Europe tackles 2028 loan maturity wall faster than