Wikipedia says USD118 trillion, the International Capital Markets Association (ICMA) USD128 trillion, the Bank for International Settlements (BIS) and the World Economic Forum USD133 trillion. We estimate it could be something like USD200 trillion. It is amazing to think that in this day and age, we do not know the actual size and composition of global bond markets. Knowing this is however extremely important. It sits at the core of a stable global financial system.