Cross-Sector: Market Data Highlights

Moody's

Thu, Jul 16, 2020, 12:05 PM138 min read

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<!DOCTYPE html> <html lang="" xml:lang=""> <head> <title>/nwsys/www/images/PBC_1238105</title> <meta http-equiv="Content-Type" content="text/html; charset=UTF-8"/> <meta name="generator" content="pdftohtml 0.36"/> <meta name="date" content="2020-07-16T12:01:28+00:00"/> <style type="text/css">  </style> </head> <body bgcolor="#A0A0A0" vlink="blue" link="blue">  <a name="1"></a> <style type="text/css">  </style> <div id="page1-div" style="position:relative;width:918px;height:1188px;"> <img width="918" height="1188" src="http://mco.acquiremedia.com/images/PBC_1238105001.png" alt="background image"/> CROSS-SECTOR DATA REPORT <chron>16 July 2020</chron> CLIENT SERVICES <location value="LR/am" idsrc="xmltag.org" >Americas</location> <PhoneNo>1-212-553-1653</PhoneNo> <location value="LR/asp" idsrc="xmltag.org" >Asia Pacific</location> <PhoneNo>852-3551-3077</PhoneNo> <location value="LC/jp" idsrc="xmltag.org" >Japan</location> <PhoneNo>81-3-5408-4100</PhoneNo> EMEA <PhoneNo>44-20-7772-5454</PhoneNo> ABOUT CAPITAL MARKETS RESEARCH Analyses from Moody’s Capital Markets <org>Research, Inc.</org> (CMR) focus on explaining signals from the credit and equity markets. The publications address whether market signals, in the opinion of the group’s analysts, accurately reflect the risks and investment opportunities associated with issuers and sectors. CMR research thus complements the fundamentally-oriented research offered by Moody’s Investors Service (MIS), the rating agency. CMR is part of Moody’s Analytics, which is one of the two operating businesses of Moody’s Corporation. Moody’s Analytics (including CMR) is legally and organizationally separated from Moody’s Investors Service and operates on an arm’s length basis from the ratings business. CMR does not provide investment advisory services or products. <a href="http://v3.moodys.com/sites/products/ProductAttachments/CMRG_FAQ.pdf">View the CMR FAQ  </a><a href="mailto:clientservices@moodys.com">Contact us  </a><a href="http://twitter.com/MA_CapitalMkts">Follow us on Twitter </a> Cross-Sector Market Data Highlights The latest market data from Weekly Market Outlook. Click  <a href="https://www.moodys.com/researchandratings/research-type/capital-markets-research/market-outlook/003008000/003008000/-/0/0/-/0/-/-/-/-1/-/-/-/en/global/pdf/-/rra">here</a> <a href="https://www.moodys.com/researchandratings/research-type/capital-markets-research/market-outlook/003008000/003008000/-/0/0/-/0/-/-/-/-1/-/-/-/en/global/pdf/-/rra"> f</a>or access to the full WMO. SPREADS 0 200 400 600 800 0 200 400 600 800 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Spread (bp) Spread (bp)  Aa2  A2  Baa2 Source: Moody's Figure 1: 5-Year Median Spreads-Global Data (High Grade) 0 400 800 1,200 1,600 2,000 0 400 800 1,200 1,600 2,000 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Spread (bp) Spread (bp)  Ba2  B2  Caa-C Source: Moody's Figure 2: 5-Year Median Spreads-Global Data (High Yield) Moody’s Analytics markets and distributes all Moody’s <org>Capital Markets Research, Inc.