2Q 2023 Investor Presentation
$ Millions
$ Millions
Structured Finance: Revenue and Issuance1
Issuance³: Mix by Quarter
$200
$180
$160
Revenue²: Mix by Quarter
■ ABS ■RMBS
■CMBS
Structured Credit Other
■ ABS
■RMBS
■CMBS
Structured Credit
$500
$400
$97
$140
$1
$120
$67
$39
$53
$57
$300
$70
$1
$100
$36
$59
$60
$32
$52
$80
$38
$23
$29
$34
$32
$31
$44
$56
$26
$27
$31
$200
$41
$122
$43
$32
$38
$38
$16
$60
$14
$19
$14
$14
$70
$92
$104
$76
$23
$24
$34
-$6 $69
$31
$40
$31
$34
$35
$42
$28
$25
$22
$21
$25
$100
$62
$49
$20
$116
$139
$107
$33
$29
$30
$32
$31
$26
$27
$27
$32
$94
$107
$81
$105
$91
$106
$0
$0
T
2Q21
3Q21
4Q21
1Q22 2Q22
3Q22
4Q22
1Q23
2Q23
2Q21
3Q21
4Q21
1Q22
2Q22
3Q22 4Q22
1Q23
2Q23
Revenue 2: Mix by Year
ABS RMBS CMBS
Structured Credit
Other
$600
$2
$2
$2
$450
42
$2
$2
$2
$4
$215
$165
$135
$122
$196
$2
$140
$148
$300
$105
$102
$140
$133
$143
$98
$78
$81
$61
$123
$150
$81
$85
$90
$98
$106
$95
$96
$91
$94
$97
$107
$99
$98
$118
$116
$0
2015
2016
2017
2018
2019
2020
2021
2022
Moody's | Decode risk. Unlock opportunity.
$ Billions
Issuance³: Mix by Year
■ABS
■RMBS ■CMBS
Structured Credit
$1,500
$258
$1,000
$189
$200
$161
$153
$136
$132
$115
$145
$145
$116
$120
$106
$352
$500
$117
$94
$88
$270
$254
$283
$284
$200
$204
$213
$292
$298
$337
$384
$464
$348
$321
$387
$0
2015
2016
2017
2018
2019
2020
2021
2022
Notes: ABS (asset-backed securitization) includes asset-backed commercial paper and long-term asset-backed securities. RMBS (residential mortgage-backed securitization) includes covered bonds. CMBS (commercial mortgage-backed securities)
includes commercial real estate CDOS. Structured Credit includes CLOS and CDOS.
1.
2.
3.
Total estimated market issuance, unless otherwise noted.
Historical data has been adjusted to conform with current information and excludes intercompany revenue. The revenue reclassification of REITS to Corporate Finance from Structured Finance is reflected starting from 1Q 2018.
Sources: AB Alert, CM Alert, Moody's Corporation. Debt issuance categories do not directly correspond to Moody's revenue categorization. Issuance figures are subject to amendment given face amount variations that may occur following the
reporting cycle.
2Q 2023 Investor Presentation
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