3Q 2023 Investor Presentation
Updated Full Year 2023 Issuance Guidance
FY2023 Issuance Guidance 1,2
As of October 25, 2023
As of July 25, 2023
Total Issuance
Low to Mid-Single-Digit %
2023 Issuance Factors
Macroeconomics & Policy
>> Global GDP: recession or recovery
» Geopolitical risks
Energy, trade, climate, and regulatory policies
Investment Grade
High Yield Bonds
Leveraged Loans
Financial Institutions
Public, Project and
Infrastructure Finance
Structured Finance
-25%
~40%
~Low-Single-Digit %
Approximately flat
~Mid-Single-Digit %
~(25%)
U
Inflation Rates & Central Bank Actions
» Inflation expectations, supply chain, and job
and wage trends
» Global monetary policy tightening cycle
Credit Markets
» Liquidity, sentiment, and credit spreads
» Credit performance and default rates
1.
2.
Guidance as of October 25, 2023. Refer to Table 11 - "2023 Outlook" in the press release titled "Moody's Corporation Reports Results for Third Quarter 2023" from October 25, 2023, for a complete list of guidance, as well as assumptions used
by the Company with respect to its guidance.
Total issuance includes CFG, SFG, FIG and PPIF. MIS-rated issuance excludes sovereign debt issuance. Issuance figures are subject to amendment given face amount variations that may occur following the reporting cycle.
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3Q 2023 Investor Presentation
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