</org> materials. Moody’s Capital Markets Research,Inc. is a subsidiary of Moody’s Corporation. Moody’s Analytics does not provide investment advisory services or products. For further detail, please see the last page. </div>  <a name="2"></a> <style type="text/css">  </style> <div id="page2-div" style="position:relative;width:918px;height:1188px;"> <img width="918" height="1188" src="http://mco.acquiremedia.com/images/PBC_1238105002.png" alt="background image"/> MOODY'S ANALYTICS CROSS-SECTOR CDS MOVERS CDS Implied Rating Rises Issuer <chron>Jul. 15</chron> <chron>Jul. 8</chron> Senior Ratings <org value="NYSE:XOM" idsrc="xmltag.org" >Exxon Mobil Corporation</org> Aa2 A2 Aa1 <org value="NASDAQ-NMS:AMAT" idsrc="xmltag.org" >Applied Materials Inc.</org> Aa3 A2 A3 Citigroup Inc. Baa1 Baa2 A3 Bank of America Corporation A2 A3 A2 JPMorgan Chase Bank, N.A. A1 A2 Aa2 <org value="NYSE:F" idsrc="xmltag.org" >Ford Motor</org> Credit Company LLC B2 B3 Ba2 Citibank, N.A. Baa2 Baa3 Aa3 <org value="NYSE:DE" idsrc="xmltag.org" >John Deere</org> Capital Corporation A1 A2 A2 <org value="NYSE:MRK" idsrc="xmltag.org" >Merck & Co., Inc.</org> Aa1 Aa2 A1 Raytheon Technologies Corporation Aa1 Aa2 Baa1 CDS Implied Rating Declines Issuer <chron>Jul. 15</chron> <chron>Jul. 8</chron> Senior Ratings <org value="NYSE:CMS" idsrc="xmltag.org" >CMS Energy Corporation</org> A1 Aa1 Baa1 <org value="NYSE:ES" idsrc="xmltag.org" >Eversource Energy</org> A1 Aa2 Baa1 <org value="NYSE:MHK" idsrc="xmltag.org" >Mohawk Industries, Inc.</org> Ba2 Baa3 Baa1 <org value="NASDAQ-NMS:MSFT" idsrc="xmltag.org" >Microsoft Corporation</org> Aa2 Aa1 Aaa <org value="NYSE:DIS" idsrc="xmltag.org" >Walt Disney Company (The)</org> (Old) Aa1 Aaa A2 <org value="NYSE:CAT" idsrc="xmltag.org" >Caterpillar</org> Financial Services Corporation Aa3 Aa2 A3 <org value="NYSE:KO" idsrc="xmltag.org" >Coca-Cola Company</org> (The) Aa2 Aa1 A1 CCO Holdings, LLC Ba1 Baa3 B1 <org value="Tokyo:7201" idsrc="xmltag.org" >Nissan Motor</org> Acceptance Corporation B1 Ba3 Baa3 <org value="NYSE:VLO" idsrc="xmltag.org" >Valero Energy Corporation</org> Baa2 Baa1 Baa2 CDS Spread Increases Issuer Senior Ratings <chron>Jul. 15</chron> <chron>Jul. 8</chron> Spread Diff K. <org value="NYSE:HOV" idsrc="xmltag.org" >Hovnanian Enterprises, Inc.</org> Caa3 2,921 2,439 483 <org value="NYSE:NBR" idsrc="xmltag.org" >Nabors Industries</org>, Inc. B3 2,963 2,601 362 <org value="LSE:0OCW" idsrc="xmltag.org" >Staples, Inc.</org> B3 2,051 1,857 194 <org value="NYSE:MHK" idsrc="xmltag.org" >Mohawk Industries, Inc.