Fixed Income Chart of the Month | July 2025

Long Treasuries: A Smaller Piece of the Pie

From the CI SBH Fixed Income Team

Since the start of 2020, outstanding treasury debt has risen $12 trillion to $28.7 trillion. As total US Treasury debt continues to rise, long bonds are comprising a progressively smaller share of issuance. The chart below shows the trailing 12-month issuance of 10+ year maturity Treasury debt and its percentage of total issuance during the period ending June 30^th, 2025.

T12M UST Issuance of 10+ yr Maturities

When interest rates were lower during the years immediately following COVID*, the US Treasury issued $1.9T of long-term bonds, and 10+ year maturity bonds made up nearly 3.6% of total issuance.
As rates increased in 2023, the US Treasury decided to issue more short-term bills and less 10+ year maturity bonds. Over the 12 months ending June 30^th, 2025, only 2.2% of newly issued treasuries ($629 billion) had maturities of 10 years or greater - a 16-year low.
Changes in the maturity structure of US Treasury issuance can have a significant impact on rates across the yield curve.

*12/31/2019 – 12/31/2022

Source: US Treasury, data as of June 30th, 2025

This update provides an overview of certain broad-based Fixed Income topics and does not include performance of the CI Segall Bryant & Hamill Asset Management (Segall Bryant & Hamill) Fixed Income styles. Past performance cannot guarantee future results. All investments involve risk, including the possible loss of capital. All opinions expressed in this material are solely the opinions of Segall Bryant & Hamill. You should not treat any opinion expressed as a specific inducement to make a particular investment or follow a particular strategy, but only as an expression of the manager’s opinio. The opinions expressed are based upon information the manager considers reliable, but completeness or accuracy is not warranted, and it should not be relied upon as such. Market conditions are subject to change at any time, and no forecast can be guaranteed. Any and all information perceived from this material does not constitute financial, legal, tax or other professional advice and is not intended as a substitute for consultation with a qualified professional. The manager’s statements and opinions are subject to change without notice, and Segall Bryant & Hamill is not under any obligation to update or correct any information provided in this material.