Cross-Sector: Market Data Highlights

Moody's

Thu, Jan 21, 2021, 12:21 PM133 min read

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<!DOCTYPE html> <html lang="" xml:lang=""> <head> <title>/nwsys/www/images/PBC_1262299</title> <meta http-equiv="Content-Type" content="text/html; charset=UTF-8"/> <meta name="generator" content="pdftohtml 0.36"/> <meta name="date" content="2021-01-21T12:17:48+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_1262299001.png" alt="background image"/> CROSS-SECTOR DATA REPORT <chron>21 January 2021</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> 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 2021 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 2021 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_1262299002.png" alt="background image"/> MOODY'S ANALYTICS CROSS-SECTOR CDS MOVERS CDS Implied Rating Rises Issuer <chron>Jan. 20</chron> <chron>Jan. 13</chron> Senior Ratings <org value="NASDAQ-NMS:AMGN" idsrc="xmltag.org" >Amgen Inc.</org> Aa3 A2 Baa1 <org value="NYSE:KMB" idsrc="xmltag.org" >Kimberly-Clark Corporation</org> Aa2 A1 A2 <org value="NYSE:CLX" idsrc="xmltag.org" >Clorox Company</org> (The) A3 Baa2 Baa1 <org value="NYSE:JPM" idsrc="xmltag.org" >JPMorgan Chase & Co.</org> A1 A2 A2 <org value="NYSE:VZ" idsrc="xmltag.org" >Verizon Communications Inc.</org> Baa1 Baa2 Baa1 <org value="NYSE:KO" idsrc="xmltag.org" >Coca-Cola Company</org> (The) Aa1 Aa2 A1 <org value="NYSE:OXY" idsrc="xmltag.org" >Occidental Petroleum Corporation</org> B2 B3 Ba2 <org value="NYSE:GM" idsrc="xmltag.org" >General Motors Company</org> Baa3 Ba1 Baa3 Lumen Technologies, Inc. B1 B2 B2 United Airlines, Inc. Caa3 Ca Ba3 CDS Implied Rating Declines Issuer <chron>Jan. 20</chron> <chron>Jan. 13</chron> Senior Ratings <org value="NASDAQ-NMS:CMCSA" idsrc="xmltag.org" >Comcast Corporation</org> Aa3 Aa2 A3 <org value="NYSE:PEP" idsrc="xmltag.org" >PepsiCo, Inc.</org> Aa3 Aa2 A1 <org value="NYSE:MMM" idsrc="xmltag.org" >3M Company</org> Aa3 Aa2 A1 <org value="NASDAQ-NMS:KHC" idsrc="xmltag.org" >Kraft Heinz</org> Foods Company Ba1 Baa3 Baa3 <org value="NYSE:LOW" idsrc="xmltag.org" >Lowe's Companies, Inc.</org> Aa2 Aa1 Baa1 <org value="NYSE:NA" idsrc="xmltag.org" >Mondelez International, Inc.</org> A1 Aa3 Baa1 <org value="NYSE:GIS" idsrc="xmltag.org" >General Mills, Inc.</org> Aa2 Aa1 Baa2 <org value="NYSE:KR" idsrc="xmltag.org" >Kroger Co.</org> (The) Baa2 Baa1 Baa1 Univision Communications Inc. Caa1 B3 Caa2 <org value="NYSE:EXC" idsrc="xmltag.org" >Exelon Corporation</org> Aa2 Aa1 Baa2 CDS Spread Increases Issuer Senior Ratings <chron>Jan. 20</chron> <chron>Jan. 13</chron> Spread Diff K. <org value="NYSE:HOV" idsrc="xmltag.org" >Hovnanian Enterprises, Inc.</org> Caa3 1,205 1,149 57 Univision Communications Inc. Caa2 378 342 37 <org value="NYSE:SEE" idsrc="xmltag.org" >Sealed Air Corp.</org> Ba3 125 102 23 <org value="NYSE:PBI" idsrc="xmltag.org" >Pitney Bowes Inc.