3Q 2023 Investor Presentation
$ Billions
Corporate Finance: Issuance¹ and Revenue
$400
Global Issuance 2: Mix by Quarter
■Global Non-Financial Speculative-Grade Bonds
■Global Non-Financial Investment-Grade Bonds
MIS Revenue³: Mix by Year
■Other Investment Grade ■Speculative Grade
Bank Loans
$2,500
$2,000
$300
$133
$200
$96
$214
$100
$173
$66
$52
$69
$ Millions
$606
$287
$1,500
$352
$313
$411
$349
$379
$275
$1,000
$204
$258
$254
$254
$175
$636
$108
$183
$439
$181
$301
$271
$379
$294
$500
$305
$262
$421
$425
$488
$554
$547
$582
$631
$592
$0
2015
2016
2017
2018
2019
2020
2021
2022
$54
$37
$25
$275
$19
$262
$241
MIS Revenue³: Mix by Quarter
$165
$137
$143
$120
■Other 4
■Investment Grade
Speculative Grade
■Bank Loans
$600
$0
T
T
T
T
3Q21 4Q21
1Q22
2Q22
3Q22
4Q22
1Q23
2Q23
3Q23
$450
$ Millions
$145
$124
$113
$59
$68
$300
$82
$82
$64
$39
$72
$32
$46
$47
$31
$38
$43
1.
Note: Debt issuance categories do not directly correspond to Moody's revenue categorization.
Total estimated market issuance, unless otherwise noted.
$21
$105
$98
$114
$17 $115
$94
$63
$68
$67
$45
2.
Historical issuance data has been adjusted as of November 16, 2023, to conform with current information
using a single-third party source (Dealogic). Issuance figures are subject to amendment given face amount
variations that may occur following the reporting cycle.
$150
$156
$158
$151
$151
$142
$148
$150
$157
$163
3.
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 2018.
$0
3Q21
4Q21
1Q22
2Q22
3Q22
4Q22
1Q23
2Q23
3Q23
4.
Other includes monitoring, commercial paper, medium term notes and ICRA.
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3Q 2023 Investor Presentation
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