4Q and FY 2022 Investor Presentation
Moody's in Greater China
2nd Largest Onshore Bond Market at ~$22 Trillion
$ Trillions
Total debt securities outstanding 2Q 2012 - 2Q 20221
$60
$40
$20
5%
■ 2Q 2012
■ 2Q 2022
19%
(3%)
Flat
1%
U.S.
China
Japan
UK
France
$ Millions
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
FY 2022 Cross Border Market
Rated Issuance Volume
$66B4
Attributable Income from CCXI
FY 2022 Domestic Market
Rated Issuance Volume
-$1.0T5
Domestic and Cross Border³
» 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
38%
» Continuing to foster constructive relationships and partnerships with
issuers, regulators and other market participants
62%
■Rest of Market
■Moody's Share
46%
54%
■Rest of Market ■CCXI's Share
1.
2.
3.
4.
5.
Percentage growth numbers are rounded compound annual growth calculations from June 30, 2012 to June 30, 2022. Source: Bank for International Settlements' latest data available as of June 30, 2022.
Greater China: Mainland, Hong Kong and Macau. Revenue and attributable income data for full year 2022.
Source for Cross Border Market Issuance: Dealogic, excludes Structured Finance, Sovereign/Sub-Sovereign entities, policy banks and Special Purpose Vehicles (SPVs).
The percentages displayed in the pie chart represent the share 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.
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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4Q and FY 2022 Investor Presentation
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