3Q 2022 Investor Presentation
€ Trillions
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
€ 8
€ 7
€ 6
€ 5
€ 4
€ 3
€ 2
Bonds
■Loans
€ 1
€ 0
Dec-07
Dec-09
Dec-11
Dec-13
Dec-15
Dec-17
MOODY'S | DECODE RISK. UNLOCK OPPORTUNITY.
Dec-19
Dec-21
-72%
$12
$10
$8
$ Trillions
$6
$6
$4
$2
28%
$0
Aug-08
Aug-10
Aug-12
Aug-14
Bonds
■Loans
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 December 31, 2021, and U.S. data is through August 31, 2022.
3Q 2022 Investor Presentation 20
Aug-16
Aug-18
Aug-20
Aug-22
49%
51%View entire presentation