Pandemic-Era Corporate Bonds Worth $4.3 Trillion Mature From 2027

About $4.3 trillion in U.S. nonfinancial corporate bonds will mature from 2027 through 2031, with annual maturities rising from roughly $572 billion in 2027 to $1.03 trillion in 2030. Companies that borrowed at pandemic-era rates will face more expensive refinancing as Treasury yields remain elevated, potentially squeezing profits and cash flows. Lower-rated borrowers face the sharpest strain: high-yield maturities are projected to jump to $314 billion in 2029, when they will make up about a third of total maturities, and coupons on some CCC-rated bonds could roughly double; PIMCO expects most issuers to manage the higher costs but warns that the weakest are more exposed. The refinancing wave will overlap with major technology companies’ borrowing to fund AI infrastructure, with hyperscaler debt issuance projected to reach $420 billion in 2027.