Accessible Version

Accessible Version

Figure 1. Primary Dealers' Total Securities Positions

Billions of dollars
Period Inventory
4 July 2001 537.263
11 July 2001 538.684
18 July 2001 534.538
25 July 2001 542.904
1 August 2001 555.040
8 August 2001 553.558
15 August 2001 582.831
22 August 2001 556.860
29 August 2001 579.933
5 September 2001 593.902
12 September 2001 616.843
19 September 2001 618.749
26 September 2001 601.202
3 October 2001 616.714
10 October 2001 640.184
17 October 2001 645.436
24 October 2001 619.821
31 October 2001 610.230
7 November 2001 648.423
14 November 2001 679.234
21 November 2001 646.808
28 November 2001 621.319
5 December 2001 609.093
12 December 2001 631.859
19 December 2001 605.011
26 December 2001 581.418
2 January 2002 597.688
9 January 2002 593.923
16 January 2002 648.378
23 January 2002 633.197
30 January 2002 611.828
6 February 2002 631.000
13 February 2002 634.487
20 February 2002 629.905
27 February 2002 608.981
6 March 2002 597.066
13 March 2002 627.394
20 March 2002 608.704
27 March 2002 601.614
3 April 2002 650.012
10 April 2002 682.617
17 April 2002 646.938
24 April 2002 636.447
1 May 2002 644.104
8 May 2002 641.488
15 May 2002 637.170
22 May 2002 616.625
29 May 2002 618.030
5 June 2002 629.925
12 June 2002 643.225
19 June 2002 649.647
26 June 2002 650.071
3 July 2002 668.721
10 July 2002 692.295
17 July 2002 694.969
24 July 2002 690.483
31 July 2002 689.775
7 August 2002 717.513
14 August 2002 714.362
21 August 2002 669.229
28 August 2002 641.917
4 September 2002 673.914
11 September 2002 672.012
18 September 2002 664.924
25 September 2002 686.150
2 October 2002 692.589
9 October 2002 708.626
16 October 2002 737.771
23 October 2002 697.885
30 October 2002 699.342
6 November 2002 702.790
13 November 2002 716.506
20 November 2002 680.828
27 November 2002 649.892
4 December 2002 668.385
11 December 2002 689.923
18 December 2002 688.743
25 December 2002 666.154
1 January 2003 650.824
8 January 2003 690.493
15 January 2003 721.104
22 January 2003 720.397
29 January 2003 732.590
5 February 2003 748.520
12 February 2003 779.724
19 February 2003 802.811
26 February 2003 752.894
5 March 2003 768.763
12 March 2003 814.646
19 March 2003 820.445
26 March 2003 790.528
2 April 2003 800.583
9 April 2003 807.396
16 April 2003 800.771
23 April 2003 781.576
30 April 2003 779.797
7 May 2003 808.918
14 May 2003 833.898
21 May 2003 847.590
28 May 2003 819.036
4 June 2003 847.164
11 June 2003 850.777
18 June 2003 856.846
25 June 2003 831.093
2 July 2003 829.792
9 July 2003 830.909
16 July 2003 849.932
23 July 2003 848.518
30 July 2003 821.125
6 August 2003 815.911
13 August 2003 833.491
20 August 2003 781.109
27 August 2003 747.117
3 September 2003 754.658
10 September 2003 800.134
17 September 2003 773.341
24 September 2003 764.466
1 October 2003 770.553
8 October 2003 784.875
15 October 2003 801.894
22 October 2003 776.677
29 October 2003 785.797
5 November 2003 782.353
12 November 2003 797.494
19 November 2003 768.347
26 November 2003 740.706
3 December 2003 763.284
10 December 2003 787.123
17 December 2003 794.948
24 December 2003 777.081
31 December 2003 737.807
7 January 2004 758.553
14 January 2004 829.221
21 January 2004 818.959
28 January 2004 788.169
4 February 2004 785.791
11 February 2004 822.165
18 February 2004 772.201
25 February 2004 801.585
3 March 2004 830.116
10 March 2004 872.254
17 March 2004 850.993
24 March 2004 832.814
31 March 2004 834.918
7 April 2004 909.603
14 April 2004 866.891
21 April 2004 810.849
28 April 2004 788.269
5 May 2004 794.250
12 May 2004 792.158
19 May 2004 779.343
26 May 2004 762.649
2 June 2004 814.024
9 June 2004 802.528
16 June 2004 772.740
23 June 2004 761.133
30 June 2004 760.641
7 July 2004 794.662
14 July 2004 835.274
21 July 2004 799.365
28 July 2004 804.279
4 August 2004 835.586
11 August 2004 853.656
18 August 2004 801.639
25 August 2004 828.758
1 September 2004 870.464
8 September 2004 912.598
15 September 2004 906.687
22 September 2004 886.128
29 September 2004 877.827
6 October 2004 861.410
13 October 2004 909.317
20 October 2004 890.764
27 October 2004 867.545
3 November 2004 878.627
10 November 2004 918.044
17 November 2004 855.303
24 November 2004 837.265
1 December 2004 826.517
8 December 2004 877.885
15 December 2004 848.223
22 December 2004 777.522
29 December 2004 772.104
5 January 2005 791.168
12 January 2005 824.657
19 January 2005 810.137
26 January 2005 818.274
2 February 2005 838.094
9 February 2005 843.729
16 February 2005 814.774
23 February 2005 833.242
2 March 2005 848.494
9 March 2005 875.522
16 March 2005 876.373
23 March 2005 830.421
30 March 2005 826.750
