Investor Presentaiton
Refunding Needs¹ Support MIS Long-term Fundamentals
Debt Maturities: U.S. Non-Financial Corporate Bonds and Loans ($B)²
$249
198
2022
$719
$524
308
$387
266
129
151
22
25
57
62
Speculative Grade Bank Loans
■Speculative Grade Bonds
■Investment Grade Bonds
26
260
201
196
2023
2024
2025
Debt Maturities: EMEA Non-Financial Corporate Bonds and Loans ($B) ³
$505
421
2022
14
50
34
53
>>>
U.S. four-year refinancing
needs grew ~9%, driven by a
~19% and -7% increase in
leveraged loans and
investment grade bonds,
respectively
$591
$539
$549
125
61
>>
115
EMEA four-year refinancing
56
51
101
■Speculative Grade Bank Loans
■Speculative Grade Bonds
■Investment Grade
needs grew ~9%, driven by a
422
383
365
~2% and -11% increase in
leveraged loans and investment
grade debt, respectively
2023
2024
2025
1.
2.
Non-financial corporates.
MIS-rated U.S. non-financial corporate bond and loan maturities as defined in Moody's Investors Service's refunding needs reports (2021).
3. EMEA non-financial corporate and infrastructure bond and loan maturities as defined in Moody's Investors Service's refunding needs reports (2021).
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4Q & FY 2021 Investor Presentation 20View entire presentation