22-23Global Corporate Debt Maturities Through 2026
Annual estimate published by S&P Global Fixed Income Research
S&P Global Ratings Research estimates that about $11 trillion in corporate debt rated by S&P Global Ratings is scheduled to mature globally from the end of 2021 through the end of 2026 (see charts below).
The majority (approximately 74%) of rated corporate debt maturing through 2026 is investment grade (rated ‘BBB-’ or higher)
Estimated Global Schedule for Maturing Corporate Debt (2022–2026)
(dollars in billions)
2022 | 2023 | 2024 | 2025 | 2026 | Total | |
| United States | ||||||
| Financial | ||||||
| Investment grade | $180 | $236 | $240 | $215 | $212 | $1,084 |
| Speculative grade | 9 | 16 | 20 | 33 | 33 | 110 |
| Nonfinancial | ||||||
| Investment grade | 350 | 448 | 438 | 435 | 401 | 2,072 |
| Speculative grade | 129 | 209 | 360 | 460 | 464 | 1,622 |
| Total United States | $668 | $910 | $1,057 | $1,143 | $1,109 | $4,888 |
| Europe | ||||||
| Financial | ||||||
| Investment grade | $453 | $496 | $384 | $374 | $351 | $2,057 |
| Speculative grade | 12 | 12 | 16 | 15 | 15 | 69 |
| Nonfinancial | ||||||
| Investment grade | 315 | 275 | 307 | 273 | 254 | 1,424 |
| Speculative grade | 50 | 98 | 135 | 198 | 233 | 714 |
| Total Europe | $830 | $880 | $840 | $860 | $854 | $4,264 |
| Rest of World | ||||||
| Financial | ||||||
| Investment grade | $187 | $183 | $188 | $111 | $123 | $793 |
| Speculative grade | 12 | 12 | 12 | 13 | 5 | 54 |
| Nonfinancial | ||||||
| Investment grade | 156 | 158 | 143 | 111 | 131 | 699 |
| Speculative grade | 40 | 41 | 49 | 77 | 100 | 307 |
| Total Other Developed Markets | $395 | $393 | $392 | $313 | $359 | $1,853 |
| Total Global | $1,893 | $2,183 | $2,290 | $2,316 | $2,323 | $11,005 |
Notes:
Includes nonfinancial corporate and financial services 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 1/1/2022
Data as of 1/1/2022
Details may not sum to total due to rounding
Source: S&P Global Ratings Research