</org> B1 422 402 20 <org value="NYSE:MGM" idsrc="xmltag.org" >MGM Resorts International</org> Ba3 206 189 16 <org value="NASDAQ-NMS:LVNTA" idsrc="xmltag.org" >Liberty Interactive</org> LLC B2 320 304 16 Pactiv Corporation Caa1 262 246 16 <org value="NYSE:RRD" idsrc="xmltag.org" >R.R. Donnelley & Sons Company</org> B3 542 526 15 <location value="LU/bs..freort" idsrc="xmltag.org" >Freeport</location> Minerals Corporation Baa2 132 118 14 <org value="NYSE:BLL" idsrc="xmltag.org" >Ball Corporation</org> Ba1 80 68 12 CDS Spread Decreases Issuer Senior Ratings <chron>Jan. 20</chron> <chron>Jan. 13</chron> Spread Diff Talen Energy Supply, LLC B3 1,025 1,079 -54 <org value="NYSE:RCL" idsrc="xmltag.org" >Royal Caribbean Cruises Ltd.</org> B2 667 719 -52 <org value="NYSE:CCL" idsrc="xmltag.org" >Carnival Corporation</org> B2 526 564 -38 <org value="NYSE:OXY" idsrc="xmltag.org" >Occidental Petroleum Corporation</org> Ba2 319 349 -31 <org value="NYSE:GLW" idsrc="xmltag.org" >Corning Incorporated</org> Baa1 80 110 -30 <org value="NYSE:OKE" idsrc="xmltag.org" >ONEOK, Inc.</org> Baa3 89 117 -28 <org value="NYSE:RAD" idsrc="xmltag.org" >Rite Aid Corporation</org> Caa3 649 667 -18 <org value="NYSE:MRO" idsrc="xmltag.org" >Marathon Oil Corporation</org> Baa3 206 224 -18 <org value="NYSE:KBH" idsrc="xmltag.org" >KB Home</org> Ba3 176 193 -17 DPL Inc. Ba1 336 352 -16 Source: Moody's, CMA CDS Spreads  CDS Implied Ratings CDS Implied Ratings CDS Spreads  Figure 3.  CDS Movers - US (<chron>January 13, 2021</chron>  January 20, 2021) 2          <chron>21 January 2021</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_1262299003.png" alt="background image"/> MOODY'S ANALYTICS CROSS-SECTOR CDS Implied Rating Rises Issuer <chron>Jan. 20</chron> <chron>Jan. 13</chron> Senior Ratings <org value="SpanishCats:BKT" idsrc="xmltag.org" >Bankinter, S.A.</org> Baa1 Ba1 Baa1 <org value="LSE:HSBA" idsrc="xmltag.org" >HSBC Holdings plc</org> A2 A3 A2 <org value="NYSE:NW.PRC" idsrc="xmltag.org" >NatWest</org> Group plc Baa1 Baa2 Baa2 <org value="NYSE:NW.PRC" idsrc="xmltag.org" >NatWest</org> Markets Plc Baa1 Baa2 A3 Landesbank Hessen-Thueringen GZ Baa1 Baa2 Aa3 <org value="LSE:STAN" idsrc="xmltag.org" >Standard Chartered PLC</org> A2 A3 A2 <org value="Swiss:CSGN" idsrc="xmltag.org" >Credit Suisse Group AG</org> A3 Baa1 Baa1 <org value="LSE:STAN" idsrc="xmltag.org" >Standard Chartered Bank</org> Aa1 Aa2 A1 <org value="NASDAQ-NMS:USOI" idsrc="xmltag.org" >Credit Suisse AG</org> A2 A3 Aa3 <org value="EuronextParis:VIE" idsrc="xmltag.org" >Veolia Environnement S.A.</org> Aa3 A1 Baa1 CDS Implied Rating Declines Issuer <chron>Jan. 20</chron> <chron>Jan. 13</chron> Senior Ratings Rabobank Aa1 Aaa Aa3 <org value="OTC-PINK:BNKXF" idsrc="xmltag.org" >Bankia, S.A.