Figure 1. Outstanding stocks of IDS by currency of denomination, 2000-2024 (shares shown in percent)
Notes: This figure shows the shares of outstanding stocks of IDS denominated in different currencies. IDS issued within the euro area by euro area nationality issuers are excluded from the calculations. The dotted lines show the shares of the dollar and the euro in the MNS (2020) dataset (the period of coverage of that dataset is marked by dotted vertical lines). The black line is the composite share of all other currencies in which IDS are denominated.
Sources: Dealogic; Euroclear, LSEG. Xtrakter Ltd; MNS (the authors provided the data); BIS international debt securities statistics; authors’ calculations.
Figure 2. Outstanding stocks of IDS by currency of denomination (other than the dollar and the euro), 2000-2024 (shares shown in percent)
Notes: This figure shows the shares of outstanding stocks of IDS denominated in Japanese yen (JPY), British pound sterling (GBP), Swiss franc (CHF), Chinese renminbi (RMB), and all other currencies. IDS issued within the euro area by euro area nationality issuers are excluded from the calculations.
Sources: Dealogic; Euroclear; LSEG; Xtrakter Ltd; BIS international debt securities statistics; authors’ calculations.
Figure 3. A historical perspective on outstanding stocks of dollar-denominated IDS,1966-2024 (In percent of total in all currencies)
Notes: This figure shows the U.S. dollar share of IDS stocks over a longer time span than in our baseline sample. Over the period 2000-2024, the calculations exclude IDS issued within the euro area by euro area nationality issuers. The green line is the dollar’s nominal effective exchange rate (NEER) based on geometric trade-weighted averages of bilateral exchange rates of the U.S. dollar against the currencies of 64 economies (quarterly averages of monthly data). The black line is a trade-weighted average of the dollar’s value relative to a set of major currencies: those of the euro area, Canada, Japan, United Kingdom, Switzerland, Australia, and Sweden (this series has been discontinued by the BIS).
Sources: Board of Governors of the Federal Reserve System; Dealogic; Euroclear; LSEG; Xtrakter Ltd; BIS effective exchange rates; BIS international debt securities statistics; authors’ calculations.
Figure 4. Gross issuance of international debt securities by currency (Four-quarter moving average, in USD billion)
Notes: This figure shows the shares of gross issuances of IDS denominated in dollars (red line) and euros (blue line). IDS issued within the euro area by euro area nationality issuers are excluded from the calculations. Since the issuance data tend to be volatile from quarter to quarter, this figure plots trailing four-quarter moving averages of the respective shares.
Sources: Dealogic; Euroclear; LSEG; Xtrakter Ltd; BIS international debt securities statistics; authors’ calculations.
Figure 5. Evolution of outstanding stocks of international debt securities: 2000-24, constant exchange rate (In percent of total IDS stocks)
Notes: This figure shows the shares of outstanding stocks of IDS denominated in dollars and euros. Rather than using current period nominal exchange rates, the face values of IDS denominated in currencies other than the dollar are converted into U.S. dollar values using bilateral nominal exchange rates fixed at their values at the beginning of the sample (2000 Q1). The SDR rate was used for currencies other than those for USD, EUR, JPY, GBP, CHF and RMB. IDS issued within the euro area by euro area nationality issuers are excluded from the calculations.
Sources: Dealogic; Euroclear; LSEG; Xtrakter Ltd; BIS international debt securities statistics; authors’ calculations.
Figure 6. Outstanding international debt securities by currency (In percent of total in all currencies)
Notes: This figure shows the shares of outstanding stocks of IDS denominated in the dollar and the euro. Unlike in previous figures, IDS issued within the euro area by euro area nationality issuers are included in the calculations in Panel A. Panel B shows the shares of the two currencies based on calculations that include only securities denominated in currencies other than the currency of issuers on a residence basis (e.g., dollar-denominated securities attributable to issuers resident in the U.S. are excluded from the calculations).
Sources: Dealogic; Euroclear; LSEG; Xtrakter Ltd; BIS international debt securities statistics; authors’ calculations.
Figure 7. Outstanding stocks of international debt securities: By sector and country group (In percent of total)
Notes: This figure shows the shares of total outstanding IDS stocks broken down by the sector in (Panel A) and country group (Panel B) to which issuers belong. NFCs: nonfinancial corporations; Int Orgs: international organizations; NBFIs: nonbank financial institutions; PUB: public sector; EMEs: emerging market economies; OFCs: offshore financial centres. The countries that comprise each group are listed in Appendix Table A1. Euro-denominated IDS issued within the euro area by euro area nationality issuers are excluded from the calculations.
Sources: Dealogic; Euroclear; LSEG; Xtrakter Ltd; BIS international debt securities statistics; authors’ calculations.
Figure 8. U.S. dollar share of international debt securities’ stocks and gross issuances: Average shares and fitted time effects (In percent of total IDS)
Notes: This figure shows the shares of dollar-denominated securities in total IDS stocks (Panel A) and new issuances (Panel B). The red lines show the actual dollar shares. The black lines show four-quarter trailing moving averages of estimated quarterly time fixed effects from a model that regresses country-level quarterly shares of IDS stocks (or new issuances) issued by different sectors in various currencies on country, sector, and time fixed effects. The blue lines are from a similar model that replaces time fixed effects with a fifth-order time polynomial. All calculations are based on our baseline sample, which excludes EUR-denominated securities issued by euro area nationals within the euro area.
