About $4.3 trillion in US nonfinancial corporate bonds mature in 2027–31, pressing firms to refinance pandemic-era debt at higher rates. Annual maturities climb from about $572 billion in 2027 to roughly $1.03 trillion in 2030, Reuters' analysis shows.
Lower-rated borrowers face the sharpest squeeze: high-yield bond maturities rise from about $68.5 billion in 2027 to $314.1 billion in 2029, when they will account for about a third of all maturities, up from 12% in 2027. Investment-grade maturities rise from $437 billion to $512.6 billion over the same period. PIMCO said most issuers should absorb higher refinancing costs, but the weakest borrowers face more pressure; coupons on CCC-rated bonds due in 2027 and 2028 could roughly double if refinanced at current index yields.
The 10-year US Treasury yield is above 5%, around its highest since 2007. Goldman Sachs expects gross debt issuance in 2027 by hyperscalers including Amazon, Alphabet, Meta, Microsoft and Oracle to reach $420 billion, 60% above estimated 2026 levels, as they fund AI infrastructure.