</org> Baa1 238 97 141 Talen Energy Supply, LLC B3 1,415 1,306 109 <org value="NYSE:RRD" idsrc="xmltag.org" >R.R. Donnelley & Sons Company</org> B3 1,137 1,083 54 <org value="NYSE:WRI" idsrc="xmltag.org" >Weingarten Realty Investors</org> Baa1 141 89 52 <org value="Tokyo:7201" idsrc="xmltag.org" >Nissan Motor</org> Acceptance Corporation Baa3 335 284 51 <org value="NYSE:M" idsrc="xmltag.org" >Macy's</org> <org value="OTC-PINK:RHDGF" idsrc="xmltag.org" >Retail Holdings</org>, Inc. B1 990 952 38 <org value="NYSE:MUR" idsrc="xmltag.org" >Murphy Oil Corporation</org> Ba3 439 400 38 CDS Spread Decreases Issuer Senior Ratings <chron>Jul. 15</chron> <chron>Jul. 8</chron> Spread Diff <org value="NASDAQ-NMS:AAL" idsrc="xmltag.org" >American Airlines Group Inc.</org> Caa1 3,310 3,758 -448 <org value="NYSE:RCL" idsrc="xmltag.org" >Royal Caribbean Cruises Ltd.</org> Ba2 1,335 1,533 -198 <org value="NYSE:CCL" idsrc="xmltag.org" >Carnival Corporation</org> Ba2 962 1,073 -111 <org value="NASDAQ-NMS:CAR" idsrc="xmltag.org" >Avis Budget</org> Car Rental, LLC B3 730 819 -88 Freeport Minerals Corporation Baa2 196 261 -65 <org value="NYSE:FCX" idsrc="xmltag.org" >Freeport-McMoRan Inc.</org> Ba1 179 238 -59 International Lease Finance Corporation Baa3 97 136 -39 <org value="NYSE:LB" idsrc="xmltag.org" >L Brands, Inc.</org> B2 583 610 -27 <org value="NYSE:CCI" idsrc="xmltag.org" >Crown Castle International Corp.</org> Baa3 77 100 -23 <org value="NYSE:X" idsrc="xmltag.org" >United States Steel Corporation</org> Caa2 1,499 1,522 -23 Source: Moody's, CMA CDS Spreads  CDS Implied Ratings CDS Implied Ratings CDS Spreads  Figure 3.  CDS Movers - US (<chron>July 8, 2020</chron>  July 15, 2020) 2          <chron>16 July 2020</chron> Cross-Sector: Market Data Highlights </div>  <a name="3"></a> <style type="text/css">  </style> <div id="page3-div" style="position:relative;width:918px;height:1188px;"> <img width="918" height="1188" src="http://mco.acquiremedia.com/images/PBC_1238105003.png" alt="background image"/> MOODY'S ANALYTICS CROSS-SECTOR CDS Implied Rating Rises Issuer <chron>Jul. 15</chron> <chron>Jul. 8</chron> Senior Ratings <org value="Milan:ATL" idsrc="xmltag.org" >Atlantia S.p.A</org>. Ba2 B1 Ba3 <org value="EuronextAmsterdam:INGA" idsrc="xmltag.org" >ING Groep N.V.</org> A2 A3 Baa1 <org value="Stockholm:NDASEK" idsrc="xmltag.org" >Nordea Bank</org> Abp Aa1 Aa2 Aa3 <org value="EuronextParis:EDF" idsrc="xmltag.org" >Electricite de France</org> A1 A2 A3 <org value="XETRA:BMW" idsrc="xmltag.org" >Bayerische Motoren Werke Aktiengesellschaft</org> A3 Baa1 A2 <org value="EuronextParis:ENGI" idsrc="xmltag.org" >ENGIE SA</org> Aa1 Aa2 A3 <org value="XETRA:BAS" idsrc="xmltag.org" >BASF (SE)</org> Aa1 Aa2 A3 <org value="EuronextParis:VIV" idsrc="xmltag.org" >Vivendi SA</org> A1 A2 Baa2 <org value="EuronextLisbon:EDP" idsrc="xmltag.org" >EDP - Energias de Portugal, S.A.