4Q and FY 2022 Investor Presentation
$ Millions
$ Millions
Structured Finance: Revenue and Issuance¹
Revenue²: Mix by Quarter
Issuance³: Mix by Quarter
$200
■ ABS
■RMBS
■CMBS
■Structured Credit
■ Other
■ ABS
■RMBS ■CMBS
Structured Credit
$500
$1
$400
$150
$97
$0
$0
$0
$67
$39
$1
$1
$53
$57
$300
$70
$100
$36
$59
$0
$0
$60
$31
$38
$52
$31
$38
$34
$43
$23
$29
$26
$27
$31
$200
$41
$44
$55
$122
$43
$33
$24
$28
$37
$38
$16
$19
$50
$14
$31
$22
$27
$31
$34
$35
$22
$70
$92
$68
$104
$76
$20
$24
$28
$42
$22
$21
$100
$41
$60
$28
$26
$33
$29
$30
$32
$31
$26
$27
$92
$102
$116
$139
$107
$94
$107
$105
$82
$0
ד
T
T
T
$0
4Q20
1Q21
2Q21
3Q21
4Q21
1Q22
2Q22
3Q22
4Q22
4Q20
1Q21
2Q21
3Q21
4Q21
1Q22
2Q22
3Q22
4Q22
Revenue²: Mix by Quarter
Issuance³: Mix by Year
■ ABS
■RMBS ■CMBS
■Structured Credit
■ Other
$600
$1,400
■ ABS ■RMBS ■CMBS
■Structured Credit
$2
$2
$1,200
$2
$258
$450
$2
$0
$2
$215
$2
$165
$4
$1,000
$135
$137
$122
$196
$140
$2
$200
$189
$161
$153
$148
$800
$159
$136
$300
$105
$115
$102
$132
$145
$145
$122
$140
$133
$143
$98
$116
$78
$600 $114
$120
$106
$352
$81
$117
$94
$88
$61
Մ
$270
$284
$123
$150
$98
$106
$400
$238
$254
$283
$200
$204
$213
$76
$81
$85
$90
$95
$96
$200
$464
$92
$91
$94
$97
$107
$99
$98
$118
$116
$319
$292
$298
$337
$384
$348
$321
$387
$0
$0
2014
2015
2016
2017
2018
2019
2020
2021
2022
2014
2015
2016
2017
2018
2019
2020
2021
2022
MOODY'S
| DECODE RISK. UNLOCK OPPORTUNITY.
Notes: ABS (asset-backed securitization) includes asset-backed commercial paper and long-term asset-backed securities. RMBS (residential mortgage-backed securitization) includes covered bonds. CMBS (commercial mortgage-backed
securities) includes commercial real estate CDOs. Structured Credit includes CLOS and CDOS.
Total estimated market issuance, unless otherwise noted.
1.
2.
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.
3. Sources: AB Alert, CM Alert, Moody's Corporation. Debt issuance categories do not directly correspond to Moody's revenue categorization. Issuance figures are subject to amendment given face amount variations that may occur
following the reporting cycle.
4Q and FY 2022 Investor Presentation
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