6 April 2005 831.660
13 April 2005 848.354
20 April 2005 823.941
27 April 2005 830.194
4 May 2005 830.536
11 May 2005 850.507
18 May 2005 829.419
25 May 2005 814.639
1 June 2005 850.359
8 June 2005 898.451
15 June 2005 851.279
22 June 2005 832.049
29 June 2005 812.824
6 July 2005 809.636
13 July 2005 821.643
20 July 2005 800.256
27 July 2005 791.489
3 August 2005 798.505
10 August 2005 815.824
17 August 2005 842.861
24 August 2005 842.930
31 August 2005 860.581
7 September 2005 887.786
14 September 2005 843.550
21 September 2005 822.363
28 September 2005 802.071
5 October 2005 819.491
12 October 2005 807.132
19 October 2005 810.160
26 October 2005 819.563
2 November 2005 822.325
9 November 2005 835.401
16 November 2005 824.632
23 November 2005 847.556
30 November 2005 841.369
7 December 2005 869.487
14 December 2005 837.784
21 December 2005 798.880
28 December 2005 788.356
4 January 2006 799.716
11 January 2006 811.221
18 January 2006 820.466
25 January 2006 811.412
1 February 2006 829.596
8 February 2006 843.435
15 February 2006 859.151
22 February 2006 838.134
1 March 2006 854.499
8 March 2006 881.337
15 March 2006 845.682
22 March 2006 845.669
29 March 2006 860.156
5 April 2006 873.087
12 April 2006 882.320
19 April 2006 841.176
26 April 2006 867.590
3 May 2006 853.597
10 May 2006 865.538
17 May 2006 860.794
24 May 2006 881.807
31 May 2006 872.644
7 June 2006 863.257
14 June 2006 870.826
21 June 2006 833.794
28 June 2006 857.947
5 July 2006 861.257
12 July 2006 877.593
19 July 2006 865.956
26 July 2006 874.260
2 August 2006 895.667
9 August 2006 912.193
16 August 2006 889.921
23 August 2006 888.583
30 August 2006 917.390
6 September 2006 912.331
13 September 2006 920.847
20 September 2006 904.439
27 September 2006 976.705
4 October 2006 980.018
11 October 2006 957.228
18 October 2006 954.154
25 October 2006 975.397
1 November 2006 1019.809
8 November 2006 1006.530
15 November 2006 984.682
22 November 2006 984.528
29 November 2006 975.035
6 December 2006 1002.935
13 December 2006 969.662
20 December 2006 928.118
27 December 2006 922.373
3 January 2007 925.208
10 January 2007 918.251
17 January 2007 918.499
24 January 2007 900.494
31 January 2007 916.542
7 February 2007 958.175
14 February 2007 992.954
21 February 2007 1003.642
28 February 2007 1034.711
7 March 2007 1055.179
14 March 2007 1052.425
21 March 2007 1064.400
28 March 2007 1054.645
4 April 2007 1095.940
11 April 2007 1083.119
18 April 2007 1057.664
25 April 2007 1063.230
2 May 2007 1087.698
9 May 2007 1111.937
16 May 2007 1113.512
23 May 2007 1084.636
30 May 2007 1103.524
6 June 2007 1144.506
13 June 2007 1104.290
20 June 2007 1057.906
27 June 2007 1051.679
4 July 2007 1051.247
11 July 2007 1060.720
18 July 2007 1066.534
25 July 2007 1085.352
1 August 2007 1113.354
8 August 2007 1139.777
15 August 2007 1110.646
22 August 2007 1102.987
29 August 2007 1110.203
5 September 2007 1101.402
12 September 2007 1082.188
19 September 2007 1057.750
26 September 2007 1047.931
3 October 2007 1108.488
10 October 2007 1099.740
17 October 2007 1104.723
24 October 2007 1138.534
31 October 2007 1148.932
7 November 2007 1183.995
14 November 2007 1159.153
21 November 2007 1136.899
28 November 2007 1132.073
5 December 2007 1179.011
12 December 2007 1132.004
19 December 2007 1143.870
26 December 2007 1122.703
2 January 2008 1144.262
9 January 2008 1254.362
16 January 2008 1212.591
23 January 2008 1253.869
30 January 2008 1256.551
6 February 2008 1263.262
13 February 2008 1255.633
20 February 2008 1286.914
27 February 2008 1233.063
5 March 2008 1323.204
12 March 2008 1260.398
19 March 2008 1269.071
26 March 2008 1240.007
2 April 2008 1229.092
9 April 2008 1318.464
16 April 2008 1184.069
23 April 2008 1192.948
30 April 2008 1183.410
7 May 2008 1210.520
14 May 2008 1183.381
21 May 2008 1257.724
28 May 2008 1234.336
4 June 2008 1232.249
11 June 2008 1137.076
18 June 2008 1071.459
25 June 2008 1038.828
2 July 2008 1076.852
9 July 2008 1138.880
16 July 2008 1093.666
23 July 2008 1121.179
30 July 2008 1130.403
6 August 2008 1156.423
13 August 2008 1151.133
20 August 2008 1151.818
27 August 2008 1164.573
3 September 2008 1193.050
10 September 2008 1192.855
17 September 2008 1187.042
24 September 2008 1173.257
1 October 2008 1194.210
8 October 2008 1280.072
15 October 2008 1120.753
22 October 2008 1093.410
29 October 2008 1015.748
5 November 2008 1047.589
12 November 2008 957.073
19 November 2008 977.218
26 November 2008 1042.187
3 December 2008 1078.103
10 December 2008 988.824
17 December 2008 961.383
24 December 2008 967.488
31 December 2008 949.302
7 January 2009 1066.343
14 January 2009 1043.373
