About $4.3 trillion of non-financial corporate bonds issued in US markets will mature between 2027 and 2031, increasing refinancing pressure on companies that borrowed at ultra-low interest rates during the pandemic. Annual maturities are projected to rise from about $572 billion in 2027 to roughly $1.03 trillion in 2030, after refinancing pushed debt into later years. The refinancing challenge is intensifying as global debt exceeds a record $365 trillion and the benchmark 10-year US Treasury yield remains above 5%, near its highest level since 2007. Lower-rated companies face the sharpest strain: high-yield bond maturities rise from about $68.5 billion in 2027 to $314.1 billion in 2029, while investment-grade maturities increase to $512.6 billion from $437 billion. High-yield debt will represent about a third of all maturities in 2029, up from 12% in 2027. PIMCO says most investment-grade and high-yield issuers should absorb higher refinancing costs, but coupons on CCC-rated bonds due in 2027 and 2028 could roughly double if refinanced at current index yields. The refinancing wave will also overlap with major technology companies' borrowing to finance artificial intelligence infrastructure. Goldman Sachs expects gross debt issuance by hyperscalers including Amazon, Alphabet, Meta, Microsoft and Oracle to reach $420 billion in 2027, 60% above estimated 2026 levels.