Explore long bonds
See the U.S. long bond market’s components and credit quality as we build the map from the ground up
Source: Barclays POINT data ©2019 Barclays Capital Inc. Used with permission. POINT is a registered trademark of Barclays Capital Inc. Data in market value terms as of 3/31/19. Split by index, then credit quality, then sector.
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Long government/credit supply (USD billions)
Rapid growth: At $3.5 trillion, the U.S. long bond market has more than tripled in size since the global financial crisis.
More credit: As the market has grown, its composition has changed. U.S. government bonds made up more than two-thirds of the market in the mid-1990s; now credit accounts for more than half of the investable universe.
Weaker quality: As the credit component of the market has expanded, quality has weakened. Bonds rated triple-B account for more than half of long credit bonds, more than double the level in the late 1980s.
Pockets of scarcity: Despite the market’s sharp growth, some portions are comparatively small. For instance, although AA-rated corporate bonds play a critical role in liability measurement, their limited depth and breadth will often require sponsors to add other types of bonds to their hedging toolkit.