Revenue and Issuance Analysis
$ Millions
$ Millions
$160
Structured Finance: Revenue and Issuance
Revenue: Mix by Quarter
Issuance 2: Mix by Quarter
$140
$300
$1
$1
$120
$50
$1
$0
$1
$250
$48
$49
$49
$46
$100
$55
$1
$64
$43
$48
$51
$41
$80
$35
$40
$46
$60
$38
$21
$18
$24
$20
$15
$18
$18
$ Billions
$200
$41
$36
$36
$39
$51
$38
$42
$26
$27
$34
$150
$26
$34
$73
$70
$62
$21
$87
$74
$16
$63
$64
$40
$25
$24
$27
$100
$59
$22
$24
$23
$24
$24
$48
$22
$20
$50
$107 $102
$115
$89
$23
$27
$28
$28
$25
$26
$23
$26
$25
$67
$79
$90
$91
$65
$0
$0
3Q17
4Q17 1Q18 2Q18
3Q18 4Q18 1Q19 2Q19 3Q19
3Q17
■ ABS
4Q17 1Q18 2Q18 3Q18
RMBS ■ CMBS
4Q18 1Q19 2Q19 3Q19
■Structured Credit
$600
ABS RMBS CMBS Structured Credit Other
Revenue: Mix by Year
Issuance 2: Mix by Year
$1,400
$2
$2
$1,200
$2
$0
$2
$400
$165
$0
$0
$0
$137
$135 $122
$196
$1,000
$59
$39
$65
$91
$36
$96
$78
$0
$82
$70
$95
$116 $122
$140
$133
$143
$78
$200
$53
$ Billions
$800
$24
$200
$73
$159
$136
$94
$115
$132
$116
$600
$114
$120
$120
$371
$117 $94
$270
$90 $85
$98
$65
$73
$76
$81
$85
$90
$400
$396
$231
$189
$238
$254
$200 $204
$200
$91
$107
$110
$98
$92
$91
$94
$97
$106
$319
$335
$220
$317 $319 $292 $298
$337
$384
$0
T
T
T
T
T
$0
T
2010
2011
2012
2013
2014 2015 2016
2017 2018
2010 2011
2012
ABS ■RMBS
■CMBS
2013 2014 2015 2016 2017
■Structured Credit
2018
ABS RMBS CMBS Structured Credit Other
1. 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.
2.
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
November 4, 2019
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