3Q 2020 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
€7,000
€6,000
€5,000
€4,000
€3,000
€2,000
€1,000
€0
MOODY'S
Aug-06
Aug-08
Aug-10
Aug-12
Loans
Aug-14
Aug-16
Aug-18
Aug-20
27%
73%
$9.000
Bonds
$7,500
Loans
Billions
$6,000
$4,500
$
$3,000
$1,500
$0
Sep-06
Sep-08
Sep-10
Sep-12
Sep-14
Sep-16
Sep-18
Sep-20
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 2020 and U.S. data is through September 2020.
3Q 2020 Investor Presentation - November 11, 2020
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