span class="cite-bracket">[</span>27<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="See_also">See also</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Bond_market&action=edit&section=9" title="Edit section: See also"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <style data-mw-deduplicate="TemplateStyles:r1184024115">.mw-parser-output .div-col{margin-top:0.3em;column-width:30em}.mw-parser-output .div-col-small{font-size:90%}.mw-parser-output .div-col-rules{column-rule:1px solid #aaa}.mw-parser-output .div-col dl,.mw-parser-output .div-col ol,.mw-parser-output .div-col ul{margin-top:0}.mw-parser-output .div-col li,.mw-parser-output .div-col dd{page-break-inside:avoid;break-inside:avoid-column}</style><div class="div-col"> <ul><li><a href="/wiki/Bond_(finance)" title="Bond (finance)">Bond</a></li> <li><a href="/wiki/Bond_market_index" title="Bond market index">Bond market index</a></li> <li><a href="/wiki/Bond_valuation" title="Bond valuation">Bond valuation</a></li> <li><a href="/wiki/Corporate_bond" title="Corporate bond">Corporate bond</a></li> <li><a href="/wiki/Deferred_financing_costs" class="mw-redirect" title="Deferred financing costs">Deferred financing costs</a></li> <li><a href="/wiki/Government_bond" title="Government bond">Government bond</a></li> <li><a href="/wiki/Interest_rate_risk" title="Interest rate risk">Interest rate risk</a></li> <li><a href="/wiki/Primary_market" title="Primary market">Primary market</a></li> <li><a href="/wiki/Secondary_market" title="Secondary market">Secondary market</a></li> <li><a href="/wiki/Bullet_strategy" title="Bullet strategy">Bullet strategy</a></li> <li><a href="/wiki/Barbell_strategy" title="Barbell strategy">Barbell strategy</a></li> <li><a href="/wiki/War_Bond" class="mw-redirect" title="War Bond">War Bond</a></li></ul> <p><b>Specific:</b> </p> <ul><li><a href="/wiki/United_States_Treasury_security#Nonmarketable_securities" title="United States Treasury security">US Savings Bonds</a></li> <li><a href="/wiki/Foreign_exchange_reserves_of_the_People%27s_Republic_of_China" class="mw-redirect" title="Foreign exchange reserves of the People's Republic of China">Foreign exchange reserves of the People's Republic of China</a></li> <li><a href="/wiki/Bill_H._Gross" title="Bill H. Gross">Bill H. Gross</a></li></ul> </div> <div class="mw-heading mw-heading2"><h2 id="References">References</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Bond_market&action=edit&section=10" title="Edit section: References"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <style data-mw-deduplicate="TemplateStyles:r1251242444">.mw-parser-output .ambox{border:1px solid #a2a9b1;border-left:10px solid #36c;background-color:#fbfbfb;box-sizing:border-box}.mw-parser-output .ambox+link+.ambox,.mw-parser-output .ambox+link+style+.ambox,.mw-parser-output .ambox+link+link+.ambox,.mw-parser-output .ambox+.mw-empty-elt+link+.ambox,.mw-parser-output .ambox+.mw-empty-elt+link+style+.ambox,.mw-parser-output .ambox+.mw-empty-elt+link+link+.ambox{margin-top:-1px}html body.mediawiki .mw-parser-output .ambox.mbox-small-left{margin:4px 1em 4px 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class="reference-text"><style data-mw-deduplicate="TemplateStyles:r1238218222">.mw-parser-output cite.citation{font-style:inherit;word-wrap:break-word}.mw-parser-output .citation q{quotes:"\"""\"""'""'"}.mw-parser-output .citation:target{background-color:rgba(0,127,255,0.133)}.mw-parser-output .id-lock-free.id-lock-free a{background:url("//upload.wikimedia.org/wikipedia/commons/6/65/Lock-green.svg")right 0.1em center/9px no-repeat}.mw-parser-output .id-lock-limited.id-lock-limited a,.mw-parser-output .id-lock-registration.id-lock-registration a{background:url("//upload.wikimedia.org/wikipedia/commons/d/d6/Lock-gray-alt-2.svg")right 0.1em center/9px no-repeat}.mw-parser-output .id-lock-subscription.id-lock-subscription a{background:url("//upload.wikimedia.org/wikipedia/commons/a/aa/Lock-red-alt-2.svg")right 0.1em center/9px no-repeat}.mw-parser-output .cs1-ws-icon a{background:url("//upload.wikimedia.org/wikipedia/commons/4/4c/Wikisource-logo.svg")right 0.1em center/12px