Data as of 31 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 structural reliance on debt capital markets for funding. JPMorgan Chase, Goldman Sachs and Morgan Stanley collectively account for the top three positions, reflecting the systemically important banks’ substantial and diversified borrowing programmes across multiple maturities. Bank of America and Wells Fargo further reinforce the banking sector’s prominence within investment-grade indices. Technology giants have established themselves as formidable presences in fixed income markets, with Amazon, Oracle and Meta Platforms all featuring prominently. Their inclusion speaks to the maturation of the technology sector and its growing appetite for bond financing, whether for capital expenditure, acquisitions or shareholder returns. Oracle’s position, supported by 46 separate bond issues, reflects its debt-funded acquisition strategy in recent years. The presence of AT&T, the sole telecommunications representative, serves as a reminder of legacy capital structures in asset-intensive industries. Notably absent from the uppermost rankings are traditional industrial and energy corporates, suggesting a continued shift in the composition of US investment-grade credit towards financial services and technology. The concentration among these ten names illustrates the considerable heft that a handful of frequent issuers command within passive bond portfolios.
Top 50 US Corporate Bond Issuers by Market Value Outstanding
| # | Issuer | Market Value | Grade | Bonds |
|---|---|---|---|---|
| 1 | JPMORGAN CHASE & CO | $0.85bn | IG | 45 |
| 2 | GOLDMAN SACHS GROUP INC/THE | $0.76bn | IG | 36 |
| 3 | MORGAN STANLEY | $0.75bn | IG | 37 |
| 4 | AMAZON.COM INC | $0.72bn | IG | 35 |
| 5 | BANK OF AMERICA CORP | $0.70bn | IG | 33 |
| 6 | ORACLE CORPORATION | $0.70bn | IG | 46 |
| 7 | META PLATFORMS INC | $0.58bn | IG | 24 |
| 8 | BLK CSH FND TREASURY SL AGENCY | $0.55bn | HY/IG | 2 |
| 9 | WELLS FARGO & COMPANY | $0.53bn | IG | 24 |
| 10 | AT&T INC | $0.51bn | IG | 36 |
| 11 | VERIZON COMMUNICATIONS INC | $0.50bn | IG | 37 |
| 12 | ALPHABET INC | $0.48bn | IG | 26 |
| 13 | ABBVIE INC | $0.43bn | IG | 30 |
| 14 | UNITEDHEALTH GROUP INC | $0.41bn | IG | 43 |
| 15 | CITIGROUP INC | $0.39bn | IG | 25 |
| 16 | COMCAST CORPORATION | $0.39bn | IG | 41 |
| 17 | T-MOBILE USA INC | $0.36bn | IG | 31 |
| 18 | BROADCOM INC | $0.34bn | IG | 26 |
| 19 | CCO HOLDINGS LLC | $0.33bn | HY | 13 |
| 20 | APPLE INC | $0.33bn | IG | 33 |
| 21 | HSBC HOLDINGS PLC | $0.31bn | IG | 21 |
| 22 | CVS HEALTH CORP | $0.29bn | IG | 23 |
| 23 | INTEL CORPORATION | $0.29bn | IG | 32 |
| 24 | AMGEN INC | $0.28bn | IG | 23 |
| 25 | CHARTER COMMUNICATIONS OPERATING L | $0.27bn | IG | 19 |
| 26 | TRANSDIGM INC | $0.27bn | HY | 12 |
| 27 | ELI LILLY AND COMPANY | $0.27bn | IG | 28 |
| 28 | MERCK & CO INC | $0.25bn | IG | 28 |
| 29 | BOEING CO | $0.24bn | IG | 15 |
| 30 | HCA INC | $0.24bn | IG | 25 |
| 31 | BARCLAYS PLC | $0.22bn | IG | 19 |
| 32 | HOME DEPOT INC | $0.22bn | IG | 25 |
| 33 | PACIFIC GAS AND ELECTRIC COMPANY | $0.21bn | IG | 23 |
| 34 | PHILIP MORRIS INTERNATIONAL INC | $0.20bn | 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 | $0.17bn | HY/IG | 18 |
| 39 | NVIDIA CORPORATION | $0.17bn | IG | 9 |
| 40 | SALESFORCE INC | $0.16bn | IG | 10 |
| 41 | NOVARTIS CAPITAL CORP | $0.16bn | IG | 16 |
| 42 | ELEVANCE HEALTH INC | $0.16bn | IG | 23 |
| 43 | VENTURE GLOBAL LNG INC | $0.16bn | HY | 6 |
| 44 | NRG ENERGY INC | $0.16bn | HY | 12 |
| 45 | FORD MOTOR CREDIT COMPANY LLC | $0.16bn | IG | 18 |
| 46 | PFIZER INVESTMENT ENTERPRISES PTE | $0.16bn | IG | 5 |
| 47 | ABBOTT LABORATORIES | $0.16bn | IG | 8 |
| 48 | CIGNA GROUP | $0.15bn | IG | 17 |
| 49 | ENTERPRISE PRODUCTS OPERATING LLC | $0.15bn | IG | 20 |
| 50 | CENTENE CORPORATION | $0.15bn | HY | 5 |
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.