image/svg+xml- 5.9 17.2 21.9 7.3 - 19.9 5.4 17.0 4.0 -25 -20 -15 -10 -5 0 5 10 15 20 25 0 1 2 3 4 5 6 7 8 9 10 2018 2019 2020 2021 2022 2023 2024f 2025f (%) (Tril. $) International public finance U.S. public finance Structured finance§ Financial services Nonfinancials* Annual growth rate (rightscale) Historicalglobalissuanceandforecast f -- Full - year forecast. *Includes infrastructure. § Excludes transactions that were fully retained by the originator, domestically ratedChinese issuance, and resets and refinancings of collateralized loan obligations. Sources: Dealogic, Refinitiv, and S&P Global Ratings Credit Research & Insights. Copyright © 2024 by Standard & Poor's Financial Services LLC. All rights reser ved .