Nonfinancial Corporate Debt & Burden Measures
Corporate Finance Briefing: Nonfinancial Corporate Debt & Burden Measures
Yardeni Research, Inc.
July 6, 2022
Dr. Edward Yardeni
516-972-7683 eyardeni@
Debbie Johnson
480-664-1333 djohnson@
Mali Quintana
480-664-1333 aquintana@
Please visit our sites at blog.
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Table Of Contents Table Of Contents
NFC Debt
1-3
NFC Debt Burden
4-6
July 6, 2022 / Nonfinancial Corporate Debt & Burden Measures
Yardeni Research, Inc.
NFC Debt
Figure 1.
12.7
11.7 10.7
NONFINANCIAL CORPORATE BUSINESS: TOTAL DEBT*
9.7
(trillion dollars, nsa, ratio scale)
8.7
7.7
6.7
5.7
4.7
3.7
2.7
1.7
Q1
12.7 11.7
10.7
9.7
8.7
7.7
6.7
5.7
4.7
3.7
2.7
1.7
.7
.7
80 82 84 86 88 90 92 94 96 98 00 02 04 06 08 10 12 14 16 18 20 22 24
* Debt securities (commercial paper, industrial revenue bonds, corporate bonds) plus loans (depository institutions loans, other loans and advances, mortgages). Source: Federal Reserve Board, Financial Accounts of the United States.
Figure 2.
7.3
6.5 5.7
NONFINANCIAL CORPORATE BUSINESS: BONDS & LOANS
4.9
(trillion dollars, nsa, ratio scale)
4.1 Bonds & Loans
3.3
Corporate Bonds (6.7)
2.5
Total Loans* (4.7)
Depository Institution Loans (1.2)
1.7
Other Loans (2.4)
Q1
7.3 6.5
5.7
4.9
4.1
3.3
2.5
1.7
.9
.9
.1
.1
80 82 84 86 88 90 92 94 96 98 00 02 04 06 08 10 12 14 16 18 20 22 24
* Loans (depository institutions loans, other loans and advances, mortgages). Source: Federal Reserve Board, Financial Accounts of the United States.
Page 1 / July 6, 2022 / Nonfinancial Corporate Debt & Burden Measures
Yardeni Research, Inc.
NFC Debt
Figure 3.
8
NONFINANCIAL CORPORATE BUSINESS: BONDS vs. LOANS (trillion dollars, nsa)
6
Bonds & Loans Corporate Bonds (6.7) Loans* (4.7)
4
8 Q1
6
4
2
2
0
0
80 82 84 86 88 90 92 94 96 98 00 02 04 06 08 10 12 14 16 18 20 22 24
* Loans (depository institutions loans, other loans and advances, mortgages). Source: Federal Reserve Board, Financial Accounts of the United States.
Figure 4.
3.0
NONFINANCIAL CORPORATE BUSINESS: LOANS (trillion dollars, nsa)
2.5
Business Loans
2.0
Depository Institution Loans (1.2)
Other Loans (2.4)
1.5
1.0
3.0
Q1
2.5
2.0
1.5
Q1 1.0
.5
.5
.0
.0
80 82 84 86 88 90 92 94 96 98 00 02 04 06 08 10 12 14 16 18 20 22 24
Source: Federal Reserve Board, Flow of Funds Accounts.
Page 2 / July 6, 2022 / Nonfinancial Corporate Debt & Burden Measures
Yardeni Research, Inc.
NFC Debt
Figure 5.
7
NONFINANCIAL CORPORATIONS: CORPORATE BONDS OUTSTANDING (trillion dollars, nsa)
6
7 Q1
6
5
5
4
4
3
3
2
2
1
1
0
0
80 82 84 86 88 90 92 94 96 98 00 02 04 06 08 10 12 14 16 18 20 22 24
Source: Federal Reserve Board, Financial Accounts of the United States.
Figure 6.
8.1
7.1 6.1
5.1
NONFINANCIAL CORPORATE BUSINESS: LIQUID ASSETS (trillion dollars, nsa, ratio scale)
4.1
3.1
2.1
Liquid Assets
Total (6.7)
Ex Equities &
1.1
Mutual Fund Shares (3.4)
8.1
Q1
7.1
6.1
5.1
4.1 Q1
3.1
2.1
1.1
.1
.1
80 82 84 86 88 90 92 94 96 98 00 02 04 06 08 10 12 14 16 18 20 22 24
Source: Federal Reserve Board, Financial Accounts of the United States.
