U.S. government bond yields have climbed to multiyear highs, increasing risks for heavily indebted companies as a hot economy, elevated energy prices and expectations of another Federal Reserve rate increase push borrowing costs higher. The 10-year Treasury yield reached 5.22% Thursday, its highest level since July 2007, while the 30-year yield reached 5.50%, a 22-year high. Piper Sandler analyst Michael Kantrowitz identified higher rates as the biggest risk to equity markets in 2026 and 2027, saying narrow credit spreads leave corporations with limited scope for relief from debt markets. Companies in the S&P 1500 with more than $5 billion of debt and over 50% of that debt maturing within five years could face particular pressure, including Live Nation Entertainment, Ford Motor and Keurig Dr. Pepper. Kantrowitz said strong earnings growth supported by AI-related investment and improving global PMIs could offset some pressure, but warned that higher rates for longer would weigh more heavily on companies with high leverage or refinancing needs.