Revenue and Issuance Analysis
€ Billions
MOODY'S
Disintermediation of Credit is an Ongoing Trend in
the Global Capital Markets
European Non-Financial Corporate
Bonds vs. Bank Loans Outstanding
Bonds
Loans
€7,000
€6,000
€5,000
€4,000
€3,000
€2,000
€1,000
€0
Aug-05
Aug-07
Aug-09
Aug-11
Aug-13
Aug-15
Aug-17
Aug-19
U.S. Non-Financial Corporate
Bonds vs. Bank Loans Outstanding
Bonds
Loans
$9,000
$7,500
75%
Billions
$6,000
$4,500
$
$3,000
25%
$1,500
$0
Sep-05
Sep-07
Sep-09
Sep-11
Sep-13
Sep-15
Sep-17
Sep-19
Sources: ECB, Federal Reserve, BarCap Indices. Europe bank loan data includes Eurozone and UK bank loans. Europe bond data includes euro and sterling denominated bonds.
European data is through August 2019 and U.S. data is through September 2019.
November 4, 2019
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