3Q 2020 Investor Presentation
Corporate Finance: Revenue and Issuance1
Revenue²: Mix by Quarter
$ Millions
2
■ Other
■Investment Grade
■Speculative Grade ■Bank Loans
$600
$500
$400
Issuance4: Mix by Quarter
■Global Non-Financial Investment-Grade Bonds Global Non-Financial Speculative-Grade Bonds
■U.S. Speculative-Grade Bank Loans
■Non-U.S. Speculative-Grade Bank Loans
$43
$1,200
$99
$18
$1,000
$89
$73
$44
$83
$90
$300
$73
$68
$75
$101
$78
$70
$69
$56
$291
$57
$75
$200
$39
$19
$144
$141
$55
$97
$96
$106
$ Billions
$800
$164
$50
$43
$55
$28
$600
$26
$25
$108
$119
$88
$39
$111
$100
$105
$162
$134
$80
$28
$161
$400
$105
$123
$105
$120
$732
$100
$64
$103
$135
$145
$128
$140
$140
$139
$145
$139
$146
$200
$33
$329
$314
$370
$406
$433
$378
$236
$221
$0
$0
3Q18
4Q18
1Q19
2Q19
3Q19
4Q19
1Q20
2Q20
3Q20
3Q18
4Q18
1Q19
2Q19 3Q19 4Q19
1Q20
2Q20
3Q20
Revenue²: Mix by Year
■ Other 2
■Investment Grade
■Speculative Grade
■Bank Loans
$1,600
$1,400
Issuance4: Mix by Year
■Non-U.S. Speculative-Grade Bank Loans
■U.S. Speculative-Grade Bank Loans
■Global Non-Financial Speculative-Grade Bonds Global Non-Financial Investment-Grade Bonds
$313
$3,000
$ Millions
$1,200
2 $1,000
$800
$349
$379
$2,500
$144
$247
$258
$242
$204
$254
$212
$254
$175
$155
$183
$219
$181
$379
$229
$271
$600
$120
$194
$301
$230
$305
$ Billions
$120
$2,000
$638
$204
$425
$504
$353
$425
$354
$414
$601
$492
$1,500
$426
$262
$329
$411
$120
$193
$400
$1,000 $273
$330
$405
$329
$311
$304
$197
$137
$293
$250
$200
$275
$312
$363
$420
$421
$425
$488
$554
$547
$500
$1,125
$1,073
$1,043 $1,120 $1,192
$1,271
$1,419
$1,074
$641
$750
$0
$0
2011
2012
2013
2014
2015
2016
2017
2018
2019
2010 2011
2012
2013 2014
2015
2016 2017
2018 2019
1.
Total estimated market issuance unless otherwise noted.
2.
3.
4.
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.
Other includes: monitoring, commercial paper, medium term notes, and ICRA.
Sources: Moody's Analytics, Dealogic. U.S. and Non-U.S. Speculative-Grade Bank Loans represent only Moody's rated speculative-grade bank loans. Non-U.S. Speculative-Grade Bank Loan Origination data available starting 2016. Note:
Debt issuance categories do not directly correspond to Moody's revenue categorization.
MOODY'S
3Q 2020 Investor Presentation - November 11, 2020
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