U.S. Markets closed

Cross-Sector: Market Data Highlights

background image
background image

CROSS-SECTOR

DATA REPORT

9 December 2021

CLIENT SERVICES

Americas

1-212-553-1653

Asia Pacific

852-3551-3077

Japan

81-3-5408-4100

EMEA

44-20-7772-5454

Cross-Sector

Market Data Highlights

The latest market data from Weekly Market Outlook. Click

here

for 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 Capital Markets Research, Inc. 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.

background image
background image

MOODY'S ANALYTICS

CROSS-SECTOR

CDS MOVERS

CDS Implied Rating Rises
Issuer

Dec. 8

Dec. 1

Senior Ratings

ConocoPhillips

A2

Baa1

A3

Ralph Lauren Corporation

Aa2

A1

A3

Burlington Resources LLC

Aa3

A2

A3

Wells Fargo & Company

Baa1

Baa2

A1

Bank of America Corporation

Baa1

Baa2

A2

Ford Motor Credit Company LLC

Ba1

Ba2

Ba2

CVS Health Corporation

A2

A3

Baa2

International Business Machines Corporation

A2

A3

A3

3M Company

Aa3

A1

A1

Merck & Co., Inc.

Aa3

A1

A1

CDS Implied Rating Declines
Issuer

Dec. 8

Dec. 1

Senior Ratings

CenterPoint Energy, Inc.

Baa2

A3

Baa2

PepsiCo, Inc.

A2

A1

A1

Philip Morris International Inc.

A2

A1

A2

General Electric Company

Baa3

Baa2

Baa1

Eli Lilly and Company

Aa2

Aa1

A2

FirstEnergy Corp.

Baa3

Baa2

Ba1

Emerson Electric Company

Baa1

A3

A2

Danaher Corporation

A3

A2

Baa1

Archer-Daniels-Midland Company

A2

A1

A2

United Rentals ( North America ), Inc.

Ba2

Ba1

Ba2

CDS Spread Increases
Issuer

Senior Ratings

Dec. 8

Dec. 1

Spread Diff

Talen Energy Supply, LLC

Caa1

2,909

1,842

1,068

CenterPoint Energy, Inc.

Baa2

56

49

7

Corning Incorporated

Baa1

87

81

7

Emerson Electric Company

A2

53

49

5

Xcel Energy Inc.

Baa1

58

53

5

Owens Corning

Baa3

68

63

5

American Tower Corporation

Baa3

84

80

4

FirstEnergy Corp.

Ba1

75

72

3

Federal Realty Investment Trust

Baa1

55

51

3

Agilent Technologies, Inc.

Baa2

64

61

3

CDS Spread Decreases
Issuer

Senior Ratings

Dec. 8

Dec. 1

Spread Diff

Nabors Industries , Inc.

Caa2

748

872

-124

American Airlines Group Inc.

Caa1

739

852

-114

Staples, Inc.

Caa1

1,106

1,156

-50

Delta Air Lines, Inc.

Baa3

233

274

-41

Carnival Corporation

B2

469

508

-39

United Airlines Holdings, Inc.

Ba3

407

444

-37

United States Steel Corporation

B3

346

382

-36

NRG Energy, Inc.

Ba2

206

241

-35

Xerox Corporation

Ba1

235

268

-33

Service Properties Trust

Ba2

255

286

-31

Source: Moody's, CMA

CDS Spreads

CDS Implied Ratings

CDS Implied Ratings

CDS Spreads

2 9 December 2021

Cross-Sector: Market Data Highlights

background image
background image

MOODY'S ANALYTICS

CROSS-SECTOR

CDS Implied Rating Rises
Issuer

Dec. 8

Dec. 1

Senior Ratings

UniCredit S.p.A .

Baa2

Baa3

Baa1

Erste Group Bank AG

A1

A2

A2

Standard Chartered Bank

A1

A2

A1

BNP Paribas Fortis SA/NV

Aa3

A1

A2

KBC Bank N.V.

