▁means ▁that ▁in ▁March ▁ 2 0 1 2 ▁it ▁was ▁much ▁larger ▁than ▁the ▁global ▁equ ity ▁market ▁which ▁had ▁a ▁market ▁capital isation ▁of ▁around ▁$ 5 3 ▁tr ill ion . ▁G row th ▁of ▁the ▁market ▁since ▁the ▁start ▁of ▁the ▁economic ▁slow down ▁was ▁largely ▁a ▁result ▁of ▁an ▁increase ▁in ▁issu ance ▁by ▁govern ments . ▁ ▁The ▁out standing ▁value ▁of ▁international ▁b onds ▁increased ▁by ▁ 2 % ▁in ▁ 2 0 1 1 ▁to ▁$ 3 0 ▁tr ill ion . ▁The ▁$ 1 . 2 ▁tr ill ion ▁issued ▁during ▁the ▁year ▁was ▁down ▁by ▁around ▁a ▁fifth ▁on ▁the ▁previous ▁year ' s ▁total . ▁The ▁first ▁half ▁of ▁ 2 0 1 2 ▁was ▁off ▁to ▁a ▁strong ▁start ▁with ▁issu ance ▁of ▁over ▁$ 8 0 0 ▁billion . ▁The ▁United ▁States ▁was ▁the ▁leading ▁center ▁in ▁terms ▁of ▁value ▁out standing ▁with ▁ 2 4 % ▁of ▁the ▁total ▁followed ▁by ▁the ▁UK ▁ 1 3 %. ▁ ▁U . S . ▁bond ▁market ▁size ▁ ▁According ▁to ▁the ▁Sec ur ities ▁Indust ry ▁and ▁Fin an cial ▁Mark ets ▁Association ▁( SI F MA ), ▁as ▁of ▁Q 1 ▁ 2 0 1 7 , ▁the ▁U . S . ▁bond ▁market ▁size ▁is ▁( in ▁bill ions ): ▁ ▁Note ▁that ▁the ▁total ▁federal ▁government ▁deb ts ▁recognized ▁by ▁S IF MA ▁are ▁significantly ▁less ▁than ▁the ▁total ▁b ills , ▁notes ▁and ▁b onds ▁issued ▁by