Moody's Corporate Overview and Financial Outlook
Revenue $ Millions
Corporate Overview | MIS Business Conditions | MA Business Conditions | Financial Review and Outlook | Appendix
Narrow Credit Spreads and Low All-in Yields Continue to
Create a Favorable Environment for Corporate Issuance
Revenue Mix: Corporate Finance
Issuance: Global Investment Grade and
High Yield Bonds and U.S. Bank Loans
200
600
20
20
500
150
100
50
Issuance $ Billions
15
400
300
10
200
LO
5
100
0
0
1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10
Other - including monitoring, CP, MTNS
Investment Grade
Speculative Grade
Bank Loans
Historical data has been adjusted to conform with current information
1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10
Global Investment-Grade Bond Issuance
Global Speculative-Grade Bond Issuance
U.S. Bank Loan Origination
Global Investment-Grade Bond Yield (%)
Global Speculative-Grade Bond Yield (%)
Source: Moody's Capital Markets Research Group, Dealogic
U.S. Bank Loan issuance represents rated new U.S. bank loan programs
Debt issuance categories do not directly correspond to Moody's revenue
categorization
>> Low yields drove record 2010 high-yield bond volumes and strong U.S. bank loan activity
» Global investment grade issuance significantly eased from early 2009 volumes, which
included government-backed transactions
MOODY'S
MARCH 1, 2011 6
Yield (%)View entire presentation