</org> A3 Baa1 Baa3 <org value="XETRA:LXS" idsrc="xmltag.org" >Lanxess AG</org> A2 A3 Baa2 CDS Implied Rating Declines Issuer <chron>Jul. 15</chron> <chron>Jul. 8</chron> Senior Ratings <location value="LC/pt" idsrc="xmltag.org" >Portugal</location>, Government of Baa1 A3 Baa3 <org value="LSE:HSBA" idsrc="xmltag.org" >HSBC Holdings plc</org> Baa1 A3 A2 DZ BANK AG Baa1 A3 Aa1 <org value="Milan:UCG" idsrc="xmltag.org" >UniCredit</org> Bank <location value="LC/at" idsrc="xmltag.org" >Austria</location> AG A3 A2 Baa1 Landesbank Baden-Wuerttemberg A3 A2 Aa3 <org value="Berlin:AIB1" idsrc="xmltag.org" >Allied Irish Banks, p.l.c</org>. Baa2 Baa1 A2 <org value="Taiwan:5872" idsrc="xmltag.org" >HSBC Bank</org> plc A1 Aa3 Aa3 <org value="LSE:NG" idsrc="xmltag.org" >National Grid</org> Electricity Transmission plc Aa2 Aa1 A3 <org value="XETRA:BAYN" idsrc="xmltag.org" >Bayer AG</org> Baa1 A3 Baa1 <org value="XETRA:DPW" idsrc="xmltag.org" >Deutsche Post AG</org> Aa3 Aa2 A3 CDS Spread Increases Issuer Senior Ratings <chron>Jul. 15</chron> <chron>Jul. 8</chron> Spread Diff <org value="LSE:VED" idsrc="xmltag.org" >Vedanta Resources</org> Limited B3 1,578 1,270 307 Selecta Group B.V. Caa2 5,283 5,156 127 NIBC Bank N.V. Baa1 129 96 33 <org value="EuronextParis:CO" idsrc="xmltag.org" >Casino Guichard-Perrachon SA</org> B3 659 634 24 Vue International Bidco plc Caa2 843 829 14 <location value="LC/gr" idsrc="xmltag.org" >Greece</location>, Government of B1 146 135 11 <org value="LSE:0KVV" idsrc="xmltag.org" >Airbus SE</org> A2 120 110 10 <org value="Athens:TPEIR" idsrc="xmltag.org" >Piraeus Bank S.A.</org> Caa2 859 851 8 <org value="NYSE:MTWS" idsrc="xmltag.org" >ArcelorMittal</org> Ba1 249 241 8 <org value="Johannesburg:SAP" idsrc="xmltag.org" >Sappi</org> Papier Holding GmbH Ba2 434 428 7 CDS Spread Decreases Issuer Senior Ratings <chron>Jul. 15</chron> <chron>Jul. 8</chron> Spread Diff PizzaExpress Financing 1 plc C 17,587 28,706 -11,119 <org value="Milan:ATL" idsrc="xmltag.org" >Atlantia S.p.A</org>. Ba3 250 303 -53 <org value="XETRA:TUI1" idsrc="xmltag.org" >TUI AG</org> Caa1 1,117 1,154 -37 <org value="XETRA:LHA" idsrc="xmltag.org" >Deutsche Lufthansa Aktiengesellschaft</org> Ba2 315 338 -23 Novafives <org value="Kazakhstan:SAS" idsrc="xmltag.org" >S.A.S</org>. Caa2 1,022 1,040 -18 <location value="LC/is" idsrc="xmltag.org" >Iceland</location> Bondco plc Caa2 699 715 -16 <org value="NYSE:FCAU" idsrc="xmltag.org" >Fiat Chrysler Automobiles N.V.</org> Ba2 283 297 -14 Jaguar Land Rover Automotive Plc B1 867 880 -13 RCI Banque Baa2 244 255 -12 <org value="EuronextParis:RNO" idsrc="xmltag.org" >Renault S.A.</org> Ba2 236 248 -11 Source: Moody's, CMA CDS Spreads  CDS Implied Ratings CDS Implied Ratings CDS Spreads  Figure 4.  CDS Movers - <location value="LR/eur" idsrc="xmltag.org" >Europe</location> (<chron>July 8, 2020</chron>  July 15, 2020) 3          <chron>16 July 2020</chron> Cross-Sector: Market Data Highlights </div>  <a name="4"></a> <style type="text/css">  </style> <div id="page4-div" style="position:relative;width:918px;height:1188px;"> <img width="918" height="1188" src="http://mco.acquiremedia.com/images/PBC_1238105004.png" alt="background image"/> MOODY'S ANALYTICS CROSS-SECTOR ISSUANCE 0 600 1,200 1,800 2,400 0 600 1,200 1,800 2,400 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Issuance ($B) Issuance ($B) 2017 2018 2019 2020 Source:   Moody's  / Dealogic Figure 5. Market Cumulative Issuance - Corporate & Financial Institutions: USD Denominated 0 200 400 600 800 1,000 0 200 400 600 800 1,000 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Issuance ($B) Issuance ($B) 2017 2018 2019 2020 Source:   Moody's / Dealogic Figure 6. Market Cumulative Issuance - Corporate & Financial Institutions: Euro  Denominated 4          <chron>16 July 2020</chron> Cross-Sector: Market Data Highlights </div>  <a name="5"></a> <style type="text/css">  </style> <div id="page5-div" style="position:relative;width:918px;height:1188px;"> <img width="918" height="1188" src="http://mco.acquiremedia.com/images/PBC_1238105005.png" alt="background image"/> MOODY'S ANALYTICS CROSS-SECTOR Investment-Grade High-Yield Total* Amount Amount Amount $B $B $B Weekly 25.428 13.350 40.028 Year-to-Date 1,339.926 301.869 1,696.305 Investment-Grade High-Yield Total* Amount Amount Amount $B $B $B Weekly 7.216 4.901 13.815 Year-to-Date 547.995 67.381 637.531 * Difference represents issuance with pending ratings. Source: Moody's/ Dealogic USD Denominated Euro Denominated Figure 7. Issuance: Corporate & Financial Institutions EMERGING MARKET CREDIT SPREADS Emerging Market Duration A Baa Ba B A Baa Ba B >=1 and <3 114 186 481 621 85 127 45 42 >=3 and <5 129 214 469 703 49 117 47 47 >=5 and <7 135 248 505 726 53 85 27 23 >=7 173 309 580 733 87 167 35 33 Emerging Market Sovereign Duration A Baa Ba B A Baa Ba B >=1 and <3 55 126 231 592 16 30 11 20 >=3 and <5 51 163 312 718 14 45 20 31 >=5 and <7 83 203 472 712 22 30 18 22 >=7 75 263 472 731 50 83 29 32 Emerging Market Corporate Duration A Baa Ba B A Baa Ba B >=1 and <3 128 202 512 669 69 97 34 22 >=3 and <5 147 250 533 688 35 72 27 16 >=5 and <7 150 278 605 874 31 55 9 1 >=7 214 370 771 828 37 84 6 1 Source: Moody's Median Spreads Bond Counts Median Spreads Bond Counts Figure 8.  Emerging Market Median <org>OAS</org> Bond Counts Median Spreads 5          <chron>16 July 2020</chron> Cross-Sector: Market Data Highlights </div>  <a name="6"></a> <style type="text/css">  </style> <div id="page6-div" style="position:relative;width:918px;height:1188px;"> <img width="918" height="1188" src="http://mco.acquiremedia.com/images/PBC_1238105006.png" alt="background image"/> MOODY'S ANALYTICS CROSS-SECTOR 0 600 1,200 1,800 2,400 0 600 1,200 1,800 2,400 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Spread (bp) Spread (bp) A Baa Ba B Source: Moody's Figure 9: Emerging Markets Median Credit Spreads (3-5 year duration) MEDIAN CREDIT SPREADS Duration Aaa Aa A Baa Ba B Caa >=1 and <3 11 47 55 168 445 606 738 >=3 and <5 20 46 74 178 479 697 748 >=5 and <7 33 47 95 206 470 432 896 >=7 46 61 91 243 322 - 413 Duration Aaa Aa A Baa Ba B Caa >=1 and <3 271 362 574 276 60 18 3 >=3 and <5 130 215 406 267 47 11 4 >=5 and <7 76 129 213 154 18 1 1 >=7 104 225 506 232 8 - 4 Duration Aaa Aa A Baa Ba B Caa >=1 and <3 35 88 181 157 35 17 3 >=3 and <5 26 74 152 152 26 11 4 >=5 and <7 25 54 93 98 14 1 1 >=7 34 88 133 111 5 - 1 Source: Moody's Figure 10.  