US companies are facing a massive debt maturity wall: ~$1.9 trillion in US speculative-grade corporate bonds and loans mature over the next 5 years, including $438 billion due by the end of 2028. By comparison, in 2020, 2021, and 2022, this figure ranged from $1.4 trillion to $1.5 trillion. The amount of junk-rated debt maturing within 2 years alone has surged +31% YoY. At the same time, $1.6 trillion of investment-grade corporate debt is coming due by 2031. Meanwhile, refinancing is becoming increasingly expensive, with the effective yield on publicly issued US junk debt rising +150 basis points over the last 12 months, to 8.0%. The corporate refinancing burden is becoming a major issue.