2Q 2020 Investor Presentation
€ 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
€7,000
€6,000
€5,000
€4,000
€3,000
€2,000
€1,000
€0
MOODY'S
May-06
May-08
May-10
May-12
Loans
May-14
May-16
May-18
May-20
26%
74%
$9,000
Bonds
$7,500
Loans
$ Billions
$6,000
$4.500
$3,000
$1,500
$0
Jun-06
Jun-08
Jun-10
Jun-12
Jun-14
Jun-16
Jun-18
Jun-20
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 May 2020 and U.S. data is through June 2020.
2Q 2020 Investor Presentation - August 11, 2020 21
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