Companies around the globe took on a record $456 billion of net new debt in 2022/23, although higher interest rates should reduce appetite for new borrowing ahead, Janus Henderson said in a report published on Wednesday.
One fifth of the net-debt increase reflected companies such as Alphabet and Meta
This suggested the rise in debt was "not as worrying," said James Briggs, fixed-income portfolio manager at the firm, which has $310.5 billion in assets under management. While corporate credit quality has held up well so far, it was likely to decline going forward, the report added.Higher interest rates were also expected to dampen appetite for further corporate borrowing and Janus Henderson said it expected net debt to decline by 1.9% in 2023/2024, falling to $7.65 trillion on a constant-currency basis.
U.S. firms, that largely rely on fixed-rate bonds as a source of financing, have been particularly shielded so far, with the collective interest bill being flat year-on-year, it added.
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