We're excited to announce that we now offer US corporate bonds through Alpaca’s Broker API, advancing our fixed income trading solution beyond our initial release of US Treasury Bills (T-bills). This launch allows our partners to offer over 229 tradable T-bills and 500 investment-grade and high-yield US corporate bonds, expanding access to US markets while providing global investors with opportunities to pursue income and diversify their portfolios.
Why We’re Expanding Into Corporate Bonds
Fixed income is the world’s largest asset class, valued at $145.1 trillion, with US markets accounting for $58.2 trillion (40.1%) of the total value.1 Within this, foreign holdings of US corporate bonds have steadily increased to over $4.4 trillion with a 10-year compound annual growth rate (CAGR) of 4.2%.2
Trading value of US treasuries and corporate bonds has also surged, with the average daily volume reaching almost $908 billion and $52 billion in 2024, up 19.4% and 21.1% YoY, respectively.3 Overall, the growth in fixed income ADV is comparable with US equity trading, which has a total average daily volume of over $607 billion, an 18% YoY increase.4With the expansion into corporate bonds, Alpaca:
- Enables partners to capture value across the asset class universe (stocks, ETFs, options, crypto, and fixed income) through our Broker API
- Help meet growing demand from prospects for diversified portfolios and securities designed to deliver income opportunities
Our recent Fixed Income Clearing Corporation (FICC) membership enables us to have full control over the trading lifecycle. By building our clearing infrastructure from the ground up, we can minimize clearing and settlement costs while providing global partners with greater workflow flexibility, real-time post-trade visibility, and fast trade processing.
Why Integrate Corporate Bonds with Alpaca’s Broker API
Diversified Offering
Partners can provide access to a diversified range of asset classes, including US equities, options, fixed income, and crypto, all with Alpaca’s Broker API. With this launch, fixed income assets include T-Bills and corporate bonds, including callable bonds. We plan to expand our universe to include putable, Reg S, 144a, and convertible corporate bonds, as well as fractional trading, in the coming months.
Streamlined Integration
Our integration process follows a similar structure to equities trading, making it easier to extend existing Alpaca integration and add new asset classes.
Equities-Like Trading Experience
We aggregate quotes from our network of fixed income liquidity providers and route orders to the most competitive bid/ask price available. Orders placed outside of US bond market hours will be queued and executed once the market opens. Users also get access to real-time pricing and detailed bond market data, all through Alpaca’s infrastructure.
Competitive Pricing
Our pricing for corporate bonds is designed to be fair, transparent, and competitive, giving partners the flexibility to set markups that align with their strategy and customer needs. We support both price-based markup or yield-based markup models, allowing partners to choose the structure that best matches their business model and customer base.
Lowering Interest Rates
With the Federal Reserve having lowered interest rates twice in recent months, existing bonds may become more attractive as their previously issued yields can compare favorably to those on newly issued securities. At the same time, lower returns on cash and short-term instruments may lead some investors to explore income-oriented fixed-income options.
By incorporating fixed income into their platforms during periods of declining rates, providers can address rising investor interest in income-focused and diversified strategies, while offering access to products that may help support portfolio stability and long-term engagement
What’s Next
The launch of corporate bonds trading was a critical step in our fixed income roadmap. With US T-bills and corporate bonds live under Alpaca’s Broker API, we’re planning to add more fixed income products including Treasury notes, Treasury bonds, and foreign corporate bonds in the coming months.
“Expanding our fixed income offering to include corporate bonds was the next natural step,” said Hakan Bayraksan, Senior Director of Product at Alpaca. “As we expand our universe of fixed income securities, we continue to build a full-stack brokerage infrastructure, enabling partners around the world to increase access to US markets.”
We also continue to build towards a fractional fixed-income investing feature, allowing people to invest at lower costs.
This launch is another step forward for Alpaca as we further our mission of opening financial services to everyone on the planet.
Get Started
Interested in learning more about fixed income at Alpaca? For prospective partners, please reach out to Alpaca’s Sales team at [email protected] or fill out the form below.
For existing partners, please contact your Customer Success Manager (CSM) or email the Success team at [email protected].
Contact Alpaca
About Alpaca
Alpaca is a US-headquartered, self-clearing broker-dealer and a global leader in brokerage infrastructure APIs providing access to stocks, ETFs, options, fixed income, and crypto. Alpaca delivers embeddable finance solutions for tokenization, fully paid securities lending, high-yield cash, 24/5 trading, Shariah-compliant investing and more. Today, Alpaca powers over 9 million brokerage accounts across hundreds of fintechs and institutions in 40+ countries with over $320M in funding.
- “2025 Capital Markets Fact Book”, SIFMA, page 7, July 2025
- “2025 Capital Markets Fact Book”, SIFMA, page 31, July 2025
- “2025 Capital Markets Fact Book”, SIFMA, page 56, July 2025
- “2025 Capital Markets Fact Book”, SIFMA, page 60, July 2025
Fixed income securities can experience a greater risk of principal loss when interest rates rise. These investments are also subject to additional risks, including credit quality fluctuations, market volatility, liquidity constraints, prepayment or early redemption, corporate actions, tax implications, and other influencing factors.
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