Investor Presentaiton
€
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
€8,000
€7,000
€6,000
€5,000
€4,000
€3,000
€2,000
€1,000
€0
Loans
May-07
May-09
May-11
May-13
May-15
Moody's | Better decisions
May-17
May-19
May-21
28%
72%
$ Billions
$11,000
Bonds
$10,000
Loans
$9,000
$8,000
$7,000
$6,000
$4,000
$5,000
$3,000
$2,000
$1.000
$0
Jun-07
Jun-09
Jun-11
Jun-13
Jun-15
Jun-17
Jun-19
Jun-21
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 May 2021 and U.S. data is through June 2021.
2Q 2021 Investor Presentation 24
53%
47%View entire presentation