Aa3

A1

A1

RWE AG

A1

A2

Baa2

BAE SYSTEMS plc

A3

Baa1

Baa2

Investor AB

A2

A3

Aa3

Stora Enso Oyj

Baa2

Baa3

Baa3

Telekom Austria AG

A2

A3

Baa1

CDS Implied Rating Declines
Issuer

Dec. 8

Dec. 1

Senior Ratings

Orsted A/S

A1

Aa2

Baa1

Spain , Government of

Aa3

Aa2

Baa1

CaixaBank, S.A.

Baa1

A3

Baa1

Lloyds Bank plc

A1

Aa3

A1

Svenska Handelsbanken AB

Aa2

Aa1

Aa2

TotalEnergies SE

Aa3

Aa2

A1

Daimler AG

Baa1

A3

A3

Deutsche Telekom AG

A2

A1

Baa1

Landesbank Hessen-Thueringen GZ

A2

A1

Aa3

Banco Comercial Portugues, S.A.

Ba3

Ba2

Ba1

CDS Spread Increases
Issuer

Senior Ratings

Dec. 8

Dec. 1

Spread Diff

thyssenkrupp AG

B1

210

190

20

Banca Monte dei Paschi di Siena S.p.A .

Caa1

249

239

11

CECONOMY AG

Ba1

209

200

9

Orsted A/S

Baa1

36

29

7

Greece , Government of

Ba3

115

111

4

Landesbank Hessen-Thueringen GZ

Aa3

42

37

4

Norddeutsche Landesbank GZ

A3

69

67

3

ASML Holding N.V.

A2

42

39

3

Marks & Spencer p.l.c.

Ba1

170

168

3

Hammerson Plc

Baa3

186

182

3

CDS Spread Decreases
Issuer

Senior Ratings

Dec. 8

Dec. 1

Spread Diff

Vedanta Resources Limited

B3

694

832

-138

Casino Guichard-Perrachon SA

Caa1

616

678

-62

Boparan Finance plc

Caa1

1,258

1,298

-40

Novafives S.A.S.

Caa2

602

637

-34

Iceland Bondco plc

Caa2

570

602

-32

Premier Foods Finance plc

B3

216

248

-32

Deutsche Lufthansa Aktiengesellschaft

Ba2

263

294

-30

Vue International Bidco plc

Ca

597

618

-21

Unibail-Rodamco-Westfield SE

Baa2

119

138

-20

Piraeus Financial Holdings S.A.

Caa2

595

614

-18

Source: Moody's, CMA

CDS Spreads

CDS Implied Ratings

CDS Implied Ratings

CDS Spreads

3 9 December 2021

Cross-Sector: Market Data Highlights

background image
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 9 December 2021

