3Q 2021 Investor Presentation
$ Millions
$600
$ Millions
Structured Finance: Revenue and Issuance1
Revenue²: Mix by Quarter
ABS
■RMBS
■CMBS
■Structured Credit Other
■ ABS
■RMBS
■ CMBS
■Structured Credit
$160
$140
$350
$0
$0
$300
$120
$44
$59
$1
$1
$53
$57
$250
$60
$1
$49
$100
$31
$41
$32
$1
$0
$57
$43
$44
$38
$0
$200
$39
$41
$38
$80
$40
$33
$29
$1
$31
$24
$23
$34
$25
$22
$21
$26
$22
$28
$150
$60 $20
$25
$24
$85
$31
$22
$70
$92
$87
$68
$18
$17
$15
$16
$63
$13
$66
$13
$31
$41
$40
$31
$100
$65
$40
$24
$21
$26
$27
$23
$24
$22
$27
$20
$50
$90
$91
$103
$89
$26
$25
$25
$22
$23
$25
$28
$26
$33
$29
$66
$74
$92
$102
$116
$107
$0
$0 +
2Q19
3Q19
4Q19
1Q20 2Q20 3Q20 4Q20 1Q21
2Q21
3Q21
2Q19
3Q19
4Q19
1Q20 2Q20 3Q20 4Q20 1Q21
2Q21
3Q21
Revenue²: Mix by Year
ABS ■RMBS
■CMBS ■Structured Credit Other
$2
$2
$2
$0
$2
$400
$165
$4
$0
$0
$135
$91
$137
$122
$196
$96
$148
$2
$105
$95
$116
$122
$140
$133
$143
$78
$81
$200
$61
$85
$73
$76
$81
$85
$90
$98
$95
$96
$110
$98
$92
$91
$94
$97
$107
$99
$98
$0
2012
2013
2014
2015
2016
2017
2018
2019
2020
$ Billions
Issuance³: Mix by Quarter
Issuance³: Mix by Year
■ ABS
■RMBS ■CMBS
■Structured Credit
$1,400
$1,200
$1,000
$200
$153
$800
$65
$159
$136
$94
$132
$115
$600
$73
$116
$114
$120
$145
$106
$120
$117
$94
$88
$270
$400
$231
$189
$238
$254
$283
$200
$204
$213
$200
$335
$317
$319
$292
$298
$337
$384
$348
$321
$0
2012
2013
2014
2015
2016
2017
2018
2019
2020
1.
Total estimated market issuance unless otherwise noted.
2.
3.
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.
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 includes commercial
mortgage-backed securities and commercial real estate CDOS. Structured Credit includes CLOS and CDOS.
Moody's | Better decisions
3Q 2021 Investor Presentation
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