In today’s corporate world, the so-called “debt maturity wall” can feel a lot like the horizon: always looming, never quite reached. It refers to the growing amount of corporate debt coming due—and fears that refinancing debt might become more costly. Since Moody’s coined the phrase in 2010, it has appeared regularly in headlines and boardrooms, flaring up every few years even as its timeline is consistently pushed out.  

Are 2024’s alarm bells any different? Yes and no. According to S&P Global, debt maturities are expected to jump from nearly $2 trillion in 2024 to nearly $3 trillion in 2026. And though there has been some headway in cutting these maturities down, high interest rates make this increasingly difficult, especially for high-risk borrowers.  

Our research reveals that 2028 may be the year leveraged loan maturities hit their peak, given the amount of 2021 issuances fueled by private credit and favorable rates. One perspective may be that this is simply a function of how the leveraged loan market works: there will always be a wall, and organizations will persistently have to find creative ways to avoid it.