21 January 2009 1031.349
28 January 2009 1051.395
4 February 2009 1117.746
11 February 2009 1016.469
18 February 2009 980.932
25 February 2009 1006.496
4 March 2009 1013.099
11 March 2009 946.752
18 March 2009 906.750
25 March 2009 902.202
1 April 2009 922.749
8 April 2009 929.556
15 April 2009 927.762
22 April 2009 905.360
29 April 2009 929.428
6 May 2009 991.307
13 May 2009 953.785
20 May 2009 936.587
27 May 2009 922.929
3 June 2009 997.065
10 June 2009 923.256
17 June 2009 898.433
24 June 2009 861.897
1 July 2009 884.244
8 July 2009 917.367
15 July 2009 876.185
22 July 2009 858.904
29 July 2009 888.360
5 August 2009 901.109
12 August 2009 868.351
19 August 2009 868.773
26 August 2009 880.322
2 September 2009 899.422
9 September 2009 916.416
16 September 2009 864.447
23 September 2009 887.652
30 September 2009 871.532
7 October 2009 971.885
14 October 2009 925.568
21 October 2009 910.877
28 October 2009 879.089
4 November 2009 898.260
11 November 2009 889.338
18 November 2009 887.926
25 November 2009 910.821
2 December 2009 879.547
9 December 2009 911.979
16 December 2009 865.583
23 December 2009 843.264
30 December 2009 801.673
6 January 2010 832.540
13 January 2010 862.152
20 January 2010 907.303
27 January 2010 937.552
3 February 2010 942.242
10 February 2010 958.061
17 February 2010 936.009
24 February 2010 930.357
3 March 2010 946.281
10 March 2010 908.504
17 March 2010 889.186
24 March 2010 900.425
31 March 2010 860.250
7 April 2010 940.375
14 April 2010 895.215
21 April 2010 904.599
28 April 2010 936.131
5 May 2010 960.392
12 May 2010 934.965
19 May 2010 956.680
26 May 2010 940.213
2 June 2010 954.530
9 June 2010 961.343
16 June 2010 880.111
23 June 2010 911.936
30 June 2010 912.554
7 July 2010 970.405
14 July 2010 953.993
21 July 2010 942.739
28 July 2010 974.506
4 August 2010 995.463
11 August 2010 1010.872
18 August 2010 1023.126
25 August 2010 1045.206
1 September 2010 1038.422
8 September 2010 1098.058
15 September 2010 1064.301
22 September 2010 1010.230
29 September 2010 976.618
6 October 2010 1044.535
13 October 2010 1101.330
20 October 2010 1101.707
27 October 2010 1082.368
3 November 2010 1073.074
10 November 2010 1125.288
17 November 2010 1090.980
24 November 2010 1080.725
1 December 2010 1087.435
8 December 2010 1096.778
15 December 2010 1031.224
22 December 2010 958.990
29 December 2010 942.390
5 January 2011 953.935
12 January 2011 964.568
19 January 2011 965.280
26 January 2011 992.224
2 February 2011 980.435
9 February 2011 977.734
16 February 2011 951.051
23 February 2011 987.328
2 March 2011 951.406
9 March 2011 950.309
16 March 2011 966.358
23 March 2011 948.191
30 March 2011 905.654
6 April 2011 964.701
13 April 2011 936.631
20 April 2011 931.495
27 April 2011 906.550
4 May 2011 966.940
11 May 2011 1010.574
18 May 2011 1017.771
25 May 2011 988.715
1 June 2011 996.939
8 June 2011 1005.229
15 June 2011 966.775
22 June 2011 911.817
29 June 2011 878.761
6 July 2011 893.466
13 July 2011 902.474
20 July 2011 929.557
27 July 2011 1012.249
3 August 2011 1019.622
10 August 2011 1031.390
17 August 2011 974.184
24 August 2011 988.162
31 August 2011 975.579
7 September 2011 1022.535
14 September 2011 987.441
21 September 2011 930.404
28 September 2011 909.450
5 October 2011 939.894
12 October 2011 980.039
19 October 2011 938.909
26 October 2011 953.468
2 November 2011 960.636
9 November 2011 956.360
16 November 2011 942.331
23 November 2011 943.483
30 November 2011 908.530
7 December 2011 907.552
14 December 2011 888.966
21 December 2011 848.284
28 December 2011 842.326
4 January 2012 844.907
11 January 2012 902.695
18 January 2012 902.199
25 January 2012 929.695
1 February 2012 975.392
8 February 2012 1065.548
15 February 2012 984.591
22 February 2012 989.030
29 February 2012 964.664
7 March 2012 986.485
14 March 2012 961.470
21 March 2012 931.055
28 March 2012 906.829
4 April 2012 960.078
11 April 2012 958.932
18 April 2012 935.279
25 April 2012 959.308
2 May 2012 968.387
9 May 2012 1006.947
16 May 2012 971.269
23 May 2012 991.242
30 May 2012 985.628
6 June 2012 1038.105
13 June 2012 1010.087
20 June 2012 966.647
27 June 2012 975.775
4 July 2012 975.979
11 July 2012 1022.862
18 July 2012 985.172
25 July 2012 1039.249
1 August 2012 1002.750
8 August 2012 1003.379
15 August 2012 953.472
22 August 2012 912.578
29 August 2012 928.166
5 September 2012 985.116
12 September 2012 968.235
19 September 2012 924.658
26 September 2012 936.356
3 October 2012 994.703
10 October 2012 1022.069
17 October 2012 958.003
24 October 2012 978.653
31 October 2012 975.750
7 November 2012 1012.599
14 November 2012 1030.177
21 November 2012 974.641
