going to roll debt at 300 basis points, higher interest rates, that's going to massively increase their interest expense. What do we know about the duration of outstanding corporate debt today? How does it compare to the past? And what can we infer about the severity of the recession based on that duration? Great question. And the need to roll it over. Yeah, we know for sure that the average maturity in the corporate sector has lengthened. There's no question that it's lengthened. But that still doesn't mean that zero debt rolls every single year or every two years. Is that a result of corporate borrowing increasingly moving into the bond market? It is. And it's also, they've felt every single time they go to issue, they feel that interest rates are very low. So they try and lock in these rates in the future. But because of this secular trend that we've talked about, because of this gravity, they always find themselves with lower and lower and lower interest rates. That actually makes (44/57)
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