</org> Baa2 Baa1 Baa3 <org value="Milan:UCG" idsrc="xmltag.org" >UniCredit</org> Bank AG Aa2 Aa1 A2 <org value="LSE:NBS" idsrc="xmltag.org" >Nationwide Building Society</org> A1 Aa3 A1 <org value="XETRA:EOAN" idsrc="xmltag.org" >E.ON SE</org> Aa2 Aa1 Baa2 <org value="NYSE:BUD" idsrc="xmltag.org" >Anheuser-Busch InBev SA</org>/NV Baa2 Baa1 Baa1 <org value="Athens:ALPHA" idsrc="xmltag.org" >Alpha Bank</org> AE Caa2 Caa1 Caa1 <org value="SpanishCats:IBE" idsrc="xmltag.org" >Iberdrola</org> International B.V. A1 Aa3 Baa1 <org value="Swiss:UBSG" idsrc="xmltag.org" >UBS AG</org> Aa2 Aa1 Aa3 <org value="LSE:NG" idsrc="xmltag.org" >National Grid</org> Electricity Transmission plc Aa3 Aa2 A3 CDS Spread Increases Issuer Senior Ratings <chron>Jan. 20</chron> <chron>Jan. 13</chron> Spread Diff Novafives <org value="Kazakhstan:SAS" idsrc="xmltag.org" >S.A.S</org>. Caa2 831 790 42 Vue International Bidco plc Ca 752 733 19 Ardagh Packaging Finance plc Caa1 230 213 16 Caixa Geral de Depositos, S.A. Ba1 106 89 16 Stena AB Caa1 532 519 13 <org value="NYSE:AVP" idsrc="xmltag.org" >Avon Products, Inc.</org> B1 216 204 12 Boparan Finance plc Caa1 555 544 11 Banco Sabadell, S.A. Baa3 87 77 10 <org value="Milan:ATL" idsrc="xmltag.org" >Atlantia S.p.A</org>. Ba3 203 193 10 <org value="Johannesburg:SAP" idsrc="xmltag.org" >Sappi</org> Papier Holding GmbH Ba2 364 354 10 CDS Spread Decreases Issuer Senior Ratings <chron>Jan. 20</chron> <chron>Jan. 13</chron> Spread Diff <org value="LSE:VED" idsrc="xmltag.org" >Vedanta Resources</org> Limited Caa1 1,073 1,269 -196 <org value="SpanishCats:BKT" idsrc="xmltag.org" >Bankinter, S.A.</org> Baa1 51 109 -58 Jaguar Land Rover Automotive Plc B1 449 493 -44 Ineos Group Holdings S.A. B2 288 327 -40 <org value="XETRA:TUI1" idsrc="xmltag.org" >TUI AG</org> Caa1 712 735 -22 CMA CGM S.A. Caa1 440 454 -13 Novo Banco, S.A. Caa2 323 333 -10 <org>Rolls-Royce plc</org> Ba3 279 286 -7 <org value="LSE:CNA" idsrc="xmltag.org" >Centrica plc</org> Baa2 79 86 -7 <org value="XETRA:SZU" idsrc="xmltag.org" >Suedzucker AG</org> Baa3 115 121 -7 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>January 13, 2021</chron>  January 20, 2021) 3          <chron>21 January 2021</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_1262299004.png" alt="background image"/> MOODY'S ANALYTICS CROSS-SECTOR ISSUANCE 0 700 1,400 2,100 2,800 0 700 1,400 2,100 2,800 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Issuance ($B) Issuance ($B) 2018 2019 2020 2021 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) 2018 2019 2020 2021 Source:   Moody's / Dealogic Figure 6. Market Cumulative Issuance - Corporate & Financial Institutions: Euro  Denominated 4          <chron>21 January 2021</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_1262299005.png" alt="background image"/> MOODY'S ANALYTICS CROSS-SECTOR Investment-Grade High-Yield Total* Amount Amount Amount $B $B $B Weekly 36.370 17.850 56.143 Year-to-Date 94.057 35.521 134.201 Investment-Grade High-Yield Total* Amount Amount Amount $B $B $B Weekly 28.652 7.210 35.874 Year-to-Date 51.179 9.670 61.323 * 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 59 106 265 469 73 121 50 38 >=3 and <5 83 129 271 444 45 98 37 38 >=5 and <7 105 160 338 545 45 84 21 16 >=7 131 243 449 604 77 