28 November 2012 951.773
5 December 2012 967.475
12 December 2012 967.271
19 December 2012 962.882
26 December 2012 927.665
2 January 2013 907.451
9 January 2013 935.032
16 January 2013 921.144
23 January 2013 908.580
30 January 2013 918.309
6 February 2013 959.912
13 February 2013 958.766
20 February 2013 917.197
27 February 2013 922.419
6 March 2013 946.697
13 March 2013 897.825
20 March 2013 822.734
27 March 2013 848.272
3 April 2013 912.547
10 April 2013 934.547
17 April 2013 885.340
24 April 2013 898.091
1 May 2013 915.645
8 May 2013 938.717
15 May 2013 885.672
22 May 2013 855.616
29 May 2013 900.217
5 June 2013 893.062
12 June 2013 868.514
19 June 2013 787.957
26 June 2013 783.717
3 July 2013 795.294
10 July 2013 796.665
17 July 2013 749.235
24 July 2013 776.575
31 July 2013 785.840
7 August 2013 833.677
14 August 2013 765.993
21 August 2013 716.467
28 August 2013 756.124
4 September 2013 768.276
11 September 2013 785.213
18 September 2013 736.064
25 September 2013 754.602
2 October 2013 770.962
9 October 2013 825.798
16 October 2013 834.319
23 October 2013 762.009
30 October 2013 765.995
6 November 2013 809.055
13 November 2013 772.513
20 November 2013 739.726
27 November 2013 742.053
4 December 2013 747.319
11 December 2013 736.364
18 December 2013 724.181
25 December 2013 696.216
1 January 2014 664.497
8 January 2014 724.727
15 January 2014 691.495
22 January 2014 695.931
29 January 2014 723.550
5 February 2014 744.023
12 February 2014 740.773
19 February 2014 733.953
26 February 2014 731.700
5 March 2014 757.992
12 March 2014 756.338
19 March 2014 741.315
26 March 2014 705.034
2 April 2014 720.559
9 April 2014 731.604
16 April 2014 732.033
23 April 2014 722.464
30 April 2014 726.505
7 May 2014 730.836
14 May 2014 712.592
21 May 2014 709.317
28 May 2014 755.853
4 June 2014 753.816
11 June 2014 736.380
18 June 2014 696.365
25 June 2014 701.757
2 July 2014 677.413
9 July 2014 691.264
16 July 2014 671.447
23 July 2014 678.827
30 July 2014 667.371
6 August 2014 695.208
13 August 2014 695.440
20 August 2014 664.263
27 August 2014 681.577
3 September 2014 693.973
10 September 2014 677.412
17 September 2014 654.093
24 September 2014 643.996
1 October 2014 651.194
8 October 2014 715.002
15 October 2014 765.566
22 October 2014 715.718
29 October 2014 696.141
5 November 2014 700.578
12 November 2014 701.916
19 November 2014 644.523
26 November 2014 653.517
3 December 2014 641.539
10 December 2014 661.296
17 December 2014 626.460
24 December 2014 608.365
31 December 2014 578.127
7 January 2015 622.229
14 January 2015 635.576
21 January 2015 619.601
28 January 2015 620.522
4 February 2015 642.079
11 February 2015 641.487
18 February 2015 619.395
25 February 2015 624.311
4 March 2015 616.743
11 March 2015 637.917
18 March 2015 625.365
25 March 2015 623.674
1 April 2015 622.115
8 April 2015 656.546
15 April 2015 636.125
22 April 2015 618.223
29 April 2015 627.926
6 May 2015 641.134
13 May 2015 638.293
20 May 2015 609.778
27 May 2015 621.340
3 June 2015 629.310
10 June 2015 609.954
17 June 2015 593.204
24 June 2015 610.076
8 July 2015 624.796
15 July 2015 611.087
22 July 2015 617.747
29 July 2015 654.698
5 August 2015 645.733
12 August 2015 666.799
19 August 2015 634.052
26 August 2015 672.324
2 September 2015 657.998
9 September 2015 665.979
16 September 2015 616.338
23 September 2015 637.015
30 September 2015 590.241
7 October 2015 643.772
14 October 2015 651.267
21 October 2015 628.081
28 October 2015 623.345
4 November 2015 628.027
11 November 2015 618.858
18 November 2015 570.547
25 November 2015 603.060
2 December 2015 593.642
9 December 2015 614.250
16 December 2015 563.880
23 December 2015 548.804
6 January 2016 593.477
13 January 2016 626.731
20 January 2016 635.974
27 January 2016 650.786
3 February 2016 677.949
10 February 2016 682.078
17 February 2016 700.363
24 February 2016 666.733
2 March 2016 652.741
9 March 2016 660.991
16 March 2016 618.714
23 March 2016 586.036
30 March 2016 593.392
6 April 2016 618.013
13 April 2016 625.094
20 April 2016 598.469
27 April 2016 594.743
4 May 2016 616.485
11 May 2016 636.849
18 May 2016 635.049
25 May 2016 619.445
1 June 2016 661.125
8 June 2016 702.502
15 June 2016 689.070
22 June 2016 680.263
29 June 2016 656.194
6 July 2016 694.133
13 July 2016 685.956
20 July 2016 649.283
27 July 2016 669.352
3 August 2016 687.910
10 August 2016 693.315
17 August 2016 672.224
24 August 2016 682.973
31 August 2016 697.257
7 September 2016 719.012
14 September 2016 698.959
21 September 2016 655.819
28 September 2016 681.930
5 October 2016 710.510
12 October 2016 696.902
19 October 2016 675.220
26 October 2016 690.330

