Global debt maturities will rise from nearly $2 trillion in 2024 to a peak of $2.78 trillion in 2026. Faced with continuing higher-for-longer interest rates, even despite potential rate cuts, companies will confront tougher loan covenants than ever before in the next round of refinancing. What is the likely impact of higher interest expense on labor, capital expenditures, and—potentially—earnings? Are there contagion risks across the credit landscape? What new solutions are credit investors devising in their playbooks to stay ahead of their peers?