"While certain conditions have eased over the past year, refunding risk still faces huge uncertainties over the next five years. The sheer volume of debt due to mature in 2010-2014 will continue to raise concerns about the market’s ability to absorb this wave. More than half of this tower of debt—$550 billion of a total $805 billion over this five-year period—comes due in 2013 and 2014. And while issuers’ credit ratings are on the mend in general, the level of maturing debt from low-rated speculative-grade issuers has also been climbing. How the markets avoid being overwhelmed by this onslaught of debt will depend on a number of factors in 2013-2014 that cannot be predicted today, including the strength of the U.S. economy, the prevailing interest rates of the day, and the credit markets’ appetite for speculative-grade debt."
Good chart on speculative bond maturities in upcoming years: http://www.zerohedge.com/sites/default/files/images/user5/imageroot/madoff/Bonds%20by%20Ratings.jpg
http://www.zerohedge.com/article/lbo-refi-wave-approaches-800-billion-junk-debt-maturing-2014-adds-multi-trillion-fixed-incom
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