Topics: Refunding & Maturities - Moody's
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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

  • 31 Jan 2012
    • Maturity wall pushed to 2016, but sovereign concerns raise near-term refinancing risk
      The five-year refinancing requirements for US speculative-grade corporates remain virtually unchanged from last year with $668 billion in aggregate maturities, but 2016 maturities represent 40% of the total. The capital markets should be able to absorb these maturities but global uncertainties as well as meaningful risks exist, including the pull forward effect that may triple bank credit maturities in 2012-2013. On the investment-grade side, debt maturities over the next five years total $635 billion, up almost 11% from last year… US Speculative-Grade l US Investment-Grade l Press Release
  • 6 Dec 2011
    • 2012-13 maturities may triple for US spec-grade credit facilities
      Because of the pull-forward effect created when issuers and lenders simultaneously refinance credit facilities with differing maturity dates, approximately $137 billion of debt maturities between 2012 and 2015 will be accelerated to earlier years, heightening the refinancing risk before the actual maturity dates. The pull-forward effect means maturities could increase by approximately $48 billion to close to $185 billion… Full Report | Press Release
  • 28 Oct 2011
    • EMEA refunding risk: Some maturity improvements, but bond market access a concern
      While the maturity profiles of many rated issuers in the Europe, Middle East and Africa (EMEA) region have improved, near-term uncertainties about access to the high-yield bond market have intensified. As many first-time issuers have accessed the high-yield market, total debt outstanding among these issuers in the EMEA region has increased by about USD100 billion to USD601 billion. But refinancing uncertainties remain, as manifested by the sharp reduction in high-yield bond issuance since the summer… Full Report | Press Release

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