(Bloomberg) -- Moody’s Corp. reported first-quarter earnings that beat expectations as the ratings provider benefited from a surge of new issuance fueled by shrinking spreads.

Adjusted earnings per share rose 13% from a year earlier to $3.37, Moody’s said in a statement Thursday. Analysts had expected $2.99, according to data compiled by Bloomberg. Revenue of $1.79 billion beat analysts’ estimate for $1.69 billion. 

The gains came from a 49% increase in corporate finance revenue and a 118% jump in leveraged loan issuance that was driven by refinancing and improved merger & acquisition activity. Revenue from structured finance increased across multiple asset classes, primarily in collateralized loan obligations and asset-backed securities. 

The results echo those of rival S&P Global Inc. and the biggest banks on Wall Street, which also got a boost from the boom in new issues. Blue-chip firms borrowed more than $529 billion in their busiest first quarter on record. That pace may not last — S&P has already said it expects volumes to decline in the second half after issuers pulled forward sales to earlier in the year.

“Opportunistic issuers took advantage of tight credit spreads and strong investor demand ahead of potential macroeconomic and geopolitical-related volatility later in the year,” New York-based Moody’s said in its report.

Read more: US Corporate Borrowing Spree Clocks Busiest First Quarter Ever

--With assistance from Ignacio Gonzalez.

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