About debt securities statistics

These statistics cover borrowing activity in debt capital markets. They capture 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, and distinguish between debt securities issued in international and domestic markets. BIS debt securities are harmonised with the recommendations of the Handbook on securities statistics, an internationally agreed framework for classifying debt securities issues.

Outstanding stock of international debt securities by currency of denomination

Outstanding stock of international debt securities by currency of denomination

About our data sets

International debt securities (IDS) are issued outside the local market of the country where the borrower resides. They capture issues conventionally known as eurobonds and foreign bonds and exclude negotiable loans. The IDS statistics are compiled from a security-by-security database built by the BIS using information from commercial data providers. Amounts are presented at face value.

The IDS statistics are presented by currency, maturity and interest rate type of the issue, and nationality and residence of the issuer. The residence of the issuer is the country where the issuer is incorporated, whereas the nationality of the issuer is the country where the issuer's parent is headquartered.

This table helps to distinguish between international and domestic debt securities:

International vs domestic debt securities

Domestic debt securities (DDS) are issued in the local market of the country where the borrower resides, regardless of the currency in which the security is denominated. The DDS statistics are compiled from data submitted to the BIS by central banks. The BIS estimates net issuance as exchange rate-adjusted changes in stocks, where stocks are assumed to be denominated in the currency of the local market. Valuation methods differ across countries, so some amounts are presented at market value and others at nominal or face value.

This table helps to distinguish between international and domestic debt securities:

International vs domestic debt securities

Total debt securities (TDS) are issued by residents in all markets. Conceptually, the TDS statistics are the sum of IDS and DDS statistics. However, the BIS's IDS and DDS statistics come from different sources and so may overlap. The TDS statistics are published only for countries whose central banks submit the relevant data to the BIS. For countries that do not submit these data, the BIS does not calculate TDS because of potential double-counting when mixing the IDS and DDS statistics. Valuation methods differ across countries, so some amounts are presented at market value and others at nominal or face value.

The BIS estimate of the size of the global debt securities market is presented in Graph C1 in the annex to the BIS Quarterly Review.