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July 02, 2026
Partner, Chief Economist
A wave of corporate bonds issued during the low-rate era of 2020 and 2021 is now coming due, forcing companies to refinance cheap debt at today's higher rates, with high-yield borrowers feeling the squeeze first given their shorter 5-to-8-year maturities, while investment-grade issuers sit in a stronger position today, having locked in low rates with 10-year-plus tenors that push their refinancing needs comfortably further out. With the Fed potentially hiking rates later this year, the bottom line is that rates higher for longer continue to have a bigger negative impact on lower-quality credits.
Note: Chart shows bonds issued by non-financial corporations maturing in 2026-30 by cost. Sources: OECD Economic Outlook, Volume 2026 Issue 1 | OECD, Apollo Chief Economist
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