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
Nov-07
Nov-09
Nov-11
Nov-13
Moody's | Better decisions
Loans
Nov-15
Nov-17
Nov-19
Nov-21
28%
72%
$ Billions
$10,000
$11,000
Bonds
Loans
$9,000
$8,000
$7,000
$6,000
$5,000
$4,000
$3,000
$2,000
$1,000
$0
Dec-07
Dec-09
Dec-11
Dec-13
Dec-15
Dec-17
Dec-19
Dec-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 November 30, 2021 and U.S. data is through December 31, 2021.
4Q & FY 2021 Investor Presentation 23
53%
47%View entire presentation