147 34 31 Emerging Market Sovereign Duration A Baa Ba B A Baa Ba B >=1 and <3 34 74 112 364 17 32 17 15 >=3 and <5 43 79 235 439 13 35 20 26 >=5 and <7 91 116 300 542 14 33 16 15 >=7 45 206 447 601 46 75 29 30 Emerging Market Corporate Duration A Baa Ba B A Baa Ba B >=1 and <3 75 120 314 507 56 89 33 23 >=3 and <5 94 149 318 455 32 63 17 12 >=5 and <7 114 184 437 808 31 51 5 1 >=7 161 284 628 726 31 72 5 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>21 January 2021</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_1262299006.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 2021 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 7 29 38 70 217 498 456 >=3 and <5 10 35 48 90 273 660 190 >=5 and <7 23 27 70 128 290 - 629 >=7 37 43 26 181 197 - 390 Duration Aaa Aa A Baa Ba B Caa >=1 and <3 193 246 410 267 67 20 4 >=3 and <5 92 101 273 231 45 4 1 >=5 and <7 71 85 182 138 13 - 1 >=7 69 194 622 177 6 - 4 Duration Aaa Aa A Baa Ba B Caa >=1 and <3 23 75 164 157 41 18 4 >=3 and <5 21 48 120 142 26 4 1 >=5 and <7 21 47 85 86 11 - 1 >=7 27 71 131 96 4 - 1 Source: Moody's Figure 10.  Global Financial Institutions Median Credit Spreads Median Spreads Debt Counts Issuer Counts 6          <chron>21 January 2021</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_1262299007.png" alt="background image"/> MOODY'S ANALYTICS CROSS-SECTOR Duration Aaa Aa A Baa Ba B Caa >=1 and <3 12 28 32 53 239 371 577 >=3 and <5 32 34 45 65 250 411 601 >=5 and <7 23 55 69 95 273 463 822 >=7 79 119 128 175 352 539 802 Duration Aaa Aa A Baa Ba B Caa >=1 and <3 36 126 476 827 268 153 37 >=3 and <5 23 93 381 791 211 72 23 >=5 and <7 16 71 335 681 97 37 7 >=7 41 222 1085 1420 153 26 5 Duration Aaa Aa A Baa Ba B Caa >=1 and <3 9 52 250 473 192 123 31 >=3 and <5 6 43 223 487 143 64 21 >=5 and <7 6 34 209 418 73 33 5 >=7 10 46 310 467 69 12 4 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 19 25 35 37 39 42 46 50 55 Baa3 Ba1 Ba2 Ba3 B1 B2 B3 Caa 80 118 173 209 253 306 346 542  Global Median Spreads by Broad Rating Category Aaa Aa A Baa Ba B Caa 21 35 42 55 173 306 441  Global Issuer Counts by Broad Rating Category Aaa Aa A Baa Ba B Caa 9 52 172 345 99 47 33 Source: Moody's, CMA Figure 12.  Global Median CDS Spreads By Rating Category 7          <chron>21 January 2021</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_1262299008.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> 21 35 40 63 163 268 378 <location value="LR/eur" idsrc="xmltag.org" >Europe</location> 10 27 39 56 127 221 486 <location value="LR/asp" idsrc="xmltag.org" >Asia Pacific</location> (ex.Japan) 14 24 36 66 157 373 - <location value="LC/jp" idsrc="xmltag.org" >Japan</location> - 28 24 30 51 70 - Region Aaa Aa A Baa Ba B Caa <location value="LB/nam" idsrc="xmltag.org" >North America</location> 3 19 85 211 60 34 15 <location value="LR/eur" idsrc="xmltag.org" >Europe</location> 6 33 82 122 28 10 16 <location value="LR/asp" idsrc="xmltag.org" >Asia Pacific</location> (ex.Japan) 3 18 31 35 5 2 - <location value="LC/jp" idsrc="xmltag.org" >Japan</location> - 1 34 13 3 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 22 31 36 60 161 261 532 Financials 11 27 38 68 153 406 391 Sovereigns 11 15 34 50 96 406 - Banks - 27 39 70 178 - 366 Sector Aaa Aa A Baa Ba B Caa Corporates 4 25 152 324 88 49 27 Financials 8 46 85 69 19 1 6 Banks - 35 53 29 10 - 5 Sovereigns 8 6 4 6 3 1 - Source: Moody's, CMA Issuer Counts Figure 14.  