April TIC: UST buying rebounds as foreign demand stayed strong: US Rates Strategy: Flow of Funds

Research evidence excerpt

April TIC: UST buying rebounds as foreign demand stayed strong: US Rates Strategy: Flow of Funds

FICC Research

Interest Rates

22 June 2026

US Rates Strategy: Flow of Funds

April TIC: UST buying rebounds as

foreign demand stayed strong

TIC data for April show foreign investors bought $98bn in Demi Hu, CFA

long-term US debt, with demand rotating back into +1 212 526 7398

demi.hu@barclays.com

Treasuries after March’s credit-heavy inflows. Both the official BCI, US

sector and Asian investors returned as net buyers of Samuel Earl

USTs, while private demand was more broadly distributed + 1 212 526 5426 samuel.earl@barclays.com

across products. BCI, US

Anshul Pradhan

TIC data for April 2026 show that foreign investors remained net buyers of long-term US +1 212 412 3681

fixed income, with $98bn of net purchases across Treasuries, agencies, and corporate bonds, anshul.pradhan@barclays.com

BCI, USup from $86bn in March and above the six-month average of $76bn (Figure 1).

Private demand moderated from the strong pace seen in the prior two months but

remained above recent averages, while the official sector shifted back into net buying.

Private investors bought $80bn of long-term US fixed income in April, down from $114bn in

March. Meanwhile, the official sector bought $18bn, after having been sellers the prior two

months.

At the same time, foreign investors reduced T-bills by $14bn in April, extending the $17bn

decline in March that followed unusually strong buying of $92bn in February. The April decline

was driven by private-sector reduction, while the official sector remained a net buyer,

adding $16bn.

Across products, demand broadened and rotated away from the credit-heavy pattern seen

in March and back into Treasuries and agencies:

• Treasuries demand strengthened notably.