Data as of 27 August 2026 · Source: iShares LQD and HYG ETF holdings (BlackRock) · Updated daily
The dominance of financial institutions among the largest corporate bond issuers underscores the sector’s enduring appetite for debt capital, with JPMorgan Chase, Goldman Sachs and Morgan Stanley collectively accounting for approximately £2.5 billion in outstanding market value across these holdings. This concentration reflects both the capital-intensive nature of banking operations and regulatory requirements that encourage debt issuance over equity financing. Technology giants have firmly established themselves as heavyweight borrowers, with Amazon, Oracle and Meta Platforms demonstrating that even cash-rich enterprises increasingly favour bond markets to fund operations and shareholder returns whilst preserving tax efficiency. Oracle’s presence with 46 separate bond issues suggests an aggressive acquisition-driven financing strategy. The inclusion of legacy telecommunications operators AT&T and Verizon, each carrying substantial debt burdens from spectrum purchases and network investments, serves as a reminder of the sector’s structural leverage. Notably absent from the upper echelons are energy majors and industrial conglomerates, pointing to either deleveraging trends or a shift towards private credit markets. The exclusively investment-grade composition of the top ten reflects the sheer scale advantages enjoyed by blue-chip borrowers in accessing public debt markets at competitive rates.
Top 50 US Corporate Bond Issuers by Market Value Outstanding
| # | Issuer | Market Value | Grade | Bonds |
|---|---|---|---|---|
| 1 | JPMORGAN CHASE & CO | $0.88bn | IG | 45 |
| 2 | GOLDMAN SACHS GROUP INC/THE | $0.79bn | IG | 36 |
| 3 | MORGAN STANLEY | $0.77bn | IG | 37 |
| 4 | AMAZON.COM INC | $0.74bn | IG | 35 |
| 5 | BANK OF AMERICA CORP | $0.73bn | IG | 33 |
| 6 | ORACLE CORPORATION | $0.72bn | IG | 46 |
| 7 | META PLATFORMS INC | $0.60bn | IG | 24 |
| 8 | WELLS FARGO & COMPANY | $0.54bn | IG | 24 |
| 9 | AT&T INC | $0.53bn | IG | 36 |
| 10 | VERIZON COMMUNICATIONS INC | $0.51bn | IG | 37 |
| 11 | ALPHABET INC | $0.49bn | IG | 26 |
| 12 | ABBVIE INC | $0.44bn | IG | 30 |
| 13 | UNITEDHEALTH GROUP INC | $0.42bn | IG | 43 |
| 14 | BLK CSH FND TREASURY SL AGENCY | $0.42bn | HY/IG | 2 |
| 15 | CITIGROUP INC | $0.41bn | IG | 25 |
| 16 | COMCAST CORPORATION | $0.40bn | IG | 41 |
| 17 | T-MOBILE USA INC | $0.36bn | IG | 31 |
| 18 | BROADCOM INC | $0.35bn | IG | 26 |
| 19 | CCO HOLDINGS LLC | $0.34bn | HY | 13 |
| 20 | APPLE INC | $0.33bn | IG | 33 |
| 21 | HSBC HOLDINGS PLC | $0.32bn | IG | 21 |
| 22 | CVS HEALTH CORP | $0.30bn | IG | 23 |
| 23 | INTEL CORPORATION | $0.30bn | IG | 32 |
| 24 | AMGEN INC | $0.29bn | IG | 23 |
| 25 | TRANSDIGM INC | $0.27bn | HY | 12 |
| 26 | ELI LILLY AND COMPANY | $0.27bn | IG | 28 |
| 27 | CHARTER COMMUNICATIONS OPERATING L | $0.27bn | IG | 19 |
| 28 | MERCK & CO INC | $0.26bn | IG | 28 |
| 29 | HCA INC | $0.25bn | IG | 25 |
| 30 | BOEING CO | $0.24bn | IG | 15 |
| 31 | BARCLAYS PLC | $0.23bn | IG | 19 |
| 32 | HOME DEPOT INC | $0.23bn | IG | 25 |
| 33 | PACIFIC GAS AND ELECTRIC COMPANY | $0.22bn | IG | 23 |
| 34 | PHILIP MORRIS INTERNATIONAL INC | $0.21bn | IG | 24 |
| 35 | MITSUBISHI UFJ FINANCIAL GROUP INC | $0.19bn | IG | 21 |
| 36 | SPACE EXPLORATION TECHNOLOGIES COR | $0.19bn | IG | 5 |
| 37 | BRISTOL-MYERS SQUIBB CO | $0.18bn | IG | 16 |
| 38 | ENERGY TRANSFER LP | $0.18bn | HY/IG | 18 |
| 39 | ELEVANCE HEALTH INC | $0.17bn | IG | 23 |
| 40 | NVIDIA CORPORATION | $0.17bn | IG | 9 |
| 41 | NOVARTIS CAPITAL CORP | $0.17bn | IG | 16 |
| 42 | SALESFORCE INC | $0.16bn | IG | 10 |
| 43 | ENTERPRISE PRODUCTS OPERATING LLC | $0.16bn | IG | 20 |
| 44 | PFIZER INVESTMENT ENTERPRISES PTE | $0.16bn | IG | 5 |
| 45 | VENTURE GLOBAL LNG INC | $0.16bn | HY | 6 |
| 46 | ABBOTT LABORATORIES | $0.16bn | IG | 8 |
| 47 | CENTENE CORPORATION | $0.16bn | HY | 5 |
| 48 | NRG ENERGY INC | $0.16bn | HY | 12 |
| 49 | MPLX LP | $0.16bn | IG | 16 |
| 50 | FORD MOTOR CREDIT COMPANY LLC | $0.16bn | IG | 18 |
Market values represent holdings within iShares LQD (investment grade) and HYG (high yield) ETFs only and are a proxy for — not the complete picture of — bonds outstanding. Actual bonds outstanding will be higher. Source: BlackRock iShares. Data refreshed daily after market close.