no-repeat}body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-free a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-limited a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-registration a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-subscription a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .cs1-ws-icon a{background-size:contain;padding:0 1em 0 0}.mw-parser-output .cs1-code{color:inherit;background:inherit;border:none;padding:inherit}.mw-parser-output .cs1-hidden-error{display:none;color:var(--color-error,#d33)}.mw-parser-output .cs1-visible-error{color:var(--color-error,#d33)}.mw-parser-output .cs1-maint{display:none;color:#085;margin-left:0.3em}.mw-parser-output .cs1-kern-left{padding-left:0.2em}.mw-parser-output .cs1-kern-right{padding-right:0.2em}.mw-parser-output .citation .mw-selflink{font-weight:inherit}@media screen{.mw-parser-output .cs1-format{font-size:95%}html.skin-theme-clientpref-night .mw-parser-output .cs1-maint{color:#18911f}}@media screen and (prefers-color-scheme:dark){html.skin-theme-clientpref-os .mw-parser-output .cs1-maint{color:#18911f}}</style><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://web.archive.org/web/20210513170717/https://www.sifma.org/resources/research/research-quarterly-fixed-income-issuance-and-trading-first-quarter-2021/">"Research Quarterly: Fixed Income – Issuance and Trading, First Quarter 2021 - Research Quarterly: Fixed Income – Issuance and Trading, First Quarter 2021 - SIFMA"</a>. Archived from <a rel="nofollow" class="external text" href="https://www.sifma.org/resources/research/research-quarterly-fixed-income-issuance-and-trading-first-quarter-2021/">the original</a> on 2021-05-13<span class="reference-accessdate">. Retrieved <span class="nowrap">2021-04-29</span></span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Research+Quarterly%3A+Fixed+Income+%E2%80%93+Issuance+and+Trading%2C+First+Quarter+2021+-+Research+Quarterly%3A+Fixed+Income+%E2%80%93+Issuance+and+Trading%2C+First+Quarter+2021+-+SIFMA&rft_id=https%3A%2F%2Fwww.sifma.org%2Fresources%2Fresearch%2Fresearch-quarterly-fixed-income-issuance-and-trading-first-quarter-2021%2F&rfr_id=info%3Asid%2Fen.wikipedia.org%3ABond+market" class="Z3988"></span></span> </li> <li id="cite_note-2"><span class="mw-cite-backlink"><b><a href="#cite_ref-2">^</a></b></span> <span class="reference-text">Tuckman, B., & Serrat, A. (2022). Fixed income securities: tools for today's markets. John Wiley & Sons.</span> </li> <li id="cite_note-Avg_Daily_Trading_Volume-3"><span class="mw-cite-backlink"><b><a href="#cite_ref-Avg_Daily_Trading_Volume_3-0">^</a></b></span> <span class="reference-text"><a rel="nofollow" class="external text" href="https://www.sifma.org/uploadedfiles/research/statistics/statisticsfiles/cm-us-bond-market-trading-volume-sifma.xls">Avg Daily Trading Volume</a> <a rel="nofollow" class="external text" href="https://web.archive.org/web/20160519045003/https://www.sifma.org/uploadedfiles/research/statistics/statisticsfiles/cm-us-bond-market-trading-volume-sifma.xls">Archived</a> May 19, 2016, at the <a href="/wiki/Wayback_Machine" title="Wayback Machine">Wayback Machine</a> SIFMA 1996 - 2016 Average Daily Trading Volume. Accessed April 15, 2016.</span> </li> <li id="cite_note-4"><span class="mw-cite-backlink"><b><a href="#cite_ref-4">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFWigglesworthFletcher2021" class="citation news cs1">Wigglesworth, Robin; Fletcher, Laurence (December 7, 2021). "The next quant revolution: shaking up the corporate bond market". <i>Financial Times</i>. print.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Financial+Times&rft.atitle=The+next+quant+revolution%3A+shaking+up+the+corporate+bond+market&rft.date=2021-12-07&rft.aulast=Wigglesworth&rft.aufirst=Robin&rft.au=Fletcher%2C+Laurence&rfr_id=info%3Asid%2Fen.wikipedia.org%3ABond+market" class="Z3988"></span></span> </li> <li id="cite_note-Bond_Market_2011_report-5"><span class="mw-cite-backlink"><b><a href="#cite_ref-Bond_Market_2011_report_5-0">^</a></b></span> <span class="reference-text"><a rel="nofollow" class="external autonumber" href="http://www.thecityuk.com/assets/Uploads/Bond-Markets-2012-F1.pdf">[1]</a><sup