Global Median CDS Spreads by Sector Median CDS Spreads 8          <chron>21 January 2021</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_1262299009.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> 13 39 41 70 180 - 650 <location value="LR/eur" idsrc="xmltag.org" >Europe</location> 11 27 42 68 106 - 366 <location value="LR/asp" idsrc="xmltag.org" >Asia Pacific</location> (ex.Japan) 14 24 36 66 96 406 - <location value="LC/jp" idsrc="xmltag.org" >Japan</location> - - 26 40 - - - Region Aaa Aa A Baa Ba B Caa <location value="LB/nam" idsrc="xmltag.org" >North America</location> 1 8 22 24 7 - 1 <location value="LR/eur" idsrc="xmltag.org" >Europe</location> 5 25 39 27 6 - 5 <location value="LR/asp" idsrc="xmltag.org" >Asia Pacific</location> (ex.Japan) 2 13 13 14 3 1 - <location value="LC/jp" idsrc="xmltag.org" >Japan</location> - - 11 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> 22 34 38 63 162 268 372 <location value="LR/eur" idsrc="xmltag.org" >Europe</location> 10 29 37 53 129 221 555 <location value="LR/asp" idsrc="xmltag.org" >Asia Pacific</location> (ex.Japan) 28 31 37 66 158 340 - <location value="LC/jp" idsrc="xmltag.org" >Japan</location> - 28 23 27 51 70 - Region Aaa Aa A Baa Ba B Caa <location value="LB/nam" idsrc="xmltag.org" >North America</location> 2 11 63 187 53 34 14 <location value="LR/eur" idsrc="xmltag.org" >Europe</location> 1 8 43 95 22 10 11 <location value="LR/asp" idsrc="xmltag.org" >Asia Pacific</location> (ex.Japan) 1 5 18 21 2 1 - <location value="LC/jp" idsrc="xmltag.org" >Japan</location> - 1 23 11 3 1 - Source: Moody's, CMA Median CDS Spreads Issuer Counts Figure 16.  Global Corporates Median CDS Spreads by Region 9          <chron>21 January 2021</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_1262299010.png" alt="background image"/> MOODY'S ANALYTICS CROSS-SECTOR © 2021 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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REPORT NUMBER 1262299 10          <chron>21 January 2021</chron> Cross-Sector: Market Data Highlights </div>  <a name="11"></a> <style type="text/css">  </style> <div id="page11-div" style="position:relative;width:918px;height:1188px;"> <img width="918" height="1188" src="http://mco.acquiremedia.com/images/PBC_1262299011.png" alt="background image"/> MOODY'S ANALYTICS CROSS-SECTOR 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> 11          <chron>21 January 2021</chron> Cross-Sector: Market Data Highlights </div> </body> </html>

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