4Q and FY 2022 Investor Presentation
Refunding Needs¹ Support MIS Long-term Fundamentals
Debt Maturities: U.S. Non-Financial Corporate Bonds and Loans ($B)²
$666
$610
291
$412
246
Speculative Grade Bank Loans
$255
160
■Speculative Grade Bonds
113
140
39
28
39
■Investment Grade
187
214
251
234
2023
2024
2025
2026
Debt Maturities: EMEA Non-Financial Corporate Bonds and Loans ($B)³
$618
$545
$499
136
$430
98
82
99
13
41
46
76
31
■Speculative Grade Bank Loans
■Speculative Grade Bonds
■Investment Grade
358
371
371
383
2023
2024
2025
2026
»
Refinancing needs remain approximately
flat compared to September 2021, totaling
~$4T over the next four years
>>>
U.S. refunding needs remain slightly
weighted towards leveraged finance
issuers
>>> EMEA refunding needs continue to be
driven by investment grade issuers
1.
2.
3.
Non-financial corporates.
MIS-rated U.S. non-financial corporate bond and loan maturities as defined in Moody's Investors Service's refunding needs reports (2022). Total may not sum due to rounding.
EMEA non-financial corporate and infrastructure bond and loan maturities as defined in Moody's Investors Service's refunding needs reports (2022). EMEA data is shown in USD, which appreciated against the EUR and GBP (the main
reporting currencies) in the latest period under review. At constant 2021 exchange rates, Moody's estimates that reported EMEA debt in 2022 would be ~10% higher in USD amounts.
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4Q and FY 2022 Investor Presentation
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