Cross-Sector: Market Data Highlights

background image
background image

MOODY'S ANALYTICS

CROSS-SECTOR

Investment-Grade

High-Yield

Total*

Amount

Amount

Amount

$B

$B

$B

Weekly

29.904

1.450

33.286

Year-to-Date

1,602.218

609.161

2,281.953

Investment-Grade

High-Yield

Total*

Amount

Amount

Amount

$B

$B

$B

Weekly

1.910

0.000

1.910

Year-to-Date

671.172

155.616

848.068

* 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

61

96

252

512

64

157

48

42

>=3 and <5

63

114

293

580

94

132

53

51

>=5 and <7

68

153

307

626

47

94

30

24

>=7

104

211

403

648

121

249

57

32

Emerging Market Sovereign

Duration

A

Baa

Ba

B

A

Baa

Ba

B

>=1 and <3

50

63

81

491

16

40

17

19

>=3 and <5

36

92

208

576

23

40

23

26

>=5 and <7

32

102

294

633

20

29

17

19

>=7

66

192

396

648

73

131

43

31

Emerging Market Corporate

Duration

A

Baa

Ba

B

A

Baa

Ba

B

>=1 and <3

69

109

296

551

48

117

31

23

>=3 and <5

71

133

335

600

71

92

30

25

>=5 and <7

84

173

326

562

27

65

13

5

>=7

142

247

438

664

48

118

14

1

Source: Moody's

Median Spreads

Bond Counts

Median Spreads

Bond Counts

Figure 8. Emerging Market Median OAS

Bond Counts

Median Spreads

5 9 December 2021

Cross-Sector: Market Data Highlights

background image
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

12

32

45

81

197

527

-

>=3 and <5

9

30

47

97

222

594

562

>=5 and <7

16

21

41

110

282

433

502

>=7

13

38

45

153

189

-

335

Duration

Aaa

Aa

A

Baa

Ba

B

Caa

>=1 and <3

276

293

509

327

73

17

-

>=3 and <5

205

258

490

304

62

23

3

>=5 and <7

149

152

327

157

28

10

5

>=7

148

332

722

293

16

-

3

Duration

Aaa

Aa

A

Baa

Ba

B

Caa

>=1 and <3

30

87

180

181

43

15

-

>=3 and <5

33

93

186

160

38

22

3

>=5 and <7

29

66

111

95

20

8

5

>=7

34

94

164

125

11

-

2

Source: Moody's

Figure 10. Global Financial Institutions Median Credit Spreads

Median Spreads

Debt Counts

Issuer Counts

6 9 December 2021

Cross-Sector: Market Data Highlights

background image
background image

MOODY'S ANALYTICS

CROSS-SECTOR

Duration

Aaa

Aa

A

Baa

Ba

B

Caa

>=1 and <3

24

37

44

68

226

397

583

>=3 and <5

28

38

47

75

251

406

544

>=5 and <7

24

48

57

95

268

363

544

>=7

78

100

113

149

271

380

370

Duration

Aaa

Aa

A

Baa

Ba

B

Caa

>=1 and <3

13

95

531

866

229

143

33

>=3 and <5

8

128

555

1031

287

256

59

>=5 and <7

7

78

423

815

222

185

54

>=7

43

259

1532

2092

185

40

2

Duration

Aaa

Aa

A

Baa

Ba

B

Caa

>=1 and <3

4

46

257

519

163

118

31

>=3 and <5

4

50

280

589

207

223

52

>=5 and <7

4

34

230

492

162

151

51

>=7

4

51

343

621

94

27

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

16

22

32

34

37

39

45

51

59

Baa3

Ba1

Ba2

Ba3

B1

B2

B3

Caa

82

114

159

204

261

334

406

714

Global Median Spreads by Broad Rating Category

Aaa

Aa

A

Baa

Ba

B

Caa

23

32

39

59

159

334

599

Global Issuer Counts by Broad Rating Category

Aaa

Aa

A

Baa

Ba

B

Caa

9

49

172

345

89

44

27

Source: Moody's, CMA

Figure 12. Global Median CDS Spreads By Rating Category

7 9 December 2021

Cross-Sector: Market Data Highlights

background image
background image

MOODY'S ANALYTICS

CROSS-SECTOR

Region

Aaa

Aa

A

Baa

Ba

B

Caa

North America

23

32

38

59

162

276

590

Europe

9

27

38

60

151

226

583

Asia Pacific (ex.Japan)

15

29

52

76

151

297

-

Japan

-

-

22

30

47

64

-

Region

Aaa

Aa

A

Baa

Ba

B

Caa

North America

3

20

84

208

57

30

12

Europe

6

29

85

124

22

12

12

Asia Pacific (ex.Japan)