Note: Total includes U.S. Treasury securities, agency mortgage-backed securities (MBS) and non-MBS securities, and corporate securities. The Lehman Brothers' bankruptcy date is September 15, 2008.

Source: Federal Reserve Board, Form FR2004A, Weekly Report of Dealer Positions, https://www.federalreserve.gov/apps/reportforms/reportdetail.aspx?sOoYJ+5BzDZq2f74T6b1cw==.

Figure 2. Average Size of Trades That Are Greater than $100,000 in Par Value for Investment- and Speculative-Grade Corporate Bonds

Series: Speculative grade and investment grade
Horizon: January 2, 2006, to November 7, 2016
Description: The data, which are five-day moving averages, are plotted as two curves. Units are millions of dollars. Both series start in January 2006, with speculative grade at about 1-1/2 and investment grade near 2-1/2, and gradually decrease with variation over the horizon to end between 1 and 1-1/2. Both series have been relatively stable in the past four years.

Note: Only use trades of bonds that have been issued for 60 days or more at the time of trading are included. We exclude 144a bonds.

Source: BTDS Data provided by FINRA's TRACE System; Mergent Corporate FISD Daily Feed (FITF); Moody's Analytics: Default and Recovery Database (DRD).

Figure 3. Corporate Bond Bid-Ask Spreads

Series: Speculative grade and investment grade
Horizon: January 2, 2006, to November 7, 2016
Description: The data, which are five-day moving averages, are plotted as two curves. Units are percent. Prior to the financial crisis, bid-ask spreads were low--on average, they were about 1 percent of the price of the bond for investment-grade bonds and about 2 percent for speculative-grade bonds. Bid-ask spreads skyrocketed to about 5 percent for investment-grade bonds and about 9 percent for speculative-grade bonds at one point during the financial crisis, in 2008, but have returned to the range seen in the few years prior to the crisis. The speculative-grade series ends a bit above 1, and the investment-grade series ends slightly below 1.

Note: We compute the measures using nondefaulted bonds that have traded at least 10 times between 10:30 a.m. and 3:30 p.m. We exclude 144a bonds.

Source: BTDS Data provided by FINRA's TRACE System; Thomson Reuters SDC Platinum; Mergent Corporate FISD Daily Feed (FITF); Moody's Analytics: Default and Recovery Database (DRD).

Figure 4. Corporate Bond Trading Volume

Series: Corporate bond trading volume
Horizon: January 2, 2005, to November 7, 2016
Description: The data, which are five-day moving averages, are plotted as a curve. Units are billions of dollars. The series starts in January 2005 at slightly below 15 and gradually increases with variation over the horizon to end a bit above 20.

Note: Only use trades of bonds that have been issued for 60 days or more at the time of trading are included. We exclude 144a bonds.

Source: BTDS Data provided by FINRA's TRACE System; Mergent Corporate FISD Daily Feed (FITF); Moody's Analytics: Default and Recovery Database (DRD).