Sources: Dealogic; Euroclear; LSEG; Xtrakter Ltd; BIS international debt securities statistics; authors’ calculations.
Figure 9. International debt securities—issuers in offshore financial centres (By residence and by nationality basis)
Notes: This figure shows the shares of IDS attributed to issuers in offshore financial centres (OFCs). Panels A and B show the absolute amounts and shares in global totals of IDS stocks and gross issuances, respectively, accounted for by OFC issuers on both residence and nationality bases. Panels C and D break down the data by currency denomination of IDS stocks and gross issuances, respectively. All calculations are based on our baseline sample, which excludes EUR-denominated securities issued by euro area nationals within the euro area. A full list of offshore financial centres, based on the Eurostat definition, is in Appendix Table A1.
Sources: Dealogic; Euroclear; Eurostat; LSEG; Xtrakter Ltd; BIS international debt securities statistics; authors’ calculations.
Figure 10. International debt securities—issuers in major emerging market economies (By residence and by nationality basis)
Notes: : This figure shows the shares of IDS attributed to issuers in emerging market economies (EMEs). Panels A and B show the absolute amounts and shares in global totals of IDS stocks and gross issuances, respectively, accounted for by EME issuers on both residence and nationality bases. Panels C and D break down the data by currency denomination of IDS stocks and gross issuances, respectively. All calculations are based on our baseline sample, which excludes EUR-denominated securities issued by euro area nationals within the euro area. The list of EMEs, based on the MSCI Emerging Markets index, is shown in Appendix Table A1. Greece and the Philippines are excluded as the former is a euro area country and the latter is included under the OFC category.
Sources: Dealogic; Euroclear; LSEG; MSCI; Xtrakter Ltd; BIS international debt securities statistics; authors’ calculations.
Figure 11. International debt securities—issuers in other advanced countries (By residence and by nationality basis)
Notes: : This figure shows the shares of IDS attributed to issuers to other advanced countries (a group that excludes the major reserve currency issuers). Panels A and B show the absolute amounts and shares in global totals of IDS stocks and gross issuances, respectively, accounted for by other advanced countries on both residence and nationality bases. Panels C and D break down the data by currency denomination of IDS stocks and gross issuances, respectively. All calculations are based on our baseline sample, which excludes EUR-denominated securities issued by euro area nationals within the euro area. The list of countries included in the classification of other advanced countries is available in Appendix Table A1.
Sources: IMF country classification; Dealogic; Euroclear; LSEG; Xtrakter Ltd; BIS international debt securities; authors’ calculations.
Figure 12. U.S. dollar- and euro-denominated international debt securities by sector (By immediate business sector of issuers)
Notes: This figure shows the sectoral breakdowns of IDS denominated in dollars and euro. The sectors are banks, nonbank financial institutions (NBFI), sovereign governments and public sector institutions (PUB), nonfinancial corporations (NFC), and international organizations (INT orgs). The calculations exclude euro-denominated securities issued within the euro area by euro area nationality issuers. The panels in the first row are based on IDS stock data while the panels in the second row are based on gross IDS issuances. The blue and red lines show the shares of banks and NBFIs, respectively, in the totals within each category. Since issuance data are volatile from quarter to quarter, the lower panels show four-quarter trailing moving averages of the underlying data.
Sources: Dealogic; Euroclear; LSEG; Xtrakter Ltd; BIS international debt securities; authors’ calculations.
Figure A1. Evolution of median maturities for gross issuances of IDS (In years)
Notes: This figure shows the median maturities of yearly new IDS issuances (bonds and medium-term notes). The blue dotted line represents all new issuances, while the red and blue lines represent new issuances denominated in dollars and euros, respectively. These calculations exclude euro-denominated securities issued within the euro area by euro area nationality issuers.
Sources: Dealogic; Euroclear; LSEG; Xtrakter Ltd; BIS international debt securities statistics; authors’ calculations.
Figure A2. Gross issuances of IDS: By sector and country group (In percent of total)
Notes: This figure shows the shares of gross issuances of IDS broken down by the sector (Panel A) and country group (Panel B) to which issuers belong. NFCs: nonfinancial corporations; Int Orgs: international organizations; NBFIs: nonbank financial institutions; PUB: public sector; EMEs: emerging market economies; OFCs: offshore financial centres. The country groups are listed in Appendix Table A1. IDS issued within the euro area by euro area nationality issuers are excluded from the calculations.
Sources: Dealogic; Euroclear; LSEG; Xtrakter Ltd; BIS international debt securities statistics, authors’ calculations.
Figure A3. IDS stocks and gross issuances with fixed sample of countries (By immediate business sector of issuers)
Notes: This figure shows the total amounts of IDS stocks outstanding and the shares of the U.S. dollar and the euro in those stocks when we restrict the sample to the 97 countries that appear in our dataset (with nonzero outstanding amounts) in 2000, the first year of our baseline sample. The dotted lines in the left panel show the respective totals for all countries in each period (varying sample) while solid lines in both panels are for the fixed sample (restricted to the initial 97 countries). The data exclude intra-euro area euro issuances by euro area nationalities.
Sources: Dealogic; Euroclear; LSEG; Xtrakter Ltd; BIS international debt securities statistics; authors’ calculations.