The corporate debt pile is continuing to pile up, with a $10 trillion bill coming due over the next several years.
That's how much of the $51 trillion in global company IOUs is maturing between now and 2021, according to data from S&P Global Ratings, which warns of potential dangers ahead.
"In recent years, credit conditions have been largely favorable, and corporate issuers have actively issued record levels of debt, much of which has been used to refinance existing debt, lower funding costs, and extend maturities," the agency said in a report. "Funding conditions began tightening last year as falling commodity prices and volatile equity markets contributed to investor unease and a flight to quality."
Essentially, how manageable all that debt is will come down to financial conditions, which have been easy for most of the period since the global financial crisis thanks to central bank accommodation.
The U.S. Federal Reserve has joined its counterparts around the world to keep interest rates low and liquidity high through programs including quantitative easing. However, S&P warned that unforeseen events could have consequences.