Steeper Maturity Wall in Europe than in the US

Apollo Chief Economist

For high yield, more companies in Europe need to refinance over the coming years compared with the US, see chart below.

Put differently, if interest rates stay higher for longer, it will have a more negative impact on the European economy, indicating a bigger need for the ECB to lower interest rates.

For more discussion, see here.

HY: Higher for longer hitting Europe harder than the US
Source: ICE BofA, Bloomberg, Apollo Chief Economist

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