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But the extensive amount of refinancing over the past two years means even CCC-rated companies don't face large sums of maturing debt in the near term.
He still cautioned: "We do need to get the refinancing over the line first".
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The point was to keep wringing money out of the strapped borrowers by forcing them to refinance over and over again.
"If you look at the deed records for low income neighborhoods," says Zinner, "you'll see so many homes where people were refinanced over and over and over, sometimes several times in one year until their equity is gone and they lose the house".
But there is still a pile of debt that needs to be refinanced over the next decade.
Now, attention is turning to the mountain of debt firms will have to refinance over the next two years.
There is now a wall of debt of £111bn that buyout companies in the UK will have to refinance over the next five years".
But officials said the many short-term liabilities that crowded A.I.G.'s balance sheet two years ago — and contributed to its cascading disaster — had all been refinanced over the past two years, and would not return.
REUTERS European Banks Face Rising Refinancing Costs | Attention is turning to the mountain of debt European banks will have to refinance over the next two years, and institutions in countries like Portugal and Greece are likely to see their financing costs rise in the coming years.
If $2 trillion-worth of residential mortgages (around 40% of the entire stock) is refinanced over the next year, and the interest paid on them reduced by one percentage point, then lower mortgage payments would in theory leave another $20 billion in consumers' pockets.Then there are tax cuts.
So you have $750 billion in refinancing needed over the next 24 months and you don't have one lender.
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