class="noprint Inline-Template"><span style="white-space: nowrap;">[<i><a href="/wiki/Wikipedia:Link_rot" title="Wikipedia:Link rot"><span title=" Dead link tagged November 2016">permanent dead link</span></a></i><span style="visibility:hidden; color:transparent; padding-left:2px">‍</span>]</span></sup> Bond Markets 2012 report</span> </li> <li id="cite_note-SIFMA_Statistics-6"><span class="mw-cite-backlink"><b><a href="#cite_ref-SIFMA_Statistics_6-0">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://web.archive.org/web/20161121204930/http://www.sifma.org/research/statistics.aspx">"Statistics | Research | SIFMA"</a>. Archived from <a rel="nofollow" class="external text" href="http://www.sifma.org/research/statistics.aspx">the original</a> on 2016-11-21<span class="reference-accessdate">. Retrieved <span class="nowrap">2013-07-10</span></span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Statistics+%26%23124%3B+Research+%26%23124%3B+SIFMA&rft_id=http%3A%2F%2Fwww.sifma.org%2Fresearch%2Fstatistics.aspx&rfr_id=info%3Asid%2Fen.wikipedia.org%3ABond+market" class="Z3988"></span> SIFMA Statistics</span> </li> <li id="cite_note-Treasury_Bulletin-7"><span class="mw-cite-backlink"><b><a href="#cite_ref-Treasury_Bulletin_7-0">^</a></b></span> <span class="reference-text"> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="http://www.fms.treas.gov/bulletin/index.html">"The Treasury Bulletin Pages Have Moved"</a>. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20161118034621/http://fms.treas.gov/bulletin/index.html">Archived</a> from the original on 2016-11-18<span class="reference-accessdate">. Retrieved <span class="nowrap">2011-09-29</span></span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=The+Treasury+Bulletin+Pages+Have+Moved&rft_id=http%3A%2F%2Fwww.fms.treas.gov%2Fbulletin%2Findex.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3ABond+market" class="Z3988"></span> Treasury Bulletin</span> </li> <li id="cite_note-Bond_fund_flows-8"><span class="mw-cite-backlink"><b><a href="#cite_ref-Bond_fund_flows_8-0">^</a></b></span> <span class="reference-text"><a rel="nofollow" class="external text" href="http://www.bondmarkets.com/story.asp?id=2793">Bond fund flows</a> <a rel="nofollow" class="external text" href="https://web.archive.org/web/20110807044759/http://www.bondmarkets.com/story.asp?id=2793">Archived</a> August 7, 2011, at the <a href="/wiki/Wayback_Machine" title="Wayback Machine">Wayback Machine</a> SIFMA. 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title="Discuss this template">t</abbr></a></li><li class="nv-edit"><a href="/wiki/Special:EditPage/Template:Debt" title="Special:EditPage/Template:Debt"><abbr title="Edit this template">e</abbr></a></li></ul></div><div id="Debt" style="font-size:114%;margin:0 4em"><a href="/wiki/Debt" title="Debt">Debt</a></div></th></tr><tr><th scope="row" class="navbox-group" style="width:1%">Instruments</th><td class="navbox-list-with-group navbox-list navbox-odd hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"></div><table class="nowraplinks navbox-subgroup" style="border-spacing:0"><tbody><tr><th scope="row" class="navbox-group" style="width:1%;font-weight:normal;"><a href="/wiki/Bond_(finance)" title="Bond (finance)">Bonds</a></th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Corporate_bond" title="Corporate bond">Corporate</a></li> <li><a href="/wiki/Debenture" title="Debenture">Debenture</a></li> <li><a href="/wiki/Government_bond" title="Government bond">Government</a></li> <li><a href="/wiki/Municipal_bond" title="Municipal bond">Municipal</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%;font-weight:normal;"><a href="/wiki/Loan" title="Loan">Loans</a></th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Business_loan" title="Business loan">Business loan</a></li> <li><a href="/wiki/Credit" title="Credit">Consumer lending</a></li> <li><a href="/wiki/Loan_shark" title="Loan shark">Loan shark</a></li> <li><a href="/wiki/Payday_loan" title="Payday loan">Payday loan</a></li> <li><a href="/wiki/Predatory_lending" title="Predatory lending">Predatory lending</a></li> <li><a href="/wiki/Usury" title="Usury">Usury</a></li> <li><a