(As of August 2020)
As of August 2020, ICMA estimates that the overall size of the global bond markets in terms of USD equivalent notional outstanding, is approximately $128.3tn. This consists of $87.5tn SSA bonds (68%) and $40.9tn corporate bonds (32%).
| Global Bond Markets |
Global SSA Bond Markets |
| The SSA bond markets are dominated by the US ($22.4tn), China ($19.8tn), and Japan ($12.4tn). Between them they make up 62% of the global SSA market. Sovereign bonds constitute 73% ($63.7tn) of the global outstanding SSA market. | |
 Source: ICMA analysis using Bloomberg Data (August 2020) |
 Source: ICMA analysis using Bloomberg Data (August 2020) |
| Global Corporate Bond Markets |
Trends in Global Bond Issuance |
| In terms of country of incorporation, the global corporate bond markets are dominated by the US ($10.9tn) and China ($7.4tn). Between them they make up 45% of the total global corporate bond market. 53% ($21.5tn) of outstanding corporate bonds are issued by financial institutions. |
|
 Source: ICMA analysis using Bloomberg Data (August 2020) |
 Source: ICMA analysis using Bloomberg Data (August 2020) |
 Source: ICMA analysis using Bloomberg Data (August 2020) |
(As of May 2020)
European SSA
(As of May 2020)
The below outstandings are based on the overall size of the European SSA bond market. This takes into account publicly listed bonds of sovereigns, supranationals, and government agencies incorporated in the EEA (including Switzerland), and denominated in an EEA currency (including CHF).
As of May 2020, this is estimated to constitute 11,070 individual ISINs, with a combined equivalent nominal value of approximately €12.2 trillion.
(As of July/August 2020)
APAC (ex- Japan and China)
As of July 2020, ICMA estimates the notional value of the outstanding APAC SSA market (excluding Japan and China) to be approximately $5.9tn, of which $4.3tn are government bonds. It estimates the APAC corporate bond market (excluding Japan and China) – defined as bonds issued by corporations incorporated in an APAC country (excluding Japan and China and issued in an APAC local currency (excluding JPY and CNY) – to be approximately $1.8tn.
| APAC SSA bond market (ex- Japan & China) |
APAC sovereign bond market (ex- Japan & China) |
 Source: ICMA analysis using Bloomberg Data (July 2020) |
 Source: ICMA analysis using Bloomberg Data (July 2020) |
| APAC corporate bond market (ex- Japan & China) |
|
 Source: ICMA analysis using Bloomberg Data (July 2020) |
China
As of July 2020, ICMA estimates the notional value of the outstanding onshore China SSA market to be approximately $19.4tn, of which $7.1tn are sovereign bonds. It estimates the onshore China corporate bond market– defined as bonds issued by corporations incorporated in China and issued in CNY – to be approximately $6.95tn.
| China SSA bond market |
China SSA bond market by maturity |
 Source: ICMA analysis using Bloomberg Data (July 2020) |
 Source: ICMA analysis using Bloomberg Data (July 2020) |
| China onshore corporate bond market |
|
 Source: ICMA analysis using Bloomberg Data (July 2020) |
Japan
As of July 2020, ICMA estimates the notional value of the outstanding onshore Japan SSA market to be approximately $12.3tn, of which $11.0tn are sovereign bonds. It estimates the domestic Japan corporate bond market– defined as bonds issued by corporations incorporated in Japan and issued in JPY – to be approximately $826bn.
| Japan SSA bond market |
Japan SSA bond market by maturity |
 Source: ICMA analysis using Bloomberg Data (July 2020) |
 Source: ICMA analysis using Bloomberg Data (July 2020) |
| Japan domestic corporate bond market |
|
 Source: ICMA analysis using Bloomberg Data (July 2020) |
APAC G3 Corporate Bonds
As of August 2020, ICMA estimates the notional value of the outstanding APAC G3 corporate bond market – defined as bonds issued by corporations incorporated in an APAC country and issued in USD, EUR, or GBP – as approximately $2.8tn, consisting of 9,708 ISINs. China, Australia, and Japan dominate in terms of country of risk, making up 71% of total outstandings. China alone ($1.0tn) makes up 38% of APAC G3 outstandings. USD is the predominant currency of issuance (88%).
| APAC G3 corporate bond market by country of incorporation |
APAC G3 corporate bond market by sector |
 Source: ICMA analysis using Bloomberg Data (August 2020) |
 Source: ICMA analysis using Bloomberg Data (August 2020) |
| APAC G3 corporate bond market cumulative issuance since Q1 2010 |
|
 Source: ICMA analysis using Bloomberg Data (August 2020) |
(As of July 2020)
African SSA bond markets
As of July 2020, ICMA estimates the notional value of the outstanding domestic African SSA bond market – defined as bonds issued by an African SSA entity issued in local currency – to be approximately $802.9bn, constituting 4,918 ISINs. This is largely dominated by RSA (notional value $329.3 and 199 ISINs).
ICMA estimates the international African SSA bond market – defined as bonds issued by an African SSA entity issued in a non-African currency – to be approximately $199bn, consisting of 370 issues. USD is the predominant currency of issue (85%), followed by EUR (14%).
| RSA domestic SSA bond market |
African (ex-RSA) local SSA bond markets |
 Source: ICMA analysis using Bloomberg Data (July 2020) |
 Source: ICMA analysis using Bloomberg Data (July 2020) |
| African international SSA bond market |
|
 Source: ICMA analysis using Bloomberg Data (July 2020) |
African corporate bond markets
As of July 2020, ICMA estimates the notional value of the outstanding African corporate bond market – defined as bonds issued by corporations incorporated in an African country – to be approximately $149.bn, constituting 2,185 ISINs. This is largely dominated by corporations incorporated in RSA (notion value $95.7bn and 1,720 ISINs). ZAR (50%) and USD (43%) are the most prominent currencies of issuance.
| African corporate bond markets by currency |
RSA corporate bond market |
 Source: ICMA analysis using Bloomberg Data (July 2020) |
 Source: ICMA analysis using Bloomberg Data (July 2020) |
| African (ex-RSA) corporate bond markets by country of incorporation |
African (ex-RSA) corporate bond markets by country of incorporation and sector |
 Source: ICMA analysis using Bloomberg Data (July 2020) |
 Source: ICMA analysis using Bloomberg Data (July 2020) |
