4Q and FY 2023 Investor Presentation
$Trillions
Sustained Refinancing Demand Post
Outsized 2020/2021 Issuance Surge
Four-Year U.S. and EMEA Non-Financial Corporate Refinancing Walls¹
Withdrawn Russian Debt 2
~$2.0
-10%
~$4.0
~$4.4
Jan '13
Jan '14
Jan '15
Jan '16
Jan '17
Jan '18
Jan '19
Jan '20
Sep '20
Sep '21 2
Sep '22
Sep '23
MIS-Rated Q4 Non-Financial Global Corporate Investment Grade (IG) Issuance
MIS-Rated Q4 Non-Financial Global Corporate High Yield (HY) Issuance
$ Billions
IG Bond Issuance
$500
$400
$300
$200
IG Bond Issuance Avg
U.S. 10YR Treasury
U.S. 10YR Treasury Avg
HY Bond Issuance
HY Bond Issuance Avg
U.S. HY Spread
U.S. HY Spread Avg
5%
$300
6%
$250
5%
$100
ovo do ou do
4%
3%
2%
$ Billions
$200
4%
$150
3%
$100
2%
1%
$50
1%
$-
4Q15
$-
4Q16
4Q17 4Q18 4Q19
4Q20 4Q21
4Q22 4Q23
4Q15
4Q16
4Q17
4Q18 4Q19
4Q20
4Q21
4Q22 4Q23
Moody's | Decode risk. Unlock opportunity.
Sources: Moody's Investors Service, Moody's Analytics and Dealogic.
1.
Amounts reflect total MIS-rated U.S. non-financial corporate bond and loan (for speculative grade) maturities, in addition to EMEA non-financial corporate and infrastructure bond and loan (for speculative grade) maturities as defined in Moody's
Investors Service's refunding needs reports (2013-2023). Each bar represents four-year refunding needs.
2. Reflects $0.2tn reduction in the refinancing wall starting 2021 due to Moody's withdrawal of ratings for Russian companies.
4Q and FY 2023 Investor Presentation 41View entire presentation