3Q 2021 Investor Presentation
$ Billions
Heightened Issuance Activity Continued in 3Q 2021
Historical MIS Rated Issuance¹1 – Third Quarters
-
1,500
-$1,050
1,000
500
3Q 2021 Year-Over-Year Issuance1 Growth
11%.
Total MIS Rated Issuance
11%
Structured Finance
104%
Leveraged Loans
96%
25%
Financial Institutions
Public, Project and
-17%
Infrastructure Finance
High Yield Bonds
-18%
Investment Grade -28%
3Q11 3Q12 3Q13 3Q14 3Q15 3Q16 3Q17 3Q18 3Q19 3Q20 3Q21
Total MIS Rated Issuance
-Prior 10-Yr. Avg. 3Q Issuance (2011-2020)
» Overall issuance volumes remained above the prior 10-year average; while investment grade issuance declined in 3Q
2021, activity was still 5% above the historical average²
» Ongoing momentum in leveraged loans and structured finance issuance
1. Issuance figures are subject to amendment given face amount variations that may occur following the reporting cycle.
MIS-rated investment grade prior 10-year 3Q quarterly average.
2.
Note: MIS rated issuance, excludes sovereign debt issuance. Issuance figures displayed in billions, except for year-over-year growth calculations.
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3Q 2021 Investor Presentation 17View entire presentation