Figure 5: Mutual Funds and ETF Ratios of AUM to Corporate Bonds Outstanding

Mutual Funds and ETF Ratio of IG Bond Fund AUM to IG Corporate Bonds Outstanding
Monthly
Ratio
Period Mutual funds ETFs Total
January 2000 0.090 0.000 0.090
February 2000 0.088 0.000 0.088
March 2000 0.087 0.000 0.087
April 2000 0.086 0.000 0.086
May 2000 0.085 0.000 0.085
June 2000 0.086 0.000 0.086
July 2000 0.086 0.000 0.086
August 2000 0.086 0.000 0.086
September 2000 0.086 0.000 0.086
October 2000 0.086 0.000 0.086
November 2000 0.085 0.000 0.085
December 2000 0.088 0.000 0.088
January 2001 0.087 0.000 0.087
February 2001 0.087 0.000 0.087
March 2001 0.089 0.000 0.089
April 2001 0.088 0.000 0.088
May 2001 0.086 0.000 0.086
June 2001 0.088 0.000 0.088
July 2001 0.090 0.000 0.090
August 2001 0.094 0.000 0.094
September 2001 0.096 0.000 0.096
October 2001 0.098 0.000 0.098
November 2001 0.099 0.000 0.099
December 2001 0.100 0.000 0.100
January 2002 0.102 0.000 0.102
February 2002 0.104 0.000 0.104
March 2002 0.102 0.000 0.102
April 2002 0.104 0.000 0.104
May 2002 0.108 0.000 0.108
June 2002 0.110 0.000 0.110
July 2002 0.116 0.000 0.117
August 2002 0.119 0.001 0.120
September 2002 0.123 0.001 0.124
October 2002 0.125 0.001 0.126
November 2002 0.126 0.001 0.127
December 2002 0.131 0.001 0.132
January 2003 0.132 0.001 0.133
February 2003 0.137 0.001 0.137
March 2003 0.139 0.001 0.140
April 2003 0.142 0.001 0.143
May 2003 0.145 0.001 0.146
June 2003 0.145 0.001 0.146
July 2003 0.140 0.001 0.140
August 2003 0.141 0.001 0.142
September 2003 0.143 0.001 0.144
October 2003 0.141 0.001 0.142
November 2003 0.141 0.001 0.142
December 2003 0.142 0.001 0.143
January 2004 0.143 0.001 0.144
February 2004 0.144 0.001 0.145
March 2004 0.145 0.001 0.146
April 2004 0.142 0.001 0.143
May 2004 0.141 0.001 0.142
June 2004 0.141 0.001 0.142
July 2004 0.144 0.001 0.145
August 2004 0.146 0.001 0.147
September 2004 0.145 0.001 0.147
October 2004 0.147 0.001 0.148
November 2004 0.145 0.001 0.146
December 2004 0.146 0.001 0.147
January 2005 0.147 0.001 0.148
February 2005 0.147 0.001 0.148
March 2005 0.147 0.001 0.148
April 2005 0.150 0.002 0.151
May 2005 0.155 0.002 0.157
June 2005 0.156 0.002 0.157
July 2005 0.156 0.002 0.158
August 2005 0.159 0.002 0.161
September 2005 0.159 0.002 0.161
October 2005 0.158 0.002 0.160
November 2005 0.157 0.002 0.159
December 2005 0.161 0.002 0.163
January 2006 0.161 0.002 0.163
February 2006 0.161 0.002 0.163
March 2006 0.159 0.002 0.161
April 2006 0.158 0.002 0.160
May 2006 0.156 0.002 0.158
June 2006 0.155 0.002 0.157
July 2006 0.158 0.002 0.160
August 2006 0.159 0.002 0.162
September 2006 0.161 0.002 0.163
October 2006 0.162 0.002 0.164
November 2006 0.163 0.002 0.165
December 2006 0.163 0.003 0.165
January 2007 0.164 0.003 0.166
February 2007 0.166 0.003 0.169
March 2007 0.166 0.003 0.169
April 2007 0.168 0.003 0.171
May 2007 0.166 0.003 0.169
June 2007 0.168 0.003 0.171
July 2007 0.171 0.003 0.174
August 2007 0.172 0.003 0.175
September 2007 0.174 0.004 0.178
October 2007 0.175 0.004 0.178
November 2007 0.178 0.004 0.182
December 2007 0.178 0.004 0.182
January 2008 0.183 0.004 0.187
February 2008 0.184 0.005 0.188
March 2008 0.184 0.005 0.189
April 2008 0.183 0.005 0.188
May 2008 0.182 0.005 0.187
June 2008 0.182 0.005 0.187
July 2008 0.181 0.005 0.186
August 2008 0.184 0.006 0.190
September 2008 0.185 0.006 0.191
October 2008 0.175 0.006 0.181
November 2008 0.174 0.007 0.180
December 2008 0.175 0.007 0.183
January 2009 0.174 0.008 0.182
February 2009 0.174 0.008 0.182
March 2009 0.179 0.009 0.188
April 2009 0.189 0.010 0.198
May 2009 0.198 0.010 0.208
June 2009 0.205 0.011 0.216
July 2009 0.215 0.011 0.226
August 2009 0.225 0.012 0.236
September 2009 0.236 0.012 0.248
October 2009 0.244 0.013 0.257
November 2009 0.251 0.013 0.264
December 2009 0.253 0.014 0.267
January 2010 0.263 0.014 0.278
February 2010 0.269 0.014 0.284
March 2010 0.274 0.015 0.289
April 2010 0.280 0.015 0.295
May 2010 0.284 0.016 0.300
June 2010 0.292 0.017 0.308
July 2010 0.299 0.018 0.317
August 2010 0.307 0.018 0.325
September 2010 0.307 0.018 0.326
October 2010 0.311 0.018 0.329
November 2010 0.307 0.018 0.325
December 2010 0.302 0.017 0.319
January 2011 0.300 0.018 0.318
February 2011 0.302 0.018 0.320
March 2011 0.303 0.018 0.321
April 2011 0.308 0.018 0.327
May 2011 0.309 0.019 0.328
June 2011 0.311 0.019 0.330
July 2011 0.315 0.020 0.335
August 2011 0.313 0.021 0.335
September 2011 0.311 0.022 0.333
October 2011 0.315 0.023 0.338
November 2011 0.314 0.023 0.337
December 2011 0.323 0.024 0.347
January 2012 0.330 0.025 0.355
February 2012 0.335 0.026 0.361
March 2012 0.338 0.026 0.365
April 2012 0.349 0.028 0.377
May 2012 0.347 0.029 0.376
June 2012 0.355 0.031 0.385
July 2012 0.361 0.031 0.392
August 2012 0.365 0.032 0.397
September 2012 0.370 0.032 0.402
October 2012 0.376 0.033 0.409
November 2012 0.375 0.033 0.409
December 2012 0.379 0.033 0.412
January 2013 0.378 0.033 0.410
February 2013 0.378 0.033 0.412
March 2013 0.380 0.034 0.414
April 2013 0.385 0.035 0.419
May 2013 0.376 0.035 0.410
June 2013 0.362 0.033 0.395
July 2013 0.357 0.033 0.390
August 2013 0.350 0.033 0.383
September 2013 0.346 0.033 0.379
October 2013 0.345 0.032 0.377
November 2013 0.340 0.032 0.372
December 2013 0.336 0.032 0.368
January 2014 0.337 0.033 0.370
February 2014 0.337 0.034 0.371
March 2014 0.336 0.033 0.370
April 2014 0.342 0.034 0.376
May 2014 0.344 0.035 0.379
June 2014 0.345 0.035 0.380
July 2014 0.346 0.035 0.381
August 2014 0.349 0.036 0.385
September 2014 0.341 0.036 0.377
October 2014 0.343 0.037 0.380
November 2014 0.342 0.037 0.379
December 2014 0.341 0.038 0.379
January 2015 0.347 0.039 0.386
February 2015 0.342 0.040 0.382
March 2015 0.342 0.040 0.382
April 2015 0.338 0.040 0.377
May 2015 0.331 0.039 0.370
June 2015 0.328 0.038 0.367
July 2015 0.325 0.039 0.363
August 2015 0.321 0.039 0.360
September 2015 0.317 0.040 0.357
October 2015 0.319 0.041 0.360
November 2015 0.317 0.041 0.358
December 2015 0.314 0.042 0.356
January 2016 0.313 0.042 0.356
February 2016 0.315 0.043 0.358
March 2016 0.320 0.045 0.364
April 2016 0.324 0.046 0.370
May 2016 0.323 0.046 0.369
June 2016 0.324 0.047 0.370
July 2016 0.327 0.048 0.374
August 2016 0.326 0.048 0.374
September 2016 0.326 0.049 0.375
October 2016 0.324 0.048 0.372

