4Q and FY 2022 Investor Presentation
$ Billions
U.S. 10YR Treasury ---U.S. 10YR Treasury Avg
MIS: Following Outsized Issuance in 2020 and 2021,
Refinancing Needs Remain Significant
MIS-Rated Non-Financial Global Corporate Investment Grade (IG) Issuance
$1,600
$1,400
IG Bond Issuance ---IG Bond Issuance Avg
MIS-Rated Non-Financial Global Corporate High Yield (HY) Issuance
HY Bond Issuance
HY Bond Issuance Avg
U.S. HY Spread
U.S. HY Spread Avg
6%
$1,600
6%
5%
$1,400
5%
$1,200
$1,200
4%
$1,000
$800
$600
3%
$ Billions
4%
$1,000
$800
3%
2%
$600
2%
$400
$200
$-
2015
2016
$400
1%
1%
$200
2017
2018
2019
2020
2021
2022
2015
2016
2017
2018
2019
2020
2021
2022
Four-Year U.S. and EMEA Non-Financial Corporate Refinancing Walls¹
Withdrawn Russian Debt²
2
$Trillions
~$2.0
Jan '12
Jan '13
Jan '14
Jan '15
Jan '16
Jan '17
Jan '18
Jan '19
Jan '20
<$0.2
~$4.0
~$3.9
Sources: Moody's Investors Service, Moody's Analytics and Dealogic.
Amounts reflect total MIS-rated U.S. non-financial corporate bond and loan maturities, in addition to EMEA non-financial corporate and infrastructure bond and loan maturities as defined in Moody's Investors Service's refunding needs
reports (2012-2022). Each bar represents four-year refunding needs.
1.
2.
| DECODE RISK. UNLOCK OPPORTUNITY.
In March 2022, Moody's withdrew the ratings of Russian companies, resulting in a reduction of the refinancing wall.
MOODY'S
4Q and FY 2022 Investor Presentation 17
Sep '20
Sep '21
Sep '222View entire presentation