The biggest debt market by far is Eurodollars.
…Eurodollars are time deposits denominated in U.S. dollars at banks outside the United States, and thus are not under the jurisdiction of the Federal Reserve… The Eurodollar market is by a wide margin the largest source of global finance. In 1997, nearly 90% of all international loans were made this way… Sweeps: In United States Banking, Eurodollars are a popular option for what are known as “sweeps”. By law, banks aren’t allowed to pay interest on corporate checking accounts. To accommodate larger businesses, banks may automatically transfer, or sweep, funds from a corporation’s checking account into an overnight investment option to effectively earn interest on those funds. Banks usually allow these funds to be swept either into money market mutual funds, or alternately they may be used for bank funding by transferring to an offshore branch of a bank.
Ponder the ramifications of that 🙂
Then ponder this chart showing the big players are very, very, long eurodollars.