Note: ETF is exchange-traded fund; AUM is assets under management; IG is investment grade.

Sources: Calculations based on Mergent Corporate FISD Daily Feed (FITF) investment grade corporate bonds outstanding; Morningstar Direct investment grade bond funds.

Mutual Funds and ETF Ratio of HY Bond Fund AUM to HY Corporate Bonds Outstanding
Monthly
Ratio
Period Mutual funds ETFs Total
January 2000 0.159 0.000 0.159
February 2000 0.153 0.000 0.153
March 2000 0.147 0.000 0.147
April 2000 0.143 0.000 0.143
May 2000 0.138 0.000 0.138
June 2000 0.146 0.000 0.146
July 2000 0.143 0.000 0.143
August 2000 0.137 0.000 0.137
September 2000 0.135 0.000 0.135
October 2000 0.126 0.000 0.126
November 2000 0.116 0.000 0.116
December 2000 0.121 0.000 0.121
January 2001 0.125 0.000 0.125
February 2001 0.124 0.000 0.124
March 2001 0.119 0.000 0.119
April 2001 0.114 0.000 0.114
May 2001 0.113 0.000 0.113
June 2001 0.107 0.000 0.107
July 2001 0.110 0.000 0.110
August 2001 0.112 0.000 0.112
September 2001 0.105 0.000 0.105
October 2001 0.108 0.000 0.108
November 2001 0.112 0.000 0.112
December 2001 0.107 0.000 0.107
January 2002 0.107 0.000 0.107
February 2002 0.106 0.000 0.106
March 2002 0.115 0.000 0.115
April 2002 0.115 0.000 0.115
May 2002 0.105 0.000 0.105
June 2002 0.102 0.000 0.102
July 2002 0.091 0.000 0.091
August 2002 0.096 0.000 0.096
September 2002 0.093 0.000 0.093
October 2002 0.096 0.000 0.096
November 2002 0.104 0.000 0.104
December 2002 0.102 0.000 0.102
January 2003 0.110 0.000 0.110
February 2003 0.112 0.000 0.112
March 2003 0.124 0.000 0.124
April 2003 0.136 0.000 0.136
May 2003 0.136 0.000 0.136
June 2003 0.141 0.000 0.141
July 2003 0.134 0.000 0.134
August 2003 0.137 0.000 0.137
September 2003 0.140 0.000 0.140
October 2003 0.145 0.000 0.145
November 2003 0.150 0.000 0.150
December 2003 0.157 0.000 0.157
January 2004 0.158 0.000 0.158
February 2004 0.155 0.000 0.155
March 2004 0.155 0.000 0.155
April 2004 0.157 0.000 0.157
May 2004 0.149 0.000 0.149
June 2004 0.152 0.000 0.152
July 2004 0.152 0.000 0.152
August 2004 0.156 0.000 0.156
September 2004 0.158 0.000 0.158
October 2004 0.162 0.000 0.162
November 2004 0.165 0.000 0.165
December 2004 0.165 0.000 0.165
January 2005 0.162 0.000 0.162
February 2005 0.165 0.000 0.165
March 2005 0.154 0.000 0.154
April 2005 0.150 0.000 0.150
May 2005 0.141 0.000 0.141
June 2005 0.144 0.000 0.144
July 2005 0.148 0.000 0.148
August 2005 0.143 0.000 0.143
September 2005 0.139 0.000 0.139
October 2005 0.137 0.000 0.137
November 2005 0.141 0.000 0.141
December 2005 0.133 0.000 0.133
January 2006 0.135 0.000 0.135
February 2006 0.141 0.000 0.141
March 2006 0.142 0.000 0.142
April 2006 0.142 0.000 0.142
May 2006 0.139 0.000 0.139
June 2006 0.136 0.000 0.136
July 2006 0.139 0.000 0.139
August 2006 0.141 0.000 0.141
September 2006 0.144 0.000 0.144
October 2006 0.147 0.000 0.147
November 2006 0.148 0.000 0.148
December 2006 0.148 0.000 0.148
January 2007 0.151 0.000 0.151
February 2007 0.154 0.000 0.154
March 2007 0.156 0.000 0.156
April 2007 0.159 0.000 0.159
May 2007 0.159 0.000 0.159
June 2007 0.155 0.000 0.155
July 2007 0.150 0.000 0.150
August 2007 0.150 0.000 0.150
September 2007 0.154 0.000 0.155
October 2007 0.155 0.000 0.155
November 2007 0.150 0.000 0.150
December 2007 0.151 0.000 0.151
January 2008 0.148 0.001 0.148
February 2008 0.146 0.001 0.146
March 2008 0.145 0.001 0.146
April 2008 0.156 0.001 0.157
