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Markets · Portfolio debt

Portfolio debt, end-2025 positions: $36.2tn of cross-border holdings identified by pair; the largest is Cayman Islands → United States ($3,698bn)

Cite

Cite this view

datasteg (2026), “Market matrix: portfolio debt”, datasteg money-flow, release 20261102.2, method 1.5, 2 November 2026, https://money-flow.datasteg.com/en/m/bonds?r=20261102.2&d=2026-11-02.

Figure note: Source: datasteg money-flow (release 20261102.2, method 1.5), from IMF PIP (CPIS).

BibTeX
@misc{datasteg:mf:mkt-bonds:20261102.2,
  author       = {{datasteg}},
  title        = {Market matrix: portfolio debt},
  howpublished = {datasteg money-flow, release 20261102.2, method 1.5},
  year         = {2026},
  date         = {2026-11-02},
  url          = {https://money-flow.datasteg.com/en/m/bonds?r=20261102.2&d=2026-11-02},
  urldate      = {2026-11-02},
  note         = {Positions from IMF PIP (CPIS)}
}
The datasets' own citations (1)
  • International Monetary Fund (2026), Portfolio Investment Positions by Counterpart Economy (formerly CPIS), retrieved 27 October 2026, https://data.imf.org/en/datasets/IMF.STA:PIP.
The method's citation

datasteg (2026), “Money-flow methodology”, version 1.5, datasteg money-flow, 2 November 2026, https://money-flow.datasteg.com/en/method?v=1.5.

@misc{datasteg:mf:method:1.5,
  author       = {{datasteg}},
  title        = {Money-flow methodology},
  howpublished = {datasteg money-flow, version 1.5},
  year         = {2026},
  date         = {2026-11-02},
  url          = {https://money-flow.datasteg.com/en/method?v=1.5},
  urldate      = {2026-11-02}
}

For each instrument, who holds whose assets · data: end-2025 positions · release 20261102.2 · method 1.5 · Updated 2 Nov 2026, 22:57 KST

Filters
Market
Latest 2026-11-02→ newest data by this day: end-2025 positions
How to read this
  • Direction. Rows hold, columns issued. One cell reads: “row residents hold the value of debt securities issued by column residents”.
  • A stock, not a flow. Values are end-2025 positions at market value, not what was invested that year; they grow with prices even without transactions.
  • Residence basis. A holder is where the position is booked. A holder in an FC or FD economy is often not the final investor.
  • FC · FD. FC is an offshore financial centre: An offshore centre in the BIS grouping: shell companies, special purpose vehicles, hedge funds and holding companies of foreign firms (e.g. Chinese firms incorporated in the Cayman Islands). A holder here is usually a pass-through, not the final investor. FD is a fund domicile: Where investment funds are legally domiciled (Luxembourg, Ireland, the Netherlands, Switzerland). Holdings booked here are mostly the assets of funds that investors elsewhere bought.
  • Gross totals double count. The same money can appear twice: United States investors hold $568bn in Cayman Islands (United States row × Cayman Islands column), and Cayman Islands holds $372bn in UK (Cayman Islands row × UK column). Money can also return home through a pass-through, as in Cayman Islands ⇄ United States (round-tripping).
  • Big markets are big on both sides. This is gross data, so large markets are large as holders and as destinations; switch to Net to see the difference.

How this differs from the Ladder: the panel tab Ladder vs Markets. For holdings restated by nationality (the final investor): Coppola, Maggiori, Neiman and Schreger (2021).

Portfolio debt, end-2025 positions · cells: $bn

Cell value (log bins)$10bn$30bn$100bn$300bn$1tn$3tndarker = largerbrighter = larger
■ square area ∝ valueNumbers: cells of $30bn or moreDomestic, not cross-border (left out)Totals and Other in grey, off the scaleFCOffshore financial centreFDFund domicile
Holder ↓ · issuer →
Total · share outside the table (Other)
3,698
153
372
128
99
259
196
53
42
$5.3tn · Other 5.3%
241
471
102
147
611
61
211
63
568
87
179
$3.8tn · Other 27.9%
879
455
372
261
191
83
202
67
130
48
59
$3.6tn · Other 23.3%
952
309
606
173
142
99
136
68
79
96
68
$3.2tn · Other 15.1%
481
192
195
333
57
225
70
194
218
$2.5tn · Other 19.8%
319
418
146
257
107
123
116
141
36
$2.5tn · Other 31.6%
1,230
153
108
66
49
54
59
45
164
110
$2.3tn · Other 10.9%
638
165
174
70
52
57
42
$1.7tn · Other 23.7%
776
44
44
38
$1.1tn · Other 9.3%
176
155
69
202
50
$1.1tn · Other 30.6%
127
221
45
103
80
154
32
$1.0tn · Other 22.3%
344
45
74
50
72
$1.0tn · Other 29.0%
Column total (hatched = holders outside the table)
18.5%
20.4%
12.9%
22.2%
20.9%
11.6%
20.7%
24.9%
14.1%
9.1%
19.5%
19.3%
Identified total $36.2tn

Source: IMF PIP (CPIS) (end-2025). Calculations: datasteg money-flow, method 1.5, rules R1, R2, R3, R11.

datasteg: the flow sites