2Q 2023 Investor Presentation
1
Refunding Needs ¹ Support MIS Long-term Fundamentals
Debt Maturities: U.S. Non-Financial Corporate Bonds and Loans ($B)²
$255
39
28
86
187
2023
$666
$610
291
$412
246
■Speculative Grade Bank Loans
160
113
140
39
■Speculative Grade Bonds
■Investment Grade
214
251
234
2024
2025
2026
Debt Maturities: EMEA Non-Financial Corporate Bonds and Loans ($B) 3
$618
$545
$499
136
$430
98
82
99
41
46
76
31
■Speculative Grade Bank Loans
■Speculative Grade Bonds
■Investment Grade
358
371
371
383
2023
Non-financial corporates.
2024
2025
2026
» Refinancing needs remain
approximately flat compared to
September 2021, totaling $4T
over the next four years
» U.S. refunding needs remain
slightly weighted towards
leveraged finance issuers
>> EMEA refunding needs continue
to be driven by investment
grade issuers
1.
2.
3.
MIS-rated U.S. non-financial corporate bond and loan maturities as defined in Moody's Investors Service's refunding needs reports (2022). Total may not sum due to rounding.
EMEA non-financial corporate and infrastructure bond and loan maturities as defined in Moody's Investors Service's refunding needs reports (2022). EMEA data is shown in USD, which appreciated against the EUR and GBP (the main
reporting currencies) in the latest period under review. At constant 2021 exchange rates, Moody's estimates that reported EMEA debt in 2022 would be ~10% higher in USD amounts.
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2Q 2023 Investor Presentation
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