Blog Post
Data Drop: Leveraged issuers move early to refinance as maturity wall builds toward 2028-2032 peak
Data Drop: Leveraged issuers move early to refinance as maturity wall builds toward 2028 – 2032 peak
The tracked leveraged universe has a light maturity profile in the near term, but pressure builds rapidly starting in 2028, according to Octus data.
In North America, term loan B and high-yield maturities rise to about $597 billion in 2028 and $646 billion in 2029, before peaking at roughly $821 billion in 2031. Europe follows a similar pattern at roughly one-third the scale, climbing from around $166 billion in 2028 to $302 billion over the same period.
Although this maturity wall is still a few years away, borrowers are not waiting to act. Issuers are taking advantage of tight spreads and strong liquidity to reprice, extend, or refinance early. As a result, the recent increase in amend-and-extend and repricing deals is moving some of the 2028–2032 debt maturities forward while market conditions remain favorable.
Macro factors are driving this proactive stance. Recent rate action from the Federal Reserve, hawkish signals from the Bank of England, and sustained oil prices above $100 per barrel threaten to keep borrowing costs elevated. While top-tier issuers may still have the flexibility to choose their execution windows, lower-rated credits could find market access tightening well before their debt comes due.
This publication has been prepared by Octus Intelligence, Inc. or one of its affiliates (collectively, "Octus") and is being provided to the recipient in connection with a subscription to one or more Octus products. Recipient’s use of the Octus platform is subject to Octus Terms of Use or the user agreement pursuant to which the recipient has access to the platform (the “Applicable Terms”). The recipient of this publication may not redistribute or republish any portion of the information contained herein other than with Octus express written consent or in accordance with the Applicable Terms. The information in this publication is for general informational purposes only and should not be construed as legal, investment, accounting or other professional advice on any subject matter or as a substitute for such advice. The recipient of this publication must comply with all applicable laws, including laws regarding the purchase and sale of securities. Octus obtains information from a wide variety of sources, which it believes to be reliable, but Octus does not make any representation, warranty, or certification as to the materiality or public availability of the information in this publication or that such information is accurate, complete, comprehensive or fit for a particular purpose. Recipients must make their own decisions about investment strategies or securities mentioned in this publication. Octus and its officers, directors, partners and employees expressly disclaim all liability relating to or arising from actions taken or not taken based on any or all of the information contained in this publication. © 2026 Octus. All rights reserved. Octus(TM) and the Octus logo are trademarks of Octus Intelligence, Inc.