A record $1 trillion of junk debt will mature by 2021, leavinghigh-risk companies to hunt for new cash at a time when markets arelikely to be less welcoming, according to Moody's InvestorsService.

Speculative-grade companies have $1.06 trillion of debt maturingbetween 2017 and 2021, with the bulk of it, $933 billion, comingdue after 2019, Moody's said in a report Wednesday. New issuance islikely to rise in the second half of this year to start addressingthose maturities, analysts led by Tiina Siilaberg wrote.

Debt markets aren't prepared to absorb the maturities, accordingto Moody's. Demand for collateralized loan obligations, whichbundle leveraged corporate loans into securities, has fallen fromits 2014 peak, and credit ratings for both bank loans andhigh-yield bonds have deteriorated, according to the report.