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KEY CONTACTS

Corporate Finance

North America

Tom Marshella
Managing Director - US/Americas Corporate Finance
Tom.Marshella@moodys.com

EMEA

Myriam Durand
Managing Director- EMEA Corporate Finance
Myriam.Durand@moodys.com

Asia Pacific

Brian Cahill
Managing Director - Asia Pacific Corporates/Financial Institutions
Brian.Cahill@moodys.com


Financial Institutions

Jean-Francois Tremblay
Associate Managing Director
Banking, Singapore
Jean-Francois.Tremblay
@moodys.com



Public Finance Group

Gail Sussman
Managing Director, U.S. Public Finance
Gail.Sussman@moodys.com

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Refunding & Maturities

This page presents Moody’s research on debt maturities and refunding needs for fundamental issuers.


Corporate Finance: The wave of corporate defaults during the credit crunch underlined the consequences of a sudden loss of market access. Our annual ‘Refunding Risk and Needs’ reports for speculative-grade and investment-grade issuers assess total refunding needs over the coming years. The reports evaluate the market’s capacity to absorb upcoming maturities and the degree of risk that companies will not be able to refinance


Financial Institutions: During the financial crisis, markets focused on the asset side of the bank balance sheet – our ‘Bank Debt Maturity Profile’ reports focus on the liabilities. We compare the amounts of maturing bank wholesale debt across nearly 50 banking systems and discuss the accompanying cost pressures and refinancing risks, which are incorporated into our bank ratings as part of our ongoing credit analysis.

Highlights

  • 21 Feb 2013
    • Latin American banks issue record levels of unsecured debt despite global contraction
      Latin American banks have defied a declining global trend for unsecured debt issuance by issuing a record $27.7 billion in unsecured long term debt in 2012, spurred by strong loan growth, merger and acquisition activity and growing investor demand. This comes even as global debt issuance declined by 6% as bank restructurings and deleveraging, primarily in the Euro zone, weighed on the markets since the 2008-2009 financial crisis... Press Release l Full Report
  • 20 Feb 2013
    • Spanish banks still face liquidity and funding challenges despite recent positives
      Lack of confidence in Spanish banks' loss-absorption capacity and market concerns with the strength of the Spanish economy have restricted market funding access for the entire banking system, and they remain key issues for Spanish banks. Still, a recent pick-up in debt issuance activity and some early repayment of European Central Bank funding are positive signs...Full Report​​​
  • 6 Feb 2013
    • Spec-grade maturity wall pushed out again; investment-grade companies' refunding needs rise
      In two new reports, we look at the refinancing needs of US speculative-grade and investment-grade non-financial corporates. Last year's strong bond issuance has pushed the maturity wall for spec-grade companies to 2017, and a larger amount of that debt is now held by low-rated companies. The new Moody's Refunding Index indicates that spec-grade refunding risk is low. Investment-grade companies' refunding needs continue to rise... Speculative-grade Report l Investment-grade report​​​​ l Refunding Index​​​​​​

Research & Ratings

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