22-23
Global 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).

Global Corporate Debt Maturities by Grade (2022–2026)

Global Corporate Debt Maturities by Region (2022–2026)

Global Corporate Debt Maturities by Rating Category (2022–2026)

(dollars in billions)

062512501875250020262025202420232022

Maturing Debt by Major Nonfinancial Sectors

(dollars in billions)

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

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)

20222023202420252026Total

United States

Financial

Investment grade

$180$236$240$215$212$1,084

Speculative grade

916203333110

Nonfinancial

Investment grade

3504484384354012,072

Speculative grade

1292093604604641,622

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

121216151569

Nonfinancial

Investment grade

3152753072732541,424

Speculative grade

5098135198233714

Total Europe

$830$880$840$860$854$4,264

Rest of World

Financial

Investment grade

$187$183$188$111$123$793

Speculative grade

12121213554

Nonfinancial

Investment grade

156158143111131699

Speculative grade

40414977100307

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
20222023202420252026Total

United States

Financial

Investment grade

$180$236$240$215$212$1,084

Speculative grade

916203333110

Nonfinancial

Investment grade

3504484384354012,072

Speculative grade

1292093604604641,622

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

121216151569

Nonfinancial

Investment grade

3152753072732541,424

Speculative grade

5098135198233714

Total Europe

$830$880$840$860$854$4,264

Rest of World

Financial

Investment grade

$187$183$188$111$123$793

Speculative grade

12121213554

Nonfinancial

Investment grade

156158143111131699

Speculative grade

40414977100307

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

United States:
$4,888 billion

Europe:
$4,264 billion

Rest of World:
$1,853 billion

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