2Q 2023 Investor Presentation
Corporate Finance: Revenue and Issuance¹
$700
$600
Revenue²: Mix by Quarter
■Other3 Investment Grade
Speculative Grade
Bank Loans
$500
$ Millions
$157
$400
$145
$124
$113
$124
$59
$68
$300
$82
$64
$39
$72
$47
$32
$46
$43
$31
$200
$102
$105
$98
$114
$21
$68
$17 $115
$94
$67
$45
$100
$167
$156
$158
$151
$151
$142
$148
$150
$157
$0
2Q21
3Q21
4Q21
1Q22 2Q22
3Q22
4Q22
1Q23
2Q23
Revenue 2: Mix by Year
3
■■■ Other ■Investment Grade
■Speculative Grade
Bank Loans
$2,500
$2,000
$606
$287
$ Millions
$1,500
$313
$352
$411
$349
$379
$275
$1,000
$204
$254
$258
$254
$175
$636
$108
$183
$439
$181
$301
$271
$379
$294
$500
$305
$262
$421
$425
$488
$554
$547
$582
$631
$592
$0
2015
2016
2017
2018
2019
2020
2021
2022
1.
Note: Debt issuance categories do not directly correspond to Moody's revenue categorization.
Total estimated market issuance, unless otherwise noted.
2.
3.
4.
$ Billions
Issuance 4: Mix by Quarter
■Global Non-Financial Investment-Grade Bonds
■U.S. Speculative-Grade Bank Loans
■Global Non-Financial Speculative-Grade Bonds
Non-U.S. Speculative-Grade Bank Loans
$800
$78
$600
$193
$48
$42
$32
$27
$36
$149
$85
$64
$400
$209
$77
$111
$67
$22
$53
$134
$72
$103
$22
$52
$31
$200
$38
$38
$28
$305
$359
$24
$21
$366
$311
$263
$233
$201
$188
$179
60
$0
T
T
T
2Q21 3Q21 4Q21
1Q22 2Q22 3Q22 4Q22
1Q23 2Q23
Issuance: Mix by Year
■Global Non-Financial Investment-Grade Bonds
■U.S. Speculative-Grade Bank Loans
■Global Non-Financial Speculative-Grade Bonds
Non-U.S. Speculative-Grade Bank Loans
$3,000
$118
$229
$365
$247
$144
$ Billions
$2,000
$120
$638
$204
$425
$676
$590
$414
$354
$601
$472
$426
$679
$329
$311
$117
$304
→ $1,000
$204
$150
$1,768
$1,120
$1,192
$1,271
$1,419
$1,074
$1,211
$928
$0
2015
2016
2017
2018
2019
2020
2021
2022
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.
Other includes monitoring, commercial paper, medium term notes and ICRA.
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 in 2016.
Issuance figures are subject to amendment given face amount variations that may occur following the reporting cycle.
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2Q 2023 Investor Presentation
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