...+ Overall debt has stabilised after a borrowing spree in 2020, but still remains well above the pre-pandemic level. The total debt of the speculative-grade companies in this report amounts to $1.6 trillion, unchanged since our 2020 report. Of this, $600 billion in bank and bond debt matures in 2022-25, and the same amount thereafter. The changes in debt by sector reflect in part company borrowing in response to the pandemic, but also rating movements and a number of debt-funded transactions. + Telecoms has overtaken autos as the sector with the highest average debt per company. This reflects the new rating of VMED 02 UK Limited (Ba3 stable) in telecoms as well as the upgrade of Fiat Chrysler Automobiles SA (now Stellantis S.A., Baa3 stable) to investment grade in January 2021. The average debt per speculative-grade company is fairly stable in 2021 compared with 2020, at $2.4 billion, versus an average of $11.2 billion at investment-grade companies. + Return to bond markets, stronger cash...