3

18

31

37

5

2

-

Japan

-

-

32

14

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

23

31

34

59

166

235

609

Financials

9

29

43

65

157

360

314

Sovereigns

9

12

49

85

106

360

1461

Banks

-

31

43

67

218

265

281

Sector

Aaa

Aa

A

Baa

Ba

B

Caa

Corporates

3

24

142

320

80

44

22

Financials

9

43

93

76

17

3

5

Banks

-

32

58

30

8

1

4

Sovereigns

9

7

6

13

4

1

1

Source: Moody's, CMA

Issuer Counts

Figure 14. Global Median CDS Spreads by Sector

Median CDS Spreads

8 9 December 2021

Cross-Sector: Market Data Highlights

background image
background image

MOODY'S ANALYTICS

CROSS-SECTOR

Region

Aaa

Aa

A

Baa

Ba

B

Caa

North America

13

38

48

61

182

375

-

Europe

9

27

41

64

105

265

281

Asia Pacific (ex.Japan)

15

30

53

77

97

360

-

Japan

-

-

29

67

-

-

-

Region

Aaa

Aa

A

Baa

Ba

B

Caa

North America

1

7

24

24

6

1

-

Europe

6

23

43

30

4

1

4

Asia Pacific (ex.Japan)

2

13

14

13

3

1

-

Japan

-

-

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

North America

24

31

34

59

162

261

590

Europe

-

32

35

57

157

216

600

Asia Pacific (ex.Japan)

20

27

52

74

168

235

-

Japan

-

-

21

28

47

64

-

Region

Aaa

Aa

A

Baa

Ba

B

Caa

North America

2

13

60

184

51

29

12

Europe

-

6

42

94

18

11

8

Asia Pacific (ex.Japan)

