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About

This data set covers borrowing activity in debt capital markets, capturing debt instruments designed to be traded in financial markets such as treasury bills, commercial paper, negotiable certificates of deposit, bonds, debentures and asset-backed securities. These statistics are harmonised with the recommendations of the Handbook on securities statistics (HSS) and distinguish between debt securities issued in international and domestic markets.

The data set is available at quarterly frequency for over 50 economies starting as early as 1946. It benefited from close collaboration with national central banks and national authorities, also as part of the G20 Data Gaps Initiative.

Total debt securities are issued by residents in all markets. Domestic (international) debt securities are issued in (outside) the local market of the country where the borrower resides, regardless of the currency denomination of the security. As valuation methods differ across countries, some amounts are presented at market value and others at nominal or face value.

Metadata

Seasonal adjustment
Non seasonally adjusted
Frequencies
Quarterly
Annual
Contact
BIS statistics
Units
Years
US dollar
Domestic currency (incl. conv. to current ccy made using a fix parity)
Collection Indicators
End of period
Source
National data
BIS calculations
Next release date
Last release date
All release dates
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Methodology

Enhancing the BIS government bond statistics

Bilyana Bogdanova, Tracy Chan, Kristina Micic and Goetz von Peter
This statistical feature presents a new data set on long-term debt securities issued by central and general governments in domestic and foreign currencies. It combines national aggregates with data on international issuance and BIS estimates, for improved coverage across all markets of issue. The annual series cover 54 countries, including 28 advanced economies and 26 emerging market economies (EMEs) from the early 2000s in most cases. These series reveal that the issuance of government bonds accelerated over the past decade and surged with the onset of the pandemic in 2020. With major EMEs increasingly tapping bond markets in their domestic currency, the foreign currency share in EME government bonds has continued to decline.

Enhancements to the BIS debt securities statistics

Branimir Gruić and Philip Wooldridge
The BIS has revised its debt securities statistics to enhance their comparability across different markets. This feature by Branimir Gruić and Philip Wooldridge (BIS) sketches the main changes and the reasoning behind them. International issues have been redefined as debt securities issued outside the market where the borrower resides, and statistics combining international and domestic issues are being released for the first time. The revised statistics highlight the growing size and internationalisation of bond markets.

Research and publications

Domestic financial markets and offshore bond financing

Firms in emerging market economies markedly increased their issuance of bonds in offshore markets after the Great Financial Crisis. By contrast, increases in offshore bond issuance by firms in advanced economies were more muted. An empirical analysis suggests that the less developed state of financial markets in emerging economies may have encouraged firms there to step up their offshore bond issuance as external financing costs fell. Firms appear to use the proceeds of offshore bonds to boost their holdings of short-term assets. This may ...

Dollar credit to emerging market economies

We profile the US dollar debt incurred by borrowers in a dozen prominent emerging market economies (EMEs). These countries account for the bulk of total US dollar debt owed by EMEs. We measure the dollar borrowing of non-banks resident in these economies as well as that of their affiliates offshore, and relate these items to commonly used debt measures. We also discuss the limitations of our data. These data fail to ...

Enhancements to the BIS debt securities statistics

The BIS has revised its debt securities statistics to enhance their comparability across different markets. This feature by Branimir Gruić and Philip Wooldridge (BIS) sketches the main changes and the reasoning behind them. International issues have been redefined as debt securities issued outside the market where the borrower resides, and statistics combining international and domestic issues are being released for the first time. The revised statistics highlight the growing size and internationalisation of bond markets.

Glossary

Period in which data was collected
Used to specify the underlying currency if in UNIT_MEASURE e.g. XDC is used
This code is used when data for a given category are missing and are included in another category, sub-total or total. Generally where code “K” is used there should be a corresponding code "W - Includes data from another category" assigned to the over-covered category. Implementers and data reporters should use the COMMENT_OBS observation-level attribute to specify under which category the data are included.
Used to indicate slight deviations from the established methodology (footnote-type information); these divergences do not imply a break in time series.
Clause in an agreement (e.g. legal act, gentlemen’s agreement) stating that some provisions in the agreement are not to be implemented by designated parties; these derogations may affect the observation or cause a missing value. In general, derogations are limited in time.
The organisation disseminating the data
Observation obtained through an estimation methodology (e.g. to produce back-casts) or based on the use of a limited amount of data or ad hoc sampling and through additional calculations (e.g. to produce a value at an early stage of the production stage while not all data are available). It may also be used in case of experimental data (e.g. in the context of a pilot ahead of a full scale production process) or in case of data of (anticipated/assessed) low quality. If needed, additional information can be provided through free text using the COMMENT_OBS attribute at the observation level or at a higher level .
Data collected on the basis of definitions or (alternative) collection methods under development. Data not of guaranteed quality as normally expected from provider.
Value deemed to assess the magnitude which a quantity will assume at some future point of time (as distinct from "estimated value" which attempts to assess the magnitude of an already existent quantity).
Observation imputed by international organisations to replace or fill gaps in national data series, in line with the recommendations of the United Nations Committee for the Coordination of Statistical Activities (CCSA).
This indicates existing observations, but for which the user should also be aware of the low quality assigned.
This code is to be used when no breakdown is made between the reasons why data are missing. Data can be missing due to many reasons: data cannot exist, data exist but are not collected (e.g. because they are below a certain threshold or subject to a derogation clause), data are unreliable, etc.
Used to denote empty cells resulting from the impossibility to collect a statistical value (e.g. a particular education level or type of institution may be not applicable to a given country's education system).
Used, for example, when some data are not reported/disseminated because they are below a certain threshold.
Used in some daily data flows.
Used, for example, when data are suppressed due to statistical confidentiality considerations.
To be used as default value if no value is provided or when no special coded qualification is assumed. Usually, it can be assumed that the source agency assigns sufficient confidence to the provided observation and/or the value is not expected to be drama
Used to indicate a value which is not a "real" zero (e.g. a result of 0.0004 rounded to zero).
The observation, at a time series break period, that was calculated using the old methodology.
An observation is characterised as "provisional" when the source agency – while it bases its calculations on its standard production methodology – considers that the data, almost certainly, are expected to be revised.
An observation is marked as revised when previously transmitted data are changed to inform the users that there has been a change. An additional comment (e.g. through the COMMENT_OBS attribute) may provide information on the change.
Special circumstances (e.g. strike) affecting the observation or causing a missing value.
Observations are characterised as such when different content exists or a different methodology has been applied to this observation as compared with the preceding one (the one given for the previous period).
Observation as received from the respondent without further evaluation of data quality.
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FAQs

Data are released every quarter. The publication date and the latest reference period are shown in the Statistics release calendar.
The debt securities statistics are from national data sources.

Domestic (international) debt securities are issued in (outside) the local market of the country where the borrower resides, regardless of the currency denomination of the security.

The currency of denomination is determined by the currency in which the value of positions and flows for debt securities are fixed, as specified in the contract between the institution units (HSS, paragraph 7.54)

For fixed interest rate debt securities, the contractual nominal coupon payments are fixed in terms of the currency of denomination for the life of the debt security, or for a certain number of years (HSS, paragraph 7.37). Variable interest rate debt securities have their coupon or principal payments (or both) linked to a general price index for goods and services, interest rate or asset price (HSS, paragraph 7.40).

Floating rate is variable excluding the inflation-linked interest rate (ie interest rate-linked or asset price-linked).

International debt securities from national sources are reported by national authorities, while international debt securities from security-level data are compiled by the BIS from commercial sources.