Corporate treasury departments are restructuring maturity walls as sustained high benchmark interest rates eliminate cheap refinancing options. Mid-cap firms holding debt issued during the low-rate era of 2020-2021 face substantially higher interest obligations upon roll-over.
Private Credit Alternatives
Direct lending funds have captured a growing share of corporate refinancing deals, offering flexible terms in exchange for elevated yields. Yield-seeking institutional investors continue to allocate capital to private debt, bypassing traditional syndicated loan markets.