href="/wiki/Vendor_finance" title="Vendor finance">Vendor finance</a></li></ul> </div></td></tr></tbody></table><div></div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Management</th><td class="navbox-list-with-group navbox-list navbox-odd hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Bankruptcy" title="Bankruptcy">Bankruptcy</a></li> <li><a href="/wiki/Debt_consolidation" title="Debt consolidation">Consolidation</a></li> <li><a href="/wiki/Debt_management_plan" title="Debt management plan">Management plan</a></li> <li><a href="/wiki/Debt_relief" title="Debt relief">Relief</a> (<a href="/wiki/History_of_debt_relief" title="History of debt relief">history</a>)</li> <li><a href="/wiki/Debt_restructuring" title="Debt restructuring">Restructuring</a></li> <li><a href="/wiki/Debt_snowball_method" title="Debt snowball method">Debt snowball method</a></li> <li><a href="/wiki/Debtor-in-possession_financing" title="Debtor-in-possession financing">Debtor-in-possession (DIP) financing</a></li> <li><a href="/wiki/Loan_guarantee" title="Loan guarantee">Loan guarantee</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Debt_collection" title="Debt collection">Collection</a> <b>·</b> <a href="/wiki/Debt_evasion" title="Debt evasion">Evasion</a></th><td class="navbox-list-with-group navbox-list navbox-even hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Bad_debt" title="Bad debt">Bad debt</a></li> <li><a href="/wiki/Charge-off" title="Charge-off">Charge-off</a></li> <li><a href="/wiki/Debt_compliance" title="Debt compliance">Compliance</a></li> <li><a href="/wiki/Debt_bondage" title="Debt bondage">Debt bondage</a></li> <li><a href="/wiki/Debtors%27_prison" title="Debtors' prison">Debtors' prison</a></li> <li><a href="/wiki/Distraint" title="Distraint">Distraint</a></li> <li><a href="/wiki/Garnishment" title="Garnishment">Garnishment</a></li> <li><a href="/wiki/Phantom_debt" title="Phantom debt">Phantom debt</a></li> <li><a href="/wiki/Strategic_default" title="Strategic default">Strategic default</a></li> <li><a href="/wiki/Tax_refund_interception" title="Tax refund interception">Tax refund interception</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a class="mw-selflink selflink">Markets</a></th><td class="navbox-list-with-group navbox-list navbox-odd hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Consumer_debt" title="Consumer debt">Consumer</a></li> <li><a href="/wiki/Corporate_bond" title="Corporate bond">Corporate</a></li> <li><a href="/wiki/Debt-trap_diplomacy" title="Debt-trap diplomacy">Diplomacy</a></li> <li><a href="/wiki/Government_debt" title="Government debt">Government</a> <ul><li><a href="/wiki/Government_budget_balance" title="Government budget balance">Government budget balance</a></li></ul></li> <li><a href="/wiki/Medical_debt" title="Medical debt">Medical</a></li> <li><a href="/wiki/Municipal_bond" title="Municipal bond">Municipal</a></li> <li><a href="/wiki/Venture_debt" title="Venture debt">Venture</a></li> <li><a href="/wiki/Debt_buyer_(United_States)" title="Debt buyer (United States)">Buyer</a></li> <li><a href="/wiki/Deposit_account" title="Deposit account">Deposit account</a></li> <li><a href="/wiki/Fixed_income" title="Fixed income">Fixed income</a></li> <li><a href="/wiki/Money_market" title="Money market">Money market</a></li> <li><a href="/wiki/Securitization" title="Securitization">Securitization</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Economics</th><td class="navbox-list-with-group navbox-list navbox-even hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Consumer_leverage_ratio" title="Consumer leverage ratio">Consumer leverage ratio</a></li> <li><a href="/wiki/Debt_levels_and_flows" title="Debt levels and flows">Debt levels and flows</a></li> <li><a href="/wiki/External_debt" title="External debt">External</a> / <a href="/wiki/Internal_debt" title="Internal debt">Internal</a> / <a href="/wiki/Odious_debt" title="Odious debt">Odious debt</a></li> <li><a href="/wiki/Debt-to-GDP_ratio" title="Debt-to-GDP ratio">Debt-to-GDP ratio</a></li> <li><a href="/wiki/List_of_countries_by_government_debt" title="List of countries by government debt">List of countries by government