Revenue and Issuance Analysis

Q3 Issuance Activity Receptive Market Conditions Overcame Geopolitical and Macro Headwinds United States Rest of World >>> Trade disputes Geopolitical Headwinds >>> Political turmoil » Trade disputes >> Brexit uncertainty >>> Hong Kong protests >>> 2.0%, down 30 bps >>> China: 5.7%, down 30 bps Negative 2020 » GDP Revisions¹ >>> >>> Central Bank 25 bps rate cuts in July and September >>> Actions >>> Money market liquidity provision >>> Sharp decline (50+ bps) Euro Zone: 1.0%, down 40 bps Germany: 0.6%, down 60 bps UK: 0.9%, down 10 bps ECB cut rates and restarted bond purchasing program Falling 10-Year Benchmark Rates MIS Rated Issuance 2 Growth to average 1.8%; still high among developed economies » Up 18% >>> Sub-zero benchmarks enabled negative-rate investment grade corporate borrowing in Europe and Japan Up 2% Organization for Economic Co-operation and Development September 2019 Interim Projection; revised from May 2019. Excludes sovereign debt issuance. 1. 2. MOODY'S November 4, 2019 19

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