There’s a sense of increasing fragility in global corporate debt markets. And for good reason. Because there’s a massive wall of corporate debt maturing over the next three years – with most held by companies near-or-already-at speculative credit ratings. Or – putting it another way – there’s a serious amount of ‘BBB’-rated debt (aka the last rung on the investment grade ladder and just one step above a ‘junk’ rating) coming due by 2026. And this is happening at a time when borrowing costs have risen sharply (courtesy of Federal Reserve tightening) and as corporate earnings are sinking. (I wrote more here on the ... (full story)