Market Wrap
Winding Up — Hot refi market for speculative grade credit pushes out short term maturity walls
- Alessia Argentieri
•5 min read
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Winding Up is 9fin's weekly newsletter, incorporating summaries and commentary from our European distressed coverage for the past week. Find out more about what we do for distressed here.
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According to a recent report published by S&P, bond issuance year-to-date is up 77% for speculative grade (rated BB+ or below), with the majority of this issuance going for refinancing.
Despite borrowers making progress at reducing near-term speculative grade maturities — which have eased for 2026 and 2027 since the beginning of the year by 24.9% and 10.4%, respectively — larger debt maturities are approaching in 2027, and an even sharper rise is expected in 2028, the report said.
