3Q 2021 Investor Presentation
$ Millions
$43
$99
Corporate Finance: Revenue and Issuance¹
$700
$600
$500
Revenue²: Mix by Quarter
3
■ Other ■Investment Grade
■Speculative Grade ■Bank Loans
Issuance4: 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
$1,200
$18
$1,000
$76
$180
$44
$157
$ Millions
$800
$73
$55
$164
$78
$400
$89
$145
$223
$43
$28
$83
$90
$68
$75
$101
$82
$141
$124
$600
$25
$119
$193
$50
$88
$300
$82
$17
$48
$69
$56
$291
$111
$233
$75
$105
$132
$77
$200
$144
$141
$134
$102
$105
$400
$105
$108
$161
$149
$114
$209
$120
$731
$96
$106
$80
$60
$135
$134
$132
$100
$200
$140
$140
$139
$145
$139
$146
$152
$150
$167
$156
$313
$370
$433
$378
$410
$305
$240
$226
$263
$0
$0
2Q19
3Q19
4Q19
1Q20 2Q20 3Q20
4Q20
1Q21
2Q21 3Q21
2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20
1Q21 2Q21
3Q21
Revenue²: Mix by Year
Issuance4: Mix by Year
Other 3
■Investment Grade
■Speculative Grade
■Bank Loans
$1,800
$287
■Non-U.S. Speculative-Grade Bank Loans
■Global Non-Financial Speculative-Grade Bonds
■U.S. Speculative-Grade Bank Loans
Global Non-Financial Investment-Grade Bonds
$1,600
$3,000
$118
$1,400
$352
$313
$1,200
$1,000
$349
$379
$2,500
$247
$364
$144
$204
$242
$204
$258
$120
$254
$2,000
$638
$590
$212
$254
$175
$425
$636
$800
$155
$183
$219
$181
$229
$600 $194
$301
$271
$379
$1,500
$353
$329
$504
$411
$425
$414
$354
$601
$426
$471
$230
$305
$405
$329
$311
$304
$262
$400
$193
$1,000
$197
$1,768
$200
$312
$363
$420
$421
$425
$488
$554
$547
$582
$0
$500
$0
$1,125
$1,073
$1,043
$1,120 $1,192
$1,271
$1,074
$1,249
2012
2013
2014
2015
2016
2017
2018
2019
2020
2012
2013
2014
2015
2016
2017
2018
2019
2020
Moody's | Better decisions
1.
Total estimated market issuance unless otherwise noted.
2.
3.
4.
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 2016.
Note: Debt issuance categories do not directly correspond to Moody's revenue categorization.
3Q 2021 Investor Presentation
60View entire presentation