4Q and FY 2023 Investor Presentation
$ billions
Spotlight on 5-Year U.S. Refunding Wall
~27% Growth in U.S. Speculative Grade Refinancing Needs 1,2
■Investment Grade Speculative Grade
$2,476
$2,537
$2,585
$2,241
$2,019
$2,099
~21%
$3,123
$1,867
~27%
$1,412
$1,448
$1,466
$987
$1,044
$1,185
$1,032
$1,054
$1,055
$1,064
$1,088
$1,118
-12%
$1,256
Jan '18
Jan '19
Jan '20
Sep '20
Sep '21
Sep '22
>> Five-year U.S. refunding wall increases by more than 20% since last study, driven by speculative grade, which grew ~27%
» U.S. refunding needs continue to be more weighted towards speculative grade issuers
Sep '23
1.
2.
Amounts reflect total MIS-rated U.S. non-financial corporate bond and loan (for speculative grade) maturities as defined in Moody's Investors Service's refunding needs reports (2018-2023).
Numbers may not sum to total due to rounding.
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4Q and FY 2023 Investor Presentation
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