Page 3 / July 6, 2022 / Nonfinancial Corporate Debt & Burden Measures
Yardeni Research, Inc.
NFC Debt Burden
Figure 7.
9.0
9.0
NONFINANCIAL CORPORATE BUSINESS: DEBT RATIOS
8.5
8.5
8.0
8.0
7.5
Total NFC Debt
7.5
Divided by Liquid Assets
7.0
Divided by Liquid Assets
7.0
6.5
Less Equities & Mutual Fund Shares
6.5
6.0
6.0
5.5
5.5
5.0
5.0
4.5
4.5
4.0
4.0
3.5
Q1 3.5
3.0
3.0
2.5
2.5
2.0
2.0
Q1
1.5
1.5
1.0
1.0
64 66 68 70 72 74 76 78 80 82 84 86 88 90 92 94 96 98 00 02 04 06 08 10 12 14 16 18 20 22 24
Source: Federal Reserve Board, Financial Accounts of the United States.
Figure 8.
7
7
NONFINANCIAL CORPORATE BUSINESS: DEBT RATIOS
6
6
5
5
4
4
3
3
2
Short-Term NFC Debt
Divided by Liquid Assets
1
Divided by Liquid Assets Less Equities & Mutual Fund Shares
Q1 2
Q1
1
0
0
63 65 67 69 71 73 75 77 79 81 83 85 87 89 91 93 95 97 99 01 03 05 07 09 11 13 15 17 19 21 23 25
Source: Federal Reserve Board, Financial Accounts of the United States.
Page 4 / July 6, 2022 / Nonfinancial Corporate Debt & Burden Measures
Yardeni Research, Inc.
NFC Debt Burden
Figure 9.
37
37
NONFINANCIAL CORPORATE BUSINESS: DEBT
35
(as a ratio of nonfinancial corporate business cash flow*)
35
33
33
31
31
29
29
27
27
25
25
Q1
23
23
21
21
19
19
17
17
15
15
13
13
11
11
52 54 56 58 60 62 64 66 68 70 72 74 76 78 80 82 84 86 88 90 92 94 96 98 00 02 04 06 08 10 12 14 16 18 20 22 24 26
* Profits before tax ex profit tax accruals and dividends plus capital consumption adjustment and depreciation charges plus foreign earnings retained abroad and inventory valuation adjustment. Source: Federal Reserve Board, Financial Accounts of the United States.
Figure 10.
80
80
NONFINANCIAL CORPORATIONS: LONG-TERM DEBT/CREDIT MARKET DEBT
(percent)
70
70
Q1
60
60
50
50
72 74 76 78 80 82 84 86 88 90 92 94 96 98 00 02 04 06 08 10 12 14 16 18 20 22 24
Source: Federal Reserve Board, Financial Accounts of the United States.
Page 5 / July 6, 2022 / Nonfinancial Corporate Debt & Burden Measures
Yardeni Research, Inc.
NFC Debt Burden
Figure 11.
55
55
NONFINANCIAL CORPORATE BUSINESS: SHORT-TERM DEBT / CREDIT MARKET DEBT (percent)
50
50
45
45
40
40
35
35
Q1
30
30
25
25
20
20
52 54 56 58 60 62 64 66 68 70 72 74 76 78 80 82 84 86 88 90 92 94 96 98 00 02 04 06 08 10 12 14 16 18 20 22 24
Source: Federal Reserve Board, Financial Accounts of the United States.
Figure 12.
120
NONFINANCIAL CORPORATIONS: LIQUID ASSETS / SHORT-TERM LIABILITIES (percent)
100
80
120
100 Q1
80
60
60
40
40
20
20
52 54 56 58 60 62 64 66 68 70 72 74 76 78 80 82 84 86 88 90 92 94 96 98 00 02 04 06 08 10 12 14 16 18 20 22 24
Source: Federal Reserve Board, Financial Accounts of the United States.
Page 6 / July 6, 2022 / Nonfinancial Corporate Debt & Burden Measures
Yardeni Research, Inc.
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