1

5

17

24

2

1

-

Japan

-

-

21

12

3

1

-

Source: Moody's, CMA

Median CDS Spreads

Issuer Counts

Figure 16. Global Corporates Median CDS Spreads by Region

9 9 December 2021

Cross-Sector: Market Data Highlights

background image
background image

MOODY'S ANALYTICS

CROSS-SECTOR

© 2021 Moody’s Corporation, Moody’s Investors Service, Inc. , Moody’s Analytics, Inc. and/or their licensors and affiliates (collectively, “MOODY’S”). All rights reserved.
CREDIT RATINGS ISSUED BY MOODY'S CREDIT RATINGS AFFILIATES ARE THEIR CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT
COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES, AND MATERIALS, PRODUCTS, SERVICES AND INFORMATION PUBLISHED BY MOODY’S (COLLECTIVELY,
“PUBLICATIONS”) MAY INCLUDE SUCH CURRENT OPINIONS. MOODY’S DEFINES CREDIT RISK AS THE RISK THAT AN ENTITY MAY NOT MEET ITS CONTRACTUAL
FINANCIAL OBLIGATIONS AS THEY COME DUE AND ANY ESTIMATED FINANCIAL LOSS IN THE EVENT OF DEFAULT OR IMPAIRMENT. SEE APPLICABLE MOODY’S
RATING SYMBOLS AND DEFINITIONS PUBLICATION FOR INFORMATION ON THE TYPES OF CONTRACTUAL FINANCIAL OBLIGATIONS ADDRESSED BY MOODY’S
CREDIT RATINGS. CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK, INCLUDING BUT NOT LIMITED TO: LIQUIDITY RISK, MARKET VALUE RISK, OR PRICE
VOLATILITY. CREDIT RATINGS, NON-CREDIT ASSESSMENTS (“ASSESSMENTS”), AND OTHER OPINIONS INCLUDED IN MOODY’S PUBLICATIONS ARE NOT
STATEMENTS OF CURRENT OR HISTORICAL FACT. MOODY’S PUBLICATIONS MAY ALSO INCLUDE QUANTITATIVE MODEL-BASED ESTIMATES OF CREDIT RISK AND
RELATED OPINIONS OR COMMENTARY PUBLISHED BY MOODY’S ANALYTICS, INC. AND/OR ITS AFFILIATES. MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER
OPINIONS AND PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE, AND MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER
OPINIONS AND PUBLICATIONS ARE NOT AND DO NOT PROVIDE RECOMMENDATIONS TO PURCHASE, SELL, OR HOLD PARTICULAR SECURITIES. MOODY’S CREDIT
RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS DO NOT COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR.
MOODY’S ISSUES ITS CREDIT RATINGS, ASSESSMENTS AND OTHER OPINIONS AND PUBLISHES ITS PUBLICATIONS WITH THE EXPECTATION AND UNDERSTANDING
THAT EACH INVESTOR WILL, WITH DUE CARE, MAKE ITS OWN STUDY AND EVALUATION OF EACH SECURITY THAT IS UNDER CONSIDERATION FOR PURCHASE,
HOLDING, OR SALE.
MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS, AND PUBLICATIONS ARE NOT INTENDED FOR USE BY RETAIL INVESTORS AND IT WOULD BE RECKLESS
AND INAPPROPRIATE FOR RETAIL INVESTORS TO USE MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS OR PUBLICATIONS WHEN MAKING AN INVESTMENT
DECISION. IF IN DOUBT YOU SHOULD CONTACT YOUR FINANCIAL OR OTHER PROFESSIONAL ADVISER.
ALL INFORMATION CONTAINED HEREIN IS PROTECTED BY LAW, INCLUDING BUT NOT LIMITED TO, COPYRIGHT LAW, AND NONE OF SUCH INFORMATION MAY BE COPIED
OR OTHERWISE REPRODUCED, REPACKAGED, FURTHER TRANSMITTED, TRANSFERRED, DISSEMINATED, REDISTRIBUTED OR RESOLD, OR STORED FOR SUBSEQUENT USE
FOR ANY SUCH PURPOSE, IN WHOLE OR IN PART, IN ANY FORM OR MANNER OR BY ANY MEANS WHATSOEVER, BY ANY PERSON WITHOUT MOODY’S PRIOR WRITTEN
CONSENT.
MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS ARE NOT INTENDED FOR USE BY ANY PERSON AS A BENCHMARK AS THAT TERM IS
DEFINED FOR REGULATORY PURPOSES AND MUST NOT BE USED IN ANY WAY THAT COULD RESULT IN THEM BEING CONSIDERED A BENCHMARK.
All information contained herein is obtained by MOODY’S from sources believed by it to be accurate and reliable. Because of the possibility of human or mechanical error as well
as other factors, however, all information contained herein is provided “AS IS” without warranty of any kind. MOODY'S adopts all necessary measures so that the information it
uses in assigning a credit rating is of sufficient quality and from sources MOODY'S considers to be reliable including, when appropriate, independent third-party sources. However,
MOODY’S is not an auditor and cannot in every instance independently verify or validate information received in the rating process or in preparing its Publications.
To the extent permitted by law, MOODY’S and its directors, officers, employees, agents, representatives, licensors and suppliers disclaim liability to any person or entity for any
indirect, special, consequential, or incidental losses or damages whatsoever arising from or in connection with the information contained herein or the use of or inability to use any
such information, even if MOODY’S or any of its directors, officers, employees, agents, representatives, licensors or suppliers is advised in advance of the possibility of such losses or
damages, including but not limited to: (a) any loss of present or prospective profits or (b) any loss or damage arising where the relevant financial instrument is not the subject of a
particular credit rating assigned by MOODY’S.
To the extent permitted by law, MOODY’S and its directors, officers, employees, agents, representatives, licensors and suppliers disclaim liability for any direct or compensatory
losses or damages caused to any person or entity, including but not limited to by any negligence (but excluding fraud, willful misconduct or any other type of liability that, for the
avoidance of doubt, by law cannot be excluded) on the part of, or any contingency within or beyond the control of, MOODY’S or any of its directors, officers, employees, agents,
representatives, licensors or suppliers, arising from or in connection with the information contained herein or the use of or inability to use any such information.
NO WARRANTY, EXPRESS OR IMPLIED, AS TO THE ACCURACY, TIMELINESS, COMPLETENESS, MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE OF ANY CREDIT
RATING, ASSESSMENT, OTHER OPINION OR INFORMATION IS GIVEN OR MADE BY MOODY’S IN ANY FORM OR MANNER WHATSOEVER.
Moody’s Investors Service, Inc. , a wholly-owned credit rating agency subsidiary of Moody’s Corporation (“MCO”), hereby discloses that most issuers of debt securities (including
corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by Moody’s Investors Service, Inc. have, prior to assignment of any credit rating,
agreed to pay to Moody’s Investors Service, Inc. for credit ratings opinions and services rendered by it fees ranging from $1,000 to approximately $5,000,000 . MCO and Moody’s
Investors Service also maintain policies and procedures to address the independence of Moody’s Investors Service credit ratings and credit rating processes. Information regarding
certain affiliations that may exist between directors of MCO and rated entities, and between entities who hold credit ratings from Moody’s Investors Service and have also publicly
reported to the SEC an ownership interest in MCO of more than 5%, is posted annually at

