Ratings: 29–30Global Corporate Debt Maturities Through 2028
Annual estimate published by S&P Global Fixed Income Research
S&P Global Ratings Research estimates that about $12.7 trillion in corporate debt (including bonds, loans, and revolving credit facilities from financial and nonfinancial corporate issuers) rated by S&P Global Ratings is scheduled to mature globally from the second half of 2023 through the end of 2028 (see charts below).
Note: Includes bonds, loans, and revolving credit facilities that are rated by S&P Global Ratings. Excludes debt instruments that do not have global scale ratings. Foreign currencies are converted to U.S. dollars at the exchange rate on July 1, 2023. Data as of July 1, 2023.
Source: S&P Global Ratings Credit Research & Insights, “Global Refinancing—Progress Made As Pressure Remains,” July 25, 2023
The majority (approximately 72%) of rated corporate debt maturing through 2028 is investment-grade (rated ‘BBB-’ or higher)
Global Maturity Schedule
(dollars in billions)
2H 2023 | 2024 | 2025 | 2026 | 2027 | 2028 | Total | |
| United States | |||||||
| Financial | |||||||
| Investment grade | $68 | $243 | $274 | $284 | $213 | $199 | $1,281 |
| Speculative grade | 4 | 14 | 25 | 30 | 46 | 53 | 170 |
| Nonfinancial | |||||||
| Investment grade | 162 | 448 | 489 | 519 | 438 | 389 | 2,444 |
| Speculative grade | 35 | 191 | 358 | 426 | 420 | 646 | 2,074 |
| Total United States | $268 | $895 | $1,146 | $1,258 | $1,116 | $1,287 | $5,969 |
| Europe | |||||||
| Financial | |||||||
| Investment grade | $179 | $408 | $482 | $477 | $375 | $341 | $2,262 |
| Speculative grade | 6 | 10 | 14 | 16 | 12 | 8 | 65 |
| Nonfinancial | |||||||
| Investment grade | 126 | 316 | 314 | 284 | 263 | 263 | 1,566 |
| Speculative grade | 19 | 68 | 153 | 233 | 167 | 232 | 871 |
| Total Europe | $330 | $801 | $962 | $1,010 | $816 | $844 | $4,764 |
| Rest of World | |||||||
| Financial | |||||||
| Investment grade | $82 | $216 | $228 | $163 | $138 | $102 | $939 |
| Speculative grade | 3 | 8 | 12 | 3 | 4 | 3 | 33 |
| Nonfinancial | |||||||
| Investment grade | 65 | 142 | 129 | 138 | 111 | 89 | 674 |
| Speculative grade | 18 | 38 | 70 | 100 | 70 | 67 | 362 |
| Total rest of world | $167 | $414 | $439 | $404 | $323 | $261 | $2,008 |
| Total Global | $764 | $2,111 | $2,546 | $2,672 | $2,256 | $2,392 | $12,741 |
Note: Includes bonds, loans, and revolving credit facilities that are rated by S&P Global Ratings. Excludes debt instruments that do not have global scale ratings. Foreign currencies are converted to U.S. dollars at the exchange rate on July 1, 2023. Data as of July 1, 2023.
Note:
Includes bonds, loans, and revolving credit facilities that are rated by S&P Global Ratings. Excludes debt instruments that do not have global scale ratings. Foreign currencies are converted to U.S. dollars at the exchange rate on July 1, 2023. Data as of July 1, 2023.
Source: S&P Global Ratings Research