Fitch Ratings data indicates a substantial increase in leveraged loan maturities beginning in 2028. Specifically, 34% of US leveraged loans and 40% of EMEA leveraged loans are scheduled to mature in the 2028-2029 period. This contrasts with high-yield bonds, which have a more evenly distributed maturity profile, peaking in 2029 with approximately 20% maturing that year in both regions. These differing maturity schedules are expected to influence refinancing activity, pricing, market access, and covenant flexibility, especially for lower-rated credits.
Despite robust market activity in 2024-2025, which saw 75%-85% of issuance dedicated to repricings, refinancings, and recapitalizations, a significant volume of debt remains. US leveraged loan maturities within two years decreased to 4% as of December 2025 from 6% a year prior, indicating some success in extending tenors. However, EMEA leveraged loan maturities are limited in 2026-2027 but are concentrated in 2028, with about EUR80 billion (21%) due in that year.
For EMEA, close to EUR60 billion of 2028 loan maturities still need to be addressed, with a similar amount due in 2029. Refinancing and extension efforts over the past year have reduced the 2028 maturity wall by roughly half from its 2024 peak, pushing a high of EUR95.4 billion into 2031. However, approximately $268.8 billion of debt rated 'B-' and lower is still set to mature in 2028, with a concentration in the US across healthcare, high technology, and media and entertainment sectors. Many of these originated from the 2021 post-GFC buyout boom, characterized by low coupons and elevated leverage, with sponsors being slower to address these particular vintage deals. The overall corporate debt maturity wall, initially peaking in 2028, has been pushed to 2031 due to a surge in new bond issuance in the first half of 2026, driven by AI and digital infrastructure fundraising, leading to a significant rate reset gap of 3.51 percentage points between the 2020-2021 average and August 2026, costing an additional $35.12 billion annually per $1 trillion refinanced.