www.moodys.com

under the heading “Investor Relations — Corporate Governance —

Director and Shareholder Affiliation Policy.”
Additional terms for Australia only: Any publication into Australia of this document is pursuant to the Australian Financial Services License of MOODY’S affiliate, Moody’s Investors
Service Pty Limited ABN 61 003 399 657AFSL 336969 and/or Moody’s Analytics Australia Pty Ltd ABN 94 105 136 972 AFSL 383569 (as applicable). This document is intended
to be provided only to “wholesale clients” within the meaning of section 761G of the Corporations Act 2001. By continuing to access this document from within Australia , you
represent to MOODY’S that you are, or are accessing the document as a representative of, a “wholesale client” and that neither you nor the entity you represent will directly or
indirectly disseminate this document or its contents to “retail clients” within the meaning of section 761G of the Corporations Act 2001. MOODY’S credit rating is an opinion as to
the creditworthiness of a debt obligation of the issuer, not on the equity securities of the issuer or any form of security that is available to retail investors.
Additional terms for Japan only: Moody's Japan K.K. (“MJKK”) is a wholly-owned credit rating agency subsidiary of Moody's Group Japan G.K., which is wholly-owned by Moody’s
Overseas Holdings Inc. , a wholly-owned subsidiary of MCO. Moody’s SF Japan K.K. (“MSFJ”) is a wholly-owned credit rating agency subsidiary of MJKK. MSFJ is not a Nationally
Recognized Statistical Rating Organization (“NRSRO”). Therefore, credit ratings assigned by MSFJ are Non-NRSRO Credit Ratings. Non-NRSRO Credit Ratings are assigned by an
entity that is not a NRSRO and, consequently, the rated obligation will not qualify for certain types of treatment under U.S. laws. MJKK and MSFJ are credit rating agencies registered
with the Japan Financial Services Agency and their registration numbers are FSA Commissioner (Ratings) No. 2 and 3 respectively.
MJKK or MSFJ (as applicable) hereby disclose that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred
stock rated by MJKK or MSFJ (as applicable) have, prior to assignment of any credit rating, agreed to pay to MJKK or MSFJ (as applicable) for credit ratings opinions and services
rendered by it fees ranging from JPY125,000 to approximately JPY550,000,000 .
MJKK and MSFJ also maintain policies and procedures to address Japanese regulatory requirements.

REPORT NUMBER

1313878

10 9 December 2021

Cross-Sector: Market Data Highlights

background image
background image

MOODY'S ANALYTICS

CROSS-SECTOR

CLIENT SERVICES

Americas

1-212-553-1653

Asia Pacific

852-3551-3077

Japan

81-3-5408-4100

EMEA

44-20-7772-5454

11 9 December 2021

Cross-Sector: Market Data Highlights