22-23
Global Corporate Debt Maturities Through 2025

Annual estimate published by S&P Global Fixed Income Research

S&P Global Fixed Income Research estimates that slightly more than $11.9 trillion in corporate debt rated by S&P Global Ratings is scheduled to mature globally from the second half of 2020 through the end of 2025 (see charts below).

Global Corporate Debt Maturities by Grade (2H 2020–2025)

Global Corporate Debt Maturities by Region (2H 2020–2025)

(dollars in billions)

Global Corporate Debt Maturities by Rating Category (2H 2020–2025)

(dollars in billions)

600 1,800 1,200 $2,400 0 600 1200 1800 2400 2025 2024 2023 2022 2021 2H 2020 ’24 ’25 ’23 ’22 ’21 2H ’20
100 200 300 400 500 600 700 Aerospace and defenseAutomotiveCapital goodsConsumer productsCP&ESDiversifiedFP&BMHealth careHigh technologyHome/REMedia and entertainmentMetals, mining, and steelOil and gasRetail/restaurantsTelecommunicationsTransportationUtilities $200 $300 $100 $400 $500 $600 $800 $700 Investment Grade $4,539 Speculative Grade $2,873

The majority (74%) of rated corporate debt maturing through 2025 is investment grade (rated ‘BBB-’ or higher)

Estimated Global Schedule for Maturing Corporate Debt (2H 2020–2025)

(dollars in billions)

2H 202020212022202320242025Total

United States

Financial

Investment grade

$109$233$223$223$175$162$1,126

Speculative grade

31021262142124

Nonfinancial

Investment grade

1743994444573904362,298

Speculative grade

391722683675125121,870

Total United States

$325$815$957$1,073$1,098$1,152$5,418

Europe

Financial

Investment grade

$213$462$470$445$325$310$2,224

Speculative grade

371113141360

Nonfinancial

Investment grade

1342843292682742571,545

Speculative grade

166396120183186664

Total Europe

$365$815$906$845$796$766$4,493

Other Developed Markets

Financial

Investment grade

$83$147$137$115$103$60$645

Speculative grade

223511

Nonfinancial

Investment grade

378471624842344

Speculative grade

71625342750160

Total Other Developed Markets

$128$247$235$212$180$157$1,159

Emerging Markets

Financial

Investment grade

$24$49$48$37$35$28$222

Speculative grade

431198540

Nonfinancial

Investment grade

305784686646351

Speculative grade

83636343630180

Total Emerging Markets

$66$144$179$149$144$109$792

Total Global

$884$2,021$2,277$2,279$2,218$2,184$11,862
2H 202020212022202320242025Total

United States

Financial

Investment grade

$109$233$223$223$175$162$1,126

Speculative grade

31021262142124

Nonfinancial

Investment grade

1743994444573904362,298

Speculative grade

391722683675125121,870

Total United States

$325$815$957$1,073$1,098$1,152$5,418

Europe

Financial

Investment grade

$213$462$470$445$325$310$2,224

Speculative grade

371113141360

Nonfinancial

Investment grade

1342843292682742571,545

Speculative grade

166396120183186664

Total Europe

$365$815$906$845$796$766$4,493

Other Developed Markets

Financial

Investment grade

$83$147$137$115$103$60$645

Speculative grade

223511

Nonfinancial

Investment grade

378471624842344

Speculative grade

71625342750160

Total Other Developed Markets

$128$247$235$212$180$157$1,159

Emerging Markets

Financial

Investment grade

$24$49$48$37$35$28$222

Speculative grade

431198540

Nonfinancial

Investment grade

305784686646351

Speculative grade

83636343630180

Total Emerging Markets

$66$144$179$149$144$109$792

Total Global

$884$2,021$2,277$2,279$2,218$2,184$11,862

United States:
$5,418 billion

FinancialNonfinancial

Other Developed Markets:
$1,159 billion

FinancialNonfinancial

Europe:
$4,493 billion

FinancialNonfinancial

Emerging Markets:
$792 billion

FinancialNonfinancial
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 7/1/2020

Data as of 7/1/2020

Details may not sum to total due to rounding

Source:  S&P Global Ratings Research