Oil Prices Dip Slightly Amid Focus on Russian Sanctions and U.S. Inflation Data 
U.S. Treasury Yields Expected to Decline Amid Cooling Economic Pressures 
China’s Growth Faces Structural Challenges Amid Doubts Over Data 
Wall Street Analysts Weigh in on Latest NFP Data 
Moody's Upgrades Argentina's Credit Rating Amid Economic Reforms 
Lithium Market Poised for Recovery Amid Supply Cuts and Rising Demand 
U.S. Banks Report Strong Q4 Profits Amid Investment Banking Surge 
Gold Prices Fall Amid Rate Jitters; Copper Steady as China Stimulus Eyed 
Goldman Predicts 50% Odds of 10% U.S. Tariff on Copper by Q1 Close 
Global Markets React to Strong U.S. Jobs Data and Rising Yields 
European Stocks Rally on Chinese Growth and Mining Merger Speculation 
US Futures Rise as Investors Eye Earnings, Inflation Data, and Wildfire Impacts 
Stock Futures Dip as Investors Await Key Payrolls Data 
Gold Prices Slide as Rate Cut Prospects Diminish; Copper Gains on China Stimulus Hopes 
Bank of America Posts Strong Q4 2024 Results, Shares Rise 
S&P 500 Relies on Tech for Growth in Q4 2024, Says Barclays 
Mexico's Undervalued Equity Market Offers Long-Term Investment Potential 
Moody's Three-Year Refunding Index showed signs of stabilizing as a record level of high yield bond maturities in April was offset by a substantial increase in issuance, Moody's Investors Service says in its latest edition of the Refunding Risk Quarterly. The index indicates the market's ability to absorb the speculative-grade bonds maturing over the next 12 and 36 months given the current pace of speculative-grade bond issuance.
"In April, three-year high-yield bond maturities climbed 7% to $158 billion from a year ago, the highest level we have observed in a decade of Refunding Index data," says Tiina Siilaberg, Moody's VP -- Senior Analyst. "So far in 2017, the growth in maturities is being met by growth in issuance, despite elevated longer-term risks."
Moody's Three-Year Refunding Index improved 4% over last March and 5% over last April, its first year-over-year improvement since August 2014. This development was largely driven by companies selling $68 billion of high yield bond in the first four months of 2017, a 44% increase over the previous year, with $32 billion sold in March alone.
Still, refinancing risk remains high compared to historical levels, reading 3.4x at the end of April, 40% below its long-term average of 6.4x, notes Siilaberg. Additionally, the One-Year Refunding Index continued its decline, finishing April at 6.9x, 42% below its long-term average of 11.9, due to the fast increase in maturities entering the one-year window without issuers actively refinancing these obligations.
Among highly leveraged companies -- those with debt to EBITDA greater than 6x -- the Telecom/Media/Technology sector continues to account for the largest share of upcoming debt maturities, with $66 billion, or 23% of the total, down from 26% last quarter. The Retail & Apparel industry's share grew the most, to $29 billion, or 10% of the total, up from 7%. The Healthcare sector has $50 billion due in the highly leveraged space, or 17% of the total, although $20 billion of that is the obligation of just two companies.
