When It Comes To Debt, The U.S. Is The Undisputed Champ

With all the talk about globalization of the bond market, it's important to note that the U.S. is still the world's premier issuer of debt. The U.S. economy represents about one-third of the GDP of the industrialized nations, but dollar-denominated bonds accounted for a 46.5% share of the $14.8 trillion publicly issued bonds outstanding in 21 major bond markets, according to Rosario Benavides, analyst at Salomon Brothers Inc. The U.S. share was 2.6 times bigger than the second-largest bond market, the Japanese yen market (17.6%). The third-biggest market was Germany, with a 9.5% share.