debt</a></li></ul> </div></td></tr><tr><td class="navbox-abovebelow hlist" colspan="2"><div> <ul><li><a href="/wiki/Default_(finance)" title="Default (finance)">Default</a></li> <li><a href="/wiki/Insolvency" title="Insolvency">Insolvency</a></li> <li><a href="/wiki/Interest" title="Interest">Interest</a></li> <li><a href="/wiki/Interest_rate" title="Interest rate">Interest rate</a></li> <li><a href="/wiki/Promissory_note" title="Promissory note">Promissory note</a></li></ul> </div></td></tr></tbody></table></div> <div class="navbox-styles"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236075235"></div><div role="navigation" class="navbox" aria-labelledby="Bond_market" style="padding:3px"><table class="nowraplinks hlist mw-collapsible autocollapse navbox-inner" style="border-spacing:0;background:transparent;color:inherit"><tbody><tr><th scope="col" class="navbox-title" colspan="2"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1239400231"><div class="navbar plainlinks hlist navbar-mini"><ul><li class="nv-view"><a href="/wiki/Template:Bond_market" title="Template:Bond market"><abbr title="View this template">v</abbr></a></li><li class="nv-talk"><a href="/wiki/Template_talk:Bond_market" title="Template talk:Bond market"><abbr title="Discuss this template">t</abbr></a></li><li class="nv-edit"><a href="/wiki/Special:EditPage/Template:Bond_market" title="Special:EditPage/Template:Bond market"><abbr title="Edit this template">e</abbr></a></li></ul></div><div id="Bond_market" style="font-size:114%;margin:0 4em"><a class="mw-selflink selflink">Bond market</a></div></th></tr><tr><td class="navbox-abovebelow" colspan="2"><div> <ul><li><a href="/wiki/Bond_(finance)" title="Bond (finance)">Bond</a></li> <li><a href="/wiki/Debenture" title="Debenture">Debenture</a></li> <li><a href="/wiki/Fixed_income" title="Fixed income">Fixed income</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Types of bonds by issuer</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Agency_debt" title="Agency debt">Agency bond</a></li> <li><a href="/wiki/Corporate_bond" title="Corporate bond">Corporate bond</a> <ul><li><a href="/wiki/Senior_debt" title="Senior debt">Senior debt</a></li> <li><a href="/wiki/Subordinated_debt" title="Subordinated debt">Subordinated debt</a></li></ul></li> <li><a href="/wiki/Distressed_securities" title="Distressed securities">Distressed debt</a></li> <li><a href="/wiki/Government_bond" title="Government bond">Government bond</a></li> <li><a href="/wiki/Infrastructure_bond" title="Infrastructure bond">Infrastructure bond</a></li> <li><a href="/wiki/Municipal_bond" title="Municipal bond">Municipal bond</a></li> <li><a href="/wiki/Global_bond" title="Global bond">Global bond</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Types of bonds by payout</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Accrual_bond" title="Accrual bond">Accrual bond</a></li> <li><a href="/wiki/Auction_rate_security" title="Auction rate security">Auction rate security</a></li> <li><a href="/wiki/Callable_bond" title="Callable bond">Callable bond</a></li> <li><a href="/wiki/Commercial_paper" title="Commercial paper">Commercial paper</a></li> <li><a href="/wiki/Consol_(bond)" title="Consol (bond)">Consol</a></li> <li><a href="/wiki/Contingent_convertible_bond" title="Contingent convertible bond">Contingent convertible bond</a></li> <li><a href="/wiki/Convertible_bond" title="Convertible bond">Convertible bond</a></li> <li><a href="/wiki/Exchangeable_bond" title="Exchangeable bond">Exchangeable bond</a></li> <li><a href="/wiki/Extendible_bond" title="Extendible bond">Extendible bond</a></li> <li><a href="/wiki/Fixed_rate_bond" class="mw-redirect" title="Fixed rate bond">Fixed rate bond</a></li> <li><a href="/wiki/Floating_rate_note" title="Floating rate note">Floating rate note</a></li> <li><a href="/wiki/High-yield_debt" title="High-yield debt">High-yield debt</a></li> <li><a href="/wiki/Inflation-indexed_bond" title="Inflation-indexed bond">Inflation-indexed bond</a></li> <li><a href="/wiki/Inverse_floating_rate_note" title="Inverse floating rate note">Inverse floating rate note</a></li> <li><a href="/wiki/Lottery_bond" title="Lottery