4Q and FY 2022 Investor Presentation
Average Maturities Remain Consistent with Historical Trend
Despite Lower Issuance Volumes
FY 2018
FY 2019
FY 2020
FY 2021
FY 2022
FY 2018
FY 2019
FY 2020
FY 2021
FY 2022
TOTAL
ISSUANCE ($B)1
$462
$561
$979
$580
$428
$128
$212
$361
$369
$95
AVG. MATURITY2
12.0
12.4
14.7
13.6
13.1
8.6
8.4
7.8
8.3
8.3
1-2 years
3-5 years
6-10 years
11-30 years
Long-term
U.S. Investment Grade Bond Issuance by Maturity Length
($ Billions)
$230
$203
$176
$166
$130
$119
$108
$36
$28
$12
$16
$18
$367
$298
$211
$171
$156
$122
$109
$102
$94
U.S. High Yield Bond Issuance by Maturity Length
($ Billions)
$167
$118
$100
$209
$284
$71
$49
$58
$26
$27
$34
$18
$1
$30
$27
$15
$21
$8
$1
$3
$4
$1
$6
$18
$1
$2 $3
FY 2018
FY 2019
FY 2020
FY 2021
FY 20223
FY 2018
FY 2019
FY 2020
FY 2021
FY 20223
Source: Moody's Investors Service.
1.
2.
3.
Breakdown of Issuance by Maturity Length may not foot to Total Issuance ($B) due to rounding.
Proxy calculation uses weighted average years of tenor. Data represents tenors on Moody's rated debt in U.S. Issuance may differ to reported amount if no maturity date available.
Data as of year end December 31, 2022.
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4Q and FY 2022 Investor Presentation 21View entire presentation