May 2008 0.151 0.002 0.153
June 2008 0.148 0.002 0.149
July 2008 0.144 0.002 0.146
August 2008 0.145 0.002 0.147
September 2008 0.121 0.002 0.122
October 2008 0.099 0.001 0.101
November 2008 0.092 0.002 0.093
December 2008 0.105 0.003 0.108
January 2009 0.114 0.004 0.118
February 2009 0.113 0.004 0.117
March 2009 0.116 0.004 0.120
April 2009 0.127 0.005 0.132
May 2009 0.135 0.006 0.141
June 2009 0.137 0.006 0.143
July 2009 0.151 0.007 0.158
August 2009 0.154 0.008 0.162
September 2009 0.161 0.008 0.169
October 2009 0.164 0.008 0.172
November 2009 0.169 0.009 0.177
December 2009 0.178 0.010 0.188
January 2010 0.180 0.010 0.190
February 2010 0.177 0.010 0.187
March 2010 0.180 0.011 0.192
April 2010 0.177 0.011 0.188
May 2010 0.167 0.010 0.177
June 2010 0.172 0.011 0.183
July 2010 0.179 0.012 0.191
August 2010 0.177 0.013 0.190
September 2010 0.183 0.014 0.197
October 2010 0.188 0.014 0.203
November 2010 0.182 0.014 0.196
December 2010 0.188 0.015 0.202
January 2011 0.195 0.016 0.211
February 2011 0.200 0.017 0.217
March 2011 0.203 0.017 0.220
April 2011 0.207 0.017 0.224
May 2011 0.206 0.017 0.223
June 2011 0.200 0.016 0.216
July 2011 0.203 0.017 0.221
August 2011 0.192 0.016 0.208
September 2011 0.189 0.017 0.206
October 2011 0.209 0.020 0.229
November 2011 0.200 0.019 0.219
December 2011 0.211 0.021 0.232
January 2012 0.222 0.026 0.248
February 2012 0.228 0.028 0.256
March 2012 0.236 0.029 0.265
April 2012 0.240 0.030 0.270
May 2012 0.241 0.028 0.269
June 2012 0.247 0.029 0.276
July 2012 0.253 0.031 0.284
August 2012 0.256 0.031 0.287
September 2012 0.256 0.032 0.289
October 2012 0.258 0.031 0.289
November 2012 0.256 0.031 0.287
December 2012 0.258 0.031 0.289
January 2013 0.261 0.032 0.292
February 2013 0.259 0.030 0.289
March 2013 0.259 0.031 0.290
April 2013 0.265 0.032 0.297
May 2013 0.260 0.030 0.289
June 2013 0.246 0.028 0.274
July 2013 0.254 0.030 0.284
August 2013 0.249 0.029 0.278
September 2013 0.249 0.030 0.279
October 2013 0.255 0.032 0.287
November 2013 0.255 0.032 0.287
December 2013 0.257 0.032 0.288
January 2014 0.256 0.031 0.287
February 2014 0.263 0.032 0.295
March 2014 0.264 0.032 0.297
April 2014 0.262 0.032 0.294
May 2014 0.267 0.033 0.300
June 2014 0.269 0.033 0.302
July 2014 0.256 0.030 0.286
August 2014 0.256 0.031 0.287
September 2014 0.238 0.029 0.267
October 2014 0.240 0.031 0.271
November 2014 0.240 0.031 0.271
December 2014 0.230 0.030 0.261
January 2015 0.231 0.032 0.263
February 2015 0.239 0.035 0.274
March 2015 0.232 0.034 0.266
April 2015 0.235 0.035 0.270
May 2015 0.236 0.033 0.269
June 2015 0.231 0.030 0.262
July 2015 0.230 0.031 0.261
August 2015 0.223 0.030 0.252
September 2015 0.215 0.028 0.243
October 2015 0.224 0.033 0.257
November 2015 0.217 0.032 0.249
December 2015 0.206 0.030 0.236
January 2016 0.200 0.030 0.229
February 2016 0.196 0.030 0.227
March 2016 0.209 0.034 0.243
April 2016 0.219 0.036 0.255
May 2016 0.220 0.034 0.254
June 2016 0.221 0.033 0.255
July 2016 0.231 0.036 0.267
August 2016 0.236 0.036 0.272
September 2016 0.238 0.037 0.276
October 2016 0.240 0.037 0.276

Note: ETF is exchange-traded fund; AUM is assets under management; HY is high-yield.

Sources: Calculations based on Mergent Corporate FISD Daily Feed (FITF) high-yield corporate bonds outstanding; Morningstar Direct high-yield bond funds.

 

 

Note: Data values are rounded and may not sum to totals.

Last Update: November 15, 2016