3Q 2022 Investor Presentation
$ Trillions
Moody's in Greater China
2nd Largest Onshore Bond Market at $22 Trillion
Total debt securities outstanding 2012 – 20221
5%
■ 2012
■2022
$50
$40
$30
$20
20%
(1%)
1%
2%
$10
$0
U.S.
China
Japan
UK
France
Domestic and Cross Border³
» Moody's participates directly in the cross-border China issuance market
through MIS and in the domestic market through a 30% interest in CCXI
>> Long-term growth prospects enabled by participation in the ongoing
development of China's domestic credit markets
» Continuing to foster constructive relationships and partnerships with
issuers, regulators and other market participants
$ Millions
Revenue and Attributable Income from China²
■MIS Cross Border Revenue Total MA Revenue Attributable Income from CCXI
$160
$14
MIS Cross Border and Total MA
FY 2021 Cross Border Market
Rated Issuance Volume
~$170B4
Attributable Income from CCXI
FY 2021 Domestic Market
Rated Issuance Volume
-$1.3T5
41%
59%
36%
64%
■Rest of Market
■Moody's Share
Rest of Market
■CCXI 's Share
1.
2.
Percentage growth numbers are rounded compound annual growth calculations. Source: Bank for International Settlements' latest data available as of March 31, 2022.
Greater China: Mainland, Hong Kong and Macau. Revenue and attributable income data for full year 2021.
3.
4.
5.
Source for Cross Border Market Issuance: Dealogic, excludes Structured Finance, Sovereign/Sub-Sovereign entities, policy banks and Special Purpose Vehicles (SPVs).
The percentages displayed in the pie chart represent the share of the total ratings opportunity (as debt issuances can bear two or more ratings). In 2021, Moody's rated approximately 67% of the cross-border debt issued by Chinese
entities.
Source for Domestic Market Issuance: WIND, excludes Structured Finance, Government debt, Private Placement Notes (PPN) and Negotiable Certificates of Deposit (NCDs). USD 1 = RMB 6.45 average exchange rate in 2021 is used
for conversion. Percentages based on deal count.
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3Q 2022 Investor Presentation
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