3Q 2021 Investor Presentation
€ Billions
Disintermediation of Credit is an Ongoing Trend
in the Global Capital Markets
European Non-Financial Corporate Bonds vs.
Bank Loans Outstanding
U.S. Non-Financial Corporate Bonds vs.
Bank Loans Outstanding
Bonds
€8,000
€7,000
€6,000
€5,000
€4,000
€3,000
€2,000
€1,000
€0
Aug-07
Aug-09
Aug-11
Aug-13
Moody's | Better decisions
Loans
Aug-15
Aug-17
Aug-19
Aug-21
28%
72%
$ Billions
Bonds
$11,000
Loans
$10,000
$9.000
$8,000
$7,000
$6,000
47%
$5,000
$4,000
$3,000
$2.000
$1,000
$0
Sep-07
Sep-09
Sep-11
Sep-13
Sep-15
Sep-17
53%
Sep-19
Sep-21
3Q 2021 Investor Presentation 23
223
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 2021 and U.S. data is through September 2021.View entire presentation