Working capital has arguably never worked as hard as it is right now for our issuers.

It’s an area CFOs have turned to as a source of additional liquidity to battle against the hangover of an economic pummelling in 2020.

But as a robust reopening recovery takes place across the global economy, vast deferred payments that have built up such as tax and rent holidays will come due, potentially rocking liquidity buffers that companies have built up as a line of defence.