Global Financial Institutions Median Credit Spreads Median Spreads Debt Counts Issuer Counts 6          <chron>16 July 2020</chron> Cross-Sector: Market Data Highlights </div>  <a name="7"></a> <style type="text/css">  </style> <div id="page7-div" style="position:relative;width:918px;height:1188px;"> <img width="918" height="1188" src="http://mco.acquiremedia.com/images/PBC_1238105007.png" alt="background image"/> MOODY'S ANALYTICS CROSS-SECTOR Duration Aaa Aa A Baa Ba B Caa >=1 and <3 30 45 53 98 360 707 1036 >=3 and <5 43 52 62 116 400 568 986 >=5 and <7 52 64 93 153 430 613 897 >=7 108 143 162 230 506 637 994 Duration Aaa Aa A Baa Ba B Caa >=1 and <3 16 125 605 866 226 111 24 >=3 and <5 15 102 432 852 265 129 45 >=5 and <7 6 77 360 718 168 76 13 >=7 16 245 1087 1423 158 22 2 Duration Aaa Aa A Baa Ba B Caa >=1 and <3 4 51 281 504 158 83 21 >=3 and <5 4 49 230 495 179 111 43 >=5 and <7 3 36 219 456 119 66 11 >=7 6 51 305 477 77 13 2 Source: Moody's Issuer Counts Figure 11.  Global Corporate Median Credit Spreads Median Spreads Debt Counts MEDIAN 5-YEAR CDS SPREADS    Global Median Spreads by Fine Rating Category Aaa Aa1 Aa2 Aa3 A1 A2 A3 Baa1 Baa2 18 25 35 40 45 51 56 61 67 Baa3 Ba1 Ba2 Ba3 B1 B2 B3 Caa 107 169 269 294 321 350 469 993  Global Median Spreads by Broad Rating Category Aaa Aa A Baa Ba B Caa 28 35 51 67 269 350 843  Global Issuer Counts by Broad Rating Category Aaa Aa A Baa Ba B Caa 9 55 173 345 104 49 34 Source: Moody's, CMA Figure 12.  Global Median CDS Spreads By Rating Category 7          <chron>16 July 2020</chron> Cross-Sector: Market Data Highlights </div>  <a name="8"></a> <style type="text/css">  </style> <div id="page8-div" style="position:relative;width:918px;height:1188px;"> <img width="918" height="1188" src="http://mco.acquiremedia.com/images/PBC_1238105008.png" alt="background image"/> MOODY'S ANALYTICS CROSS-SECTOR Region Aaa Aa A Baa Ba B Caa <location value="LB/nam" idsrc="xmltag.org" >North America</location> 20 36 46 77 225 358 685 <location value="LR/eur" idsrc="xmltag.org" >Europe</location> 12 35 46 68 158 279 630 <location value="LR/asp" idsrc="xmltag.org" >Asia Pacific</location> (ex.Japan) 20 34 53 95 160 569 - <location value="LC/jp" idsrc="xmltag.org" >Japan</location> - 27 25 34 73 46 - Region Aaa Aa A Baa Ba B Caa <location value="LB/nam" idsrc="xmltag.org" >North America</location> 3 18 88 212 66 35 13 <location value="LR/eur" idsrc="xmltag.org" >Europe</location> 6 37 79 122 26 11 20 <location value="LR/asp" idsrc="xmltag.org" >Asia Pacific</location> (ex.Japan) 3 19 31 36 5 2 - <location value="LC/jp" idsrc="xmltag.org" >Japan</location> - 2 32 13 4 1 - Source: Moody's, CMA Issuer Counts Figure 13.  