3Q 2022 Investor Presentation
$ Billions
Favorable Market Conditions in 2020 and 2021 Led to
Outsized Opportunistic Issuance
MIS-Rated Investment Grade (IG) Bond Issuance
IG Bonds
IG Bond Avg
$1,600
$1,400
$1,200
$1,000
$800
$600
$400
$200
$-
2015
2016
2017
MIS-Rated High Yield (HY) Bond Issuance
U.S. 10YR Treasury Avg
U.S. CPI Avg
HY Bonds
-
HY Bond Average
U.S. HY Spread
U.S. CPI Avg
9%
$1,600
9%
8%
8%
$1,400
7%
7%
$1,200
6%
6%
5%
4%
$ Billions
$1,000
5%
$800
4%
$600
3%
3%
$400
2%
2%
1%
$200
1%
$-
2018
2019
2020
2021 YTD 20221
2015
2016
2017
2018
2019
2020
2021
YTD 20221
HY Bonds Use of Proceeds
■Refinancing M&A Other
IG Bonds Use of Proceeds
■Refinancing M&A Other
26%
33%
28%
31%
32%
27%
23%
38%
51%
62%
61%
60%
57%
62%
68%
72%
22%
17%
15%
21%
33%
23%
7%
33%
7%
20%
36%
18%
24%
28%
23%
14%
31%
9%
14%
20%
25%
52%
55%
54%
54%
51%
45%
44%
35%
13%
12%
14%
2015
2016
2017
2018
2019
2020
2021
YTD 2022
1
2015
2016
2017
2018
2019
2020
2021
YTD 20221
Sources: Moody's Investors Service, Moody's Analytics and Dealogic. Note: Market-rated issuance, unless otherwise noted.
1. Year-to-date as of September 30, 2022.
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3Q 2022 Investor Presentation 19View entire presentation