1Q 2021 Investor Presentation
MIS 2021 Guidance: Transactional Orientation Benefits Revenue
FY 2021 Issuance Guidance 1,2
Total Issuance
Decline in the low-single-
digit % range
Revenue1
Adjusted Operating Margin¹
Mid-single-digit
% increase
59.7%
Approximately
61%
$3.3B
Investment Grade
(-30%)
High Yield Bonds
Approximately flat
Leveraged Loans
~55%
Financial Institutions
Approximately flat
Public, Project and Infrastructure Finance
(~15%)
Structured Finance
2020
2021F
2020
2021F
-40%
>>>
Full year issuance expected to decline in the low-single-digit percent
range
>>>
Raised revenue guidance due to improved issuance outlook
rove
-
Impact from potential U.S. infrastructure legislation not assumed in
2021 guidance
»
Continue to expect favorable issuance mix
»
>>>
Refinancing and increased M&A activity have significantly raised the
outlook for leveraged loans
Growth in CLOs as loan supply increases
Margin guidance increased as higher revenue, process
efficiencies and continued savings from the remote-work
environment are partially offset by modestly higher estimates
for incentive compensation
»
800 850 first time mandates
1. Guidance as of April 28, 2021. Refer to Table 12 - "2021 Outlook" in the press release for a complete list of guidance and a reconciliation between adjusted measures to U.S. GAAP, as well as assumptions used by the Company with respect to its guidance.
2. MIS rated issuance.
3. Total issuance includes CFG, SFG, FIG and PPIF. Excludes sovereign debt.
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1Q 2021 Investor Presentation 28View entire presentation