Breaking down the 2025/26 maturity wall


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Breaking down the 2025/26 maturity wall

Josh Latham's avatar
  1. Josh Latham
  2. +Matthew Hughes
9 min read

When there are grey clouds, pack an umbrella.

Heightened interest rates have put a spotlight on the impending debt maturity wall. While some borrowers have proactively pushed maturities via refinancing or amend-and-extend requests in 2023, a large chunk still remains. Those credits looking to refinance over the next two years may need more than an umbrella and a rain coat, with unpredictable markets and higher cost of financing making the perfect storm. 

According to 9fin data, over €60bn of bonds are set to mature in 2025, with the figure rising to over €100bn in 2026. The latter likely includes borrowers who issued five-year tenors during the 2021 golden era.

”2021 was a cookie cutter year, but this year you have to think differently about how to get things done; which credits can you bring to market and what stories you can sell,” commented one sellsider.

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