bond">Lottery bond</a></li> <li><a href="/wiki/Perpetual_bond" title="Perpetual bond">Perpetual bond</a></li> <li><a href="/wiki/Puttable_bond" title="Puttable bond">Puttable bond</a></li> <li><a href="/wiki/Reverse_convertible_securities" title="Reverse convertible securities">Reverse convertible securities</a></li> <li><a href="/wiki/Zero-coupon_bond" title="Zero-coupon bond">Zero-coupon bond</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Bond_valuation" title="Bond valuation">Bond valuation</a></th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Clean_price" title="Clean price">Clean price</a></li> <li><a href="/wiki/Bond_convexity" title="Bond convexity">Convexity</a></li> <li><a href="/wiki/Coupon_(finance)" title="Coupon (finance)">Coupon</a></li> <li><a href="/wiki/Yield_spread" title="Yield spread">Credit spread</a></li> <li><a href="/wiki/Current_yield" title="Current yield">Current yield</a></li> <li><a href="/wiki/Dirty_price" title="Dirty price">Dirty price</a></li> <li><a href="/wiki/Bond_duration" class="mw-redirect" title="Bond duration">Duration</a></li> <li><a href="/wiki/I-spread" title="I-spread">I-spread</a></li> <li><a href="/wiki/Mortgage_yield" title="Mortgage yield">Mortgage yield</a></li> <li><a href="/wiki/Nominal_yield" title="Nominal yield">Nominal yield</a></li> <li><a href="/wiki/Option-adjusted_spread" title="Option-adjusted spread">Option-adjusted spread</a></li> <li><a href="/wiki/Risk-free_bond" title="Risk-free bond">Risk-free bond</a></li> <li><a href="/wiki/Weighted-average_life" title="Weighted-average life">Weighted-average life</a></li> <li><a href="/wiki/Yield_curve" title="Yield curve">Yield curve</a></li> <li><a href="/wiki/Yield_spread" title="Yield spread">Yield spread</a></li> <li><a href="/wiki/Yield_to_maturity" title="Yield to maturity">Yield to maturity</a></li> <li><a href="/wiki/Z-spread" title="Z-spread">Z-spread</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Securitized products</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Asset-backed_security" title="Asset-backed security">Asset-backed security</a></li> <li><a href="/wiki/Collateralized_debt_obligation" title="Collateralized debt obligation">Collateralized debt obligation</a></li> <li><a href="/wiki/Collateralized_mortgage_obligation" title="Collateralized mortgage obligation">Collateralized mortgage obligation</a></li> <li><a href="/wiki/Commercial_mortgage-backed_security" title="Commercial mortgage-backed security">Commercial mortgage-backed security</a></li> <li><a href="/wiki/Mortgage-backed_security" title="Mortgage-backed security">Mortgage-backed security</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Bond_option" title="Bond option">Bond options</a></th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Callable_bond" title="Callable bond">Callable bond</a></li> <li><a href="/wiki/Convertible_bond" title="Convertible bond">Convertible bond</a></li> <li><a href="/wiki/Embedded_option" title="Embedded option">Embedded option</a></li> <li><a href="/wiki/Exchangeable_bond" title="Exchangeable bond">Exchangeable bond</a></li> <li><a href="/wiki/Extendible_bond" title="Extendible bond">Extendible bond</a></li> <li><a href="/wiki/Puttable_bond" title="Puttable bond">Puttable bond</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Institutions</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Commercial_Mortgage_Securities_Association" title="Commercial Mortgage Securities Association">Commercial Mortgage Securities Association</a> (CMSA)</li> <li><a href="/wiki/International_Capital_Market_Association" title="International Capital Market Association">International Capital Market Association</a> (ICMA)</li> <li><a href="/wiki/Securities_Industry_and_Financial_Markets_Association" title="Securities Industry and Financial Markets Association">Securities Industry and Financial Markets Association</a> (SIFMA)</li></ul> </div></td></tr></tbody></table></div> <div class="navbox-styles"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236075235"></div><div role="navigation" class="navbox authority-control" aria-label="Navbox" 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