Institution • Private Credit

The Maturity Wall Is Real This Time

A pile of debt raised in the cheap era now has to be refinanced at much higher rates. Not every borrower will make it across.

Findil Jul 01, 2026 1 min read

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For years the maturity wall was a phantom. This time it is real, because the rates available to refinance are far higher than the rates on the debt being replaced.

The stronger borrowers will refinance, pay more, and move on. The market's job over the next two years is to sort one group from the other, and the sorting will not be gentle.

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