4Q and FY 2023 Investor Presentation
$ Billions
Infrastructure Issuance¹; Public, Project & Infrastructure Revenue
$100
Global Issuance2: Mix by Quarter
■Global Infrastructure Finance Speculative-Grade Bonds
■Global Infrastructure Finance Investment-Grade Bonds
$80
$5
$60
$1
$4
$40
$2
$3
$3
$88
$1
$60
$56
$43
$20
$40
$36
$4
$61
$45
$32
$0
4Q21 1Q22 2Q22
3Q22
4Q22
1Q23
2Q23
3Q23
4Q23
Note: Debt issuance categories do not directly correspond to Moody's revenue categorization.
Total estimated market issuance, unless otherwise noted.
1.
2.
3.
Historical issuance data has been adjusted as of November 16, 2023, to conform with current information
using a single-third party source (Dealogic). Issuance figures are subject to amendment given face amount
variations that may occur following the reporting cycle.
Historical data has been adjusted to conform with current information and excludes intercompany revenue.
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$ Millions
$ Millions
MIS Revenue³: Mix by Year
■Public Finance and Sovereign
$600
■Project & Infrastructure Finance
$400
$246
$277
$271
$224
$234
$206
$200
$222
$250
$244
$197
$205
$185
$0
2018
2019
2020
2021
2022
2023
MIS Revenue 3: Mix by Quarter
■■Public Finance and Sovereign
$150
■ Project & Infrastructure Finance
$100
$65
$65
$67
$77
$73
$66
$55
$48
$54
$50
$53
$58
$55
$52
$54
$44
$49
$50
$40
40
$0
4Q21
1Q22
2Q22
3Q22
4Q22
1Q23
2Q23
3Q23
4Q23
4Q and FY 2023 Investor Presentation 57View entire presentation