Can one say "institutional ownership" for fixed income products?

I understand the bonds don’t entail ownership of a company/country — they just a pay a coupon at a later date.

However, I want to verify the financial correctness of the term:

Institutional ownership of bonds has increased since May.

To me, it makes sense, because a financial institution can own a security — be it an equity or fixed income security. I didn’t coin the phrase; I saw it on WSJ or Bloomberg or somewhere. I don’t remember exactly which articles used the term, but I recall it being used once or twice. However, it’s far less common than say "allocations."

Question

To me it makes sense, but is "institutional ownership of bonds" an easily understandable collocation to the broader financial community?