Revenue and Issuance Analysis slide image

Revenue and Issuance Analysis

$ Millions $ Millions Corporate Finance: Revenue and Issuance Revenue: Mix by Quarter Issuance³: Mix by Quarter $400 $350 $800 $84 $89 $110 $121 $73 $300 $85 $78 $78 $68 $57 $250 $58 $70 $57 $63 $59 $64 $200 $39 $19 $96 $106 $87 $72 $57 $97 $ Billions $150 $79 $66 $55 $100 $50 $124 $126 $134 $139 $135 $145 $128 $140 $140 $0 ■Other 2 Investment Grade 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 ■Speculative Grade ■Bank Loans $44 $600 $65 $72 $26 $43 $25 $59 $138 $165 $210 $39 $111 $100 $105 $134 $400 $28 $105 $99 $112 $94 $123 $105 $120 $100 $103 $64 $33 $200 $322 $312 $269 $305 $329 $370 $314 $236 $221 $0 T 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 ■Non-U.S. Speculative-Grade Bank Loans ■U.S. Speculative-Grade Bank Loans ■Global Non-Financial Speculative-Grade Bonds ■Global Non-Financial Investment-Grade Bonds 3Q19 $1,600 Revenue¹: Mix by Year Issuance 3: Mix by Year $1,400 $3,000 $1,200 $349 $380 $2,500 $247 $1,000 $242 $204 $254 $212 $254 $120 $175 $800 $155 $183 $219 $181 $229 $271 $600 $120 $194 $301 $305 $96 $230 $262 $ Billions $2,000 $638 $204 $504 $353 $425 $354 $414 $601 $1,500 $426 $329 $411 $120 $193 $1,000 $273 $330 $405 $311 $329 $304 $400 $143 $197 $250 $137 $293 $109 $200 $216 $275 $363 $312 $420 $421 $425 $488 $553 $500 $1,125 $1,073 $1,043 $1,120 $1,192 $1,271 $1,074 $641 $750 $0 $0 T T 2010 2011 2012 2013 2010 ■ Other 2 ■Investment Grade 2014 2015 2016 2017 2018 ■Speculative Grade ■ Bank Loans 2011 2012 2013 2014 2015 2016 2017 2018 ■Non-U.S. Speculative-Grade Bank Loans ■U.S. Speculative-Grade Bank Loans ■Global Non-Financial Speculative-Grade Bonds ■Global Non-Financial Investment-Grade Bonds Historical data has been adjusted to conform with current information and excludes intercompany revenue. The revenue reclassification of REITs to Corporate Finance from Structured Finance is reflected starting from 1Q 2018. 1. 2. Other includes: monitoring, commercial paper, medium term notes, and ICRA. 3. Sources: Moody's Analytics, Dealogic. U.S. and Non-U.S. Speculative-Grade Bank Loans represent only Moody's rated speculative-grade bank loans. Non-U.S. Speculative-Grade Bank Loan Origination data available starting 2016. Note: Debt issuance categories do not directly correspond to Moody's revenue categorization. MOODY'S November 4, 2019 43
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