22-23Global 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).
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 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Total | |
| United States | |||||||
| Financial | |||||||
| Investment grade | $109 | $233 | $223 | $223 | $175 | $162 | $1,126 |
| Speculative grade | 3 | 10 | 21 | 26 | 21 | 42 | 124 |
| Nonfinancial | |||||||
| Investment grade | 174 | 399 | 444 | 457 | 390 | 436 | 2,298 |
| Speculative grade | 39 | 172 | 268 | 367 | 512 | 512 | 1,870 |
| 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 | 3 | 7 | 11 | 13 | 14 | 13 | 60 |
| Nonfinancial | |||||||
| Investment grade | 134 | 284 | 329 | 268 | 274 | 257 | 1,545 |
| Speculative grade | 16 | 63 | 96 | 120 | 183 | 186 | 664 |
| 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 | – | – | 2 | 2 | 3 | 5 | 11 |
| Nonfinancial | |||||||
| Investment grade | 37 | 84 | 71 | 62 | 48 | 42 | 344 |
| Speculative grade | 7 | 16 | 25 | 34 | 27 | 50 | 160 |
| 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 | 4 | 3 | 11 | 9 | 8 | 5 | 40 |
| Nonfinancial | |||||||
| Investment grade | 30 | 57 | 84 | 68 | 66 | 46 | 351 |
| Speculative grade | 8 | 36 | 36 | 34 | 36 | 30 | 180 |
| 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 |
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