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Who has been buying US debt?: US Rates Research: Flow of Funds
研报英文原文证据摘录
Who has been buying US debt?: US Rates Research: Flow of Funds
FICC Research
Interest Rates
15 June 2026
US Rates Research: Flow of Funds
Who has been buying US debt?
The Fed's flow of funds data show that fixed income issuance
rose in Q1 on heavier corporate supply. For both the quarter
and the past year, mutual funds, foreign investors, and Demi Hu, CFA +1 212 526 7398
pensions/insurance companies remained the dominant demi.hu@barclays.com
buyers, with banks stepping up their purchases. BCI, US
Samuel Earl
+ 1 212 526 5426
The Fed recently released its Z1 data series (known as the flow of funds) for Q1 26,1 which sheds samuel.earl@barclays.com
light on fixed income supply and demand dynamics. BCI, US
Anshul PradhanQuarter over quarter, net issuance rose about $250bn, driven by a sharp rebound in corporate
+1 212 412 3681
bond supply, alongside modestly higher agency and muni issuance, while Treasury ex-T-bills anshul.pradhan@barclays.com
supply declined somewhat. On the demand side, both domestic and foreign investors stepped BCI, US
up, particularly banks.
On a year over year basis, net supply to investors on a four-quarter basis declined from $3.4tn to
$2.9tn, led by Treasuries ex-Bills. Mutual funds, foreign investors, and pensions/insurance
remained the dominant buyers, with banks and MMFs also stepping up their purchases.
Flow of funds in Q1 26 versus Q4 25
Figure 1 and Figure 2 show the breakdown of net demand for and supply of fixed income across
key investor groups and asset classes for Q1 26 and Q4 25, respectively.
Net issuance rose to $748bn in Q1 26, from $491bn in Q4 25, driven by a $244bn increase in
corporate bond issuance, to $334bn, alongside higher agency issuance at $77bn and muni
issuance at $37bn.
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