Corporate America partied like never before on cheap money overthe past decade, and now comes the hangover.
Companies will need to refinance an estimated US$4 trillion ofbonds over the next five years—about two-thirds of all theiroutstanding debt, according to Wells Fargo Securities. This hasinvestors concerned. Rising rates mean it will cost more to pay forunprecedented amounts of borrowing, which could push balance sheetstoward a tipping point. And on top of that, many see the economyslowing down at the same time the rollovers are peaking.
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