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Digging down on corporate issuance,...>

US CORPORATES
US CORPORATES: Digging down on corporate issuance, in a word, WOW! Moody's
reports that spec and investment grade/non-financial names EACH "have more than
$1 trillion in debt maturing over the next five years. US speculative-grade
companies have a near-record $1.044 trillion of debt maturing over the 2019-2023
period, up 6% from $988 billion in last year's study,"... while appr "$1.055
trillion of investment grade-rated bonds are due 
over the 2019-23 horizon, 2% more than the $1.032 trillion due in 2018-2022."
Specs face a "challenging refinancing environment" due to a "combination of
lower issuance, heavy maturities, climbing interest 
rates and widening spreads. Meanwhile, Investment grade co's "are
well-positioned to refinance their maturities in 2019 given that investors
remain receptive to high-quality credits, although financial market volatility
is likely to increase and costs may rise."

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