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Global Credit Markets Update Q1 2023: Standing On Thin Liquidity

Nonfinancial corporate refinancing demands for 2023 appear largely manageable, as 80% of the $994 billion maturing is investment grade. As companies typically refinance their debt 12-18 months ahead of maturity, focus should already be turning to the maturities in 2025 and 2026, which could begin to add to liquidity pressure for some issuers later this year. While lower ratings account for a smaller share of 2023 maturities, that proportion grows, particularly in 2025 and 2026.