一文全览“全球主权债”

Group 1 - The global sovereign debt market has a total outstanding amount of $78.97 trillion, with the US, Japan, and China accounting for nearly 60% of the market share as of October 16, 2025 [9][10][13] - The maturity structure of the sovereign debt market is relatively even, with 34.78% of the debt maturing by the end of 2027 [13][18] - The dollar-denominated sovereign debt market, excluding US issuance, has an outstanding amount of approximately $1.59 trillion, with significant variations in maturity preferences among different countries [10][18] Group 2 - The issuance of sovereign debt has experienced two significant growth phases, particularly after the 2008 financial crisis and during the COVID-19 pandemic, reaching a record high in 2024 [39][45] - In 2025, the total number of sovereign debt issuances reached 7,003, with the US being the largest issuer [40][44] - The dollar-denominated sovereign debt issuance, excluding the US, has seen a steady increase, with Argentina and Brazil being prominent issuers [52][57] Group 3 - The overall turnover rate of the sovereign debt market exhibits cyclical fluctuations, maintaining an average range of 1.00-2.50% [64] - Emerging markets show significant volatility in secondary market trading, with countries like Brazil and Mexico having higher turnover rates compared to the US [65]