Median CDS Spreads By Region Median CDS Spreads Sector Aaa Aa A Baa Ba B Caa Corporates 29 34 38 70 219 316 688 Financials 13 35 48 95 250 548 428 Sovereigns 13 21 62 105 193 524 - Banks - 36 53 99 252 - 428 Sector Aaa Aa A Baa Ba B Caa Corporates 3 26 152 317 92 47 29 Financials 9 50 84 77 21 5 5 Banks - 39 47 31 10 - 5 Sovereigns 9 7 7 11 4 4 - Source: Moody's, CMA Figure 14.  Global Median CDS Spreads by Sector Median CDS Spreads Issuer Counts 8          <chron>16 July 2020</chron> Cross-Sector: Market Data Highlights </div>  <a name="9"></a> <style type="text/css">  </style> <div id="page9-div" style="position:relative;width:918px;height:1188px;"> <img width="918" height="1188" src="http://mco.acquiremedia.com/images/PBC_1238105009.png" alt="background image"/> MOODY'S ANALYTICS CROSS-SECTOR Region Aaa Aa A Baa Ba B Caa <location value="LB/nam" idsrc="xmltag.org" >North America</location> 18 52 49 73 371 876 - <location value="LR/eur" idsrc="xmltag.org" >Europe</location> 12 35 60 95 128 146 428 <location value="LR/asp" idsrc="xmltag.org" >Asia Pacific</location> (ex.Japan) 18 34 50 106 160 548 - <location value="LC/jp" idsrc="xmltag.org" >Japan</location> - - 30 45 - - - Region Aaa Aa A Baa Ba B Caa <location value="LB/nam" idsrc="xmltag.org" >North America</location> 1 7 24 25 8 1 - <location value="LR/eur" idsrc="xmltag.org" >Europe</location> 6 30 34 29 5 1 5 <location value="LR/asp" idsrc="xmltag.org" >Asia Pacific</location> (ex.Japan) 2 13 13 15 3 1 - <location value="LC/jp" idsrc="xmltag.org" >Japan</location> - - 10 2 - - - Source: Moody's, CMA Figure 15.  Global Financial Institutions Median CDS Spreads by Region Median CDS Spreads Issuer Counts Region Aaa Aa A Baa Ba B Caa <location value="LB/nam" idsrc="xmltag.org" >North America</location> 28 35 39 77 207 354 685 <location value="LR/eur" idsrc="xmltag.org" >Europe</location> - 47 38 61 193 285 695 <location value="LR/asp" idsrc="xmltag.org" >Asia Pacific</location> (ex.Japan) 29 35 53 79 185 589 - <location value="LC/jp" idsrc="xmltag.org" >Japan</location> - 27 25 33 73 46 - Region Aaa Aa A Baa Ba B Caa <location value="LB/nam" idsrc="xmltag.org" >North America</location> 2 11 64 187 58 34 13 <location value="LR/eur" idsrc="xmltag.org" >Europe</location> - 7 45 93 21 10 15 <location value="LR/asp" idsrc="xmltag.org" >Asia Pacific</location> (ex.Japan) 1 6 18 21 2 1 - <location value="LC/jp" idsrc="xmltag.org" >Japan</location> - 2 22 11 4 1 - Source: Moody's, CMA Median CDS Spreads Issuer Counts Figure 16.  Global Corporates Median CDS Spreads by Region 9          <chron>16 July 2020</chron> Cross-Sector: Market Data Highlights </div>  <a name="10"></a> <style type="text/css">  </style> <div id="page10-div" style="position:relative;width:918px;height:1188px;"> <img width="918" height="1188" src="http://mco.acquiremedia.com/images/PBC_1238105010.png" alt="background image"/> MOODY'S ANALYTICS CROSS-SECTOR © 2020 Moody’s Corporation, Moody’s <org>Investors Service, Inc.</org>, Moody’s <org>Analytics, Inc.</org> and/or their licensors and affiliates (collectively, “MOODY’S”). 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