3Q 2020 Investor Presentation
Increased Issuance Volume Offsets Impact of Longer
Average Maturities
1-2 years
3-5 years
6-10 years
11-30 years
Long term
U.S. Investment Grade Bond Issuance by Maturity Length
($ Billions)
U.S. High Yield Bond Issuance by Maturity Length
($ Billions)
$341
$264
$230
$184
$176
$166
$130
$119
$108
$167
$165
$98
$101
$74
$36
$28
$27
$12
$16
$16
$19
$10 $1
$15
$19
$3
$2
FY 2018
FY 2019
YTD 20201
FY 2018
FY 2019
YTD 20201
TOTAL ISSUANCE ($B)
$462
$561
$880
$128
$212
$287
AVG. MATURITY2
12.0
12.4
14.5
8.6
8.4
7.5
1. YTD through September 30, 2020. | 2. Proxy calculation uses weighted average years of tenor. | Source: Moody's Investors Service. | Note: Data represents tenors on Moody's rated debt in U.S.
MOODY'S
3Q 2020 Investor Presentation - November 11, 2020
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