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Mark Gray

Managing Director - Global Corporate Finance

US and Americas
Tom Marshella
Managing Director - US/Americas Corporate Finance

Paloma San Valentin
Managing Director - US/Americas Corporate Finance


Myriam Durand
Managing Director- EMEA Corporate Finance

Philipp Lotter
Managing Director- EMEA Corporate Finance

Asia Pacific

Brian Cahill
Managing Director - Asia Pacific Corporates/Financial Institutions​​​​



Research and analysis on public companies and their debt instruments.



  • 24 Jan 2020
    • Refunding Risk 2020-24: Canadian debt maturities fall to $92 billion, refunding risk decreases
      Canadian non-financial companies have about $92 billion of investment- and speculative-grade bond and loan debt maturing in 2020-2024 – that is down about 5% from 2018. The vast majority of speculative-grade debt, $49 billion or 89% of the total, matures in 2022 and beyond, meaning there is little refinancing risk for the next couple years. Speculative-grade bond issuance doubled to $14.5 billion, improving refunding indicators that measure refinancing risk for high-yield bonds.   Full Report​​​
    • Refunding Risk 2020-24: Investment-grade maturities stable at $1.1 trillion after 10-year expansion
      US investment-grade bond maturities through 2024 remain essentially flat at about $1.055 trillion, stalling a more than 10-year stretch of increases. That means risk of companies being unable to refinance is essentially flat as well, with stable maturities, lower funding costs and growing demand for quality credit partially offset by more lower-rated debt, increasing issuer concentration and a less robust macroeconomics. We believe lower-for-longer interest rates and a flight to quality will benefit investment-grade companies.   Full Report​​
    • Refunding Risk 2020-24: Spec-grade maturities hit record $1.2 trillion on higher bank debt
      Five-year speculative-grade refunding needs set a new record of almost $1.2 trillion last year, up 14% on rising revolver and loan maturities that reached $750 billion. While most of the debt maturities are pushed to 2023-24, declining credit quality of the companies that owe this record amount of debt and increase in the number of industries with negative outlooks points to potentially higher defaults in the next downturn.   Full Report​​
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