2Q 2023 Investor Presentation
Moody's in Greater China
2nd Largest Onshore Bond Market at ~$22 Trillion
Total debt securities outstanding 4Q 2012 - 4Q 20221
■4Q 2012 ■4Q 2022
$ Trillions
5%
$60
$40
$20
18%
(2%)
(2%)
1%
$-
U.S.
China
Japan
Domestic and
Cross Border³
UK
France
$ Millions
» Moody's participates directly in the cross-border China issuance
market through MIS and in the domestic market through a 30%
interest in CCXI
» Long-term growth prospects enabled by participation in the
ongoing development of China's domestic credit markets
» Continuing to foster constructive relationships and partnerships
with issuers, regulators, and other market participants
Revenue and Attributable Income from China²
MIS Cross Border Revenue ■Total MA Revenue
■Attributable Income from CCXI
$125
$16
MIS Cross Border and Total MA
Attributable Income from CCXI
38%
FY 2022 Cross
Border Market
Rated Issuance
Volume
$66B4
62%
46%
FY 2022
Domestic Market
Rated Issuance
Volume
~$1.0T5
54%
■Rest of Market Moody's Coverage
■Rest of Market
1. Percentage growth numbers are rounded compound annual growth calculations from December 31, 2012 to December 31, 2022. Source: Bank for International Settlements' latest data available as of June 30, 2023.
2. Greater China: Mainland, Hong Kong and Macau. Revenue and attributable income data for full year 2022.
3. Source for Cross Border Market Issuance: Dealogic, excludes Structured Finance, Sovereign/Sub-Sovereign entities, policy banks and Special Purpose Vehicles (SPVs).
■CCXI's Coverage
4. The percentages displayed in the pie chart represent the coverage of the total ratings opportunity (as debt issuances can bear two or more ratings). In 2021, Moody's rated approximately 67% of the cross-border debt issued by Chinese entities.
5. Source for Domestic Market Issuance: WIND, excludes Structured Finance, Government debt, Private Placement Notes (PPN) and Negotiable Certificates of Deposit (NCDs). USD 1 = RMB 6.72 average exchange rate in 2022 is used for
conversion. Percentages based on issuance volume; percentages were based on deal count in prior presentations.
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2Q 2023 Investor Presentation
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