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all the issuance that came after the financial crisis, in 2013, '14, '15.
Just think about that huge boom of issuance that took place, that's going to start maturing next year. It was a seven-year, 10-year paper. We see a lot of that will start maturing and that -- we know that, that's going to be in the queue very soon.
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2022 Q3
10 Nov 22
how much issuance was there in a falling rate environment of bonds being issued that was refinancing debt that wasn't coming due the next, say, three, four years but bonds that had significant duration remaining on them
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2022 Q3
10 Nov 22
in 2020 and 2021 during the pandemic, there was what we felt now was structural pull forward
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2022 Q3
10 Nov 22
rating evaluation services, this has a correlation with the M&A market
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2022 Q3
10 Nov 22
initial credit ratings. We don't see a lot of new issuers coming to the market.
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2022 Q3
10 Nov 22
two particular areas that are mostly sensitive for the more general macro environment
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2022 Q3
10 Nov 22
right now, we're not seeing any pullback or any kind of major slowdown of our sales activities or pushback from clients
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2022 Q3
10 Nov 22
in the IHS Markit businesses, their financial services business was mostly focused on financial services
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2022 Q3
10 Nov 22
a lot of our initial cross-sell has been selling IHS Markit products to corporate clients
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2022 Q3
10 Nov 22
support programs that the ECB was providing to the banks. This was very easy, very low-cost funding. They're starting to wean the banks off of those, and they're going to the capital markets to raise more capital as well as to deploy more capital into bonds instead of into loans.
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2022 Q3
10 Nov 22
total billed issuance, and we mentioned that it was going to -- year-to-date was down 42% and we're expecting it to be down now 45%
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2022 Q3
10 Nov 22
at the last forecast, we saw that issuance of the non-financials or Corporates would be down about 30%. We now see it down about 35%. And then we see that in Financial Services, they had expected to be down 10%, now down about 14% or so
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2022 Q3
10 Nov 22
there's a point starting towards the middle of next year that there will be maturity schedules are going to start kicking in
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2022 Q3
9 Nov 22
as the market returns to new autos coming into the market and inventories rise that we will benefit from products and services to the OEMs
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2022 Q3
9 Nov 22
overall the impact on our results from a top line perspective is about $200 million reduction in revenue outlook for the Ratings business, so about $0.50 of EPS
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2022 Q3
9 Nov 22
Adjusted free cash flow, excluding certain items, is now expected to be approximately $4 billion.
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2022 Q3
9 Nov 22
We're also reducing our outlook for capital expenditures to $115 million due to intentional delays in real estate investments.
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2022 Q3
9 Nov 22
The net impact of our lower ratings revenue expectations, combined with the cost measures and capital allocation measures we have outlined today result in our slightly lower margin outlook and a new adjusted EPS range of $11 to $11.15.
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2022 Q3
9 Nov 22
due to the continued softening of the issuance environment, we now expect revenue to decrease mid-single digits compared to our prior guidance
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2022 Q3
9 Nov 22
approximately 3/4 of our international revenue is invoiced in U.S. dollars, which provides some protection to revenue against FX volatility
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2022 Q3
9 Nov 22