As debt securities’ yields provided one of the only shelters in the bear market storm, fixed income trading by fund managers surged 39% last year. According to a Greenwich Associates survey of 827 fund managers in the U.S., they traded $27.128 billion worth of bonds last year, up significantly from $21.964 billion the year prior, Reuters reports.

Greenwich Associates’ survey of 3,868 fund managers around the world showed the biggest increase in volume in the U.S., with a rise of 39%. European trading rose 23%, and trading in Asia outside of Japan surged 30%. However, trading of fixed-income securities in Japan fell 6.9%.

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