20-21
Global Corporate Debt Maturities Through 2023

Annual estimate published by S&P Global Fixed Income Research

S&P Global Fixed Income Research estimates that slightly more than $10.6 trillion in corporate debt rated by S&P Global Ratings is scheduled to mature globally from the beginning of 2019 through the end of 2023 (see charts below).

Global Corporate Debt Maturities by Grade (2019–2023)

Speculative Grade: 21% $2.3 trillion Investment Grade: 79% $8.3 trillion $10.6 trillion

Global Corporate Debt Maturities by Region (2019–2023)

(dollars in billions)

Europe: 39% $4,079 Other Developed Markets: 11% $1,123 Emerging Markets: 7% $741 United States: 44% $4,641 $10.6 trillion

Global Corporate Debt Maturities by Rating Category (2019–2023)

(dollars in billions)

Six months ended 12/31 600 1,800 1,200 $2,400 Investment Grade $ 1,613 $ 1,803 $ 1,745 $ 1,636 $ 1,518 n AAA n AA n A n BBBSpeculative Grade 188 322 436 633 689 n BB n B n CCC+ and belown Total Global $ 1,801 $ 2,125 $ 2,182 $ 2,269 $ 2,207 0 400 800 1200 1600 0 600 1200 1800 2400 ’23 ’22 ’21 ’20 ’19

Maturing Debt by Major Nonfinancial Sectors

(dollars in billions)

0 100 200 300 400 500 600 700 Aerospace and defenseAutomotiveCapital goodsConsumer productsCP&ESDiversifiedFP&BMHealth careHigh technologyHome/REMedia and entertainmentMetals, mining, and steelOil and gasRetail/restaurantsTelecommunicationsTransportationUtility $200 $300 $100 $400 $500 $600 $700 n Investment Grade n Speculative Grade

Note:  CP&ES - Chemicals, packaging, and environmental services. FP&BM - Forest products and building materials. Home/RE - Homebuilders/real estate companies

The amount of rated corporate debt scheduled to mature from January 1, 2019 to the end of 2023 has risen by 5% since the beginning of 2018

Estimated Global Schedule for Maturing Corporate Debt (2019–2023)

(dollars in billions)

20192020202120222023Total

United States

Financial

Investment grade

$223$223$233$177$190$1,046

Speculative grade

1223193323110

Nonfinancial

Investment grade

3484474934474702,203

Speculative grade

881572533624221,282

Total United States

$671$849$998$1,018$1,105$4,641

Europe

Financial

Investment grade

$437$454$406$445$388$2,130

Speculative grade

579131549

Nonfinancial

Investment grade

2713302932952321,421

Speculative grade

426780142148478

Total Europe

$753$858$789$895$783$4,079

Other Developed Markets

Financial

Investment grade

$162$152$134$107$88$643

Speculative grade

12

Nonfinancial

Investment grade

7675765954341

Speculative grade

1021293544139

Total Other Developed Markets

$249$249$240$200$186$1,123

Emerging Markets

Financial

Investment grade

$50$64$49$31$32$226

Speculative grade

11969641

Nonfinancial

Investment grade

4657617766307

Speculative grade

2139394030168

Total Emerging Markets

$128$169$155$156$134$741

$1,801$2,125$2,182$2,269$2,207$10,584
20192020202120222023Total

United States

Financial

Investment grade

$223$223$233$177$190$1,046

Speculative grade

1223193323110

Nonfinancial

Investment grade

3484474934474702,203

Speculative grade

881572533624221,282

Total United States

$671$849$998$1,018$1,105$4,641

Europe

Financial

Investment grade

$437$454$406$445$388$2,130

Speculative grade

579131549

Nonfinancial

Investment grade

2713302932952321,421

Speculative grade

426780142148478

Total Europe

$753$858$789$895$783$4,079

Other Developed Markets

Financial

Investment grade

$162$152$134$107$88$643

Speculative grade

12

Nonfinancial

Investment grade

7675765954341

Speculative grade

1021293544139

Total Other Developed Markets

$249$249$240$200$186$1,123

Emerging Markets

Financial

Investment grade

$50$64$49$31$32$226

Speculative grade

11969641

Nonfinancial

Investment grade

4657617766307

Speculative grade

2139394030168

Total Emerging Markets

$128$169$155$156$134$741

$1,801$2,125$2,182$2,269$2,207$10,584

Estimated Global Schedule for Maturing Corporate Debt (2019–2023)

United States:
$4,641 billion

Speculative Grade: 2% $110 billion Investment Grade: 23% $1,046 billion Investment Grade: 47% $2,203 billion Speculative Grade: 28% $1,282 billion Financial Nonfinancial

Other Developed Markets:
$1,123 billion

Speculative Grade: <1% $1 billion Investment Grade: 57% $643 billion Investment Grade: 30% $341 billion Speculative Grade: 12% $139 billion Financial Nonfinancial

Europe:
$4,079 billion

Source: U.S. Department of Education, National Center for Education Statistics, Common Core of Data, “National Public Education Financial Survey, fiscal year 2007, Speculative Grade: 1% $49 billion Investment Grade: 52% $2,130 billion Investment Grade: 35% $1,421 billion Speculative Grade: 12% $478 billion Financial Nonfinancial

Emerging Markets:
$741 billion

Source: U.S. Department of Education, National Center for Education Statistics, Common Core of Data, “National Public Education Financial Survey, fiscal year 2007, Speculative Grade: 5% $41 billion Investment Grade: 30% $226 billion Investment Grade: 41% $307 billion Speculative Grade: 23% $168 billion Financial Nonfinancial
Notes:

Includes financial and nonfinancial corporate issuers’ bonds, loans, and revolving credit facilities that are rated by S&P Global Ratings. Excludes debt instruments that do not have a global scale rating. Foreign currencies are converted to U.S. dollars at the exchange rate on close of business on 1/1/2019 

Data as of 1/1/2019 

Details may not sum to total due to rounding

Source:  S&P Global Fixed Income Research, “Credit Trends: Global Refinancing Study—Rated Corporate Debt Maturing Through 2023 Nears $11 Trillion,” February 5, 2019