Treasury International Capital data: April 2026

Research evidence excerpt

Treasury International Capital data: April 2026

19 June 2026

Mizuho Securities Equity Research Strategy / Equity

US Equity Strategy

Net buying for all categories as risk-on sentiment takes hold

Global Senior Strategist: Foreign investors net buyers of US securities for 12th straight

Takaaki Hironaka month

+81 3 6202 8554 According to the Treasury International Capital (TIC) data for April 2026

takaaki.hironaka@mizuho-sc.com published by the US Department of the Treasury, foreign investors were net

buyers of US securities for the 12th consecutive month. The breakdown shows

net buying across all four core asset classes, with equities at $108.19b, US

Treasuries at $50.52b, agency bonds at $26.57b, and corporate bonds at

$20.71b.

Japan, UK increase holdings of US Treasuries

The value of global holdings of US Treasuries as of end-April nudged up from

the prior month, but Japan and the UK increased their holdings markedly.

In descending order, the largest holders of US Treasuries at the end of the

month were Japan, the UK, China, the Cayman Islands, Belgium, Luxemburg,

Canada, France, Ireland, and Taiwan.

Major rebound on strong earnings, possible cessation of

hostilities

In April 2026 the S&P 500 rose 10.4% MoM. The month saw a return of risk-

on sentiment, after President Trump announced on 31 March that the US

military would soon leave Iran since the war had achieved its goal of preventing

Iran from acquiring nuclear weapons. Since then, the market mood has been

fluctuating in reaction to headlines related to the end of the war. Meanwhile,

Jan–Mar results season, which kicked off from April, included a string of brisk

earnings announcements by AI-related companies, while non-AI stocks also

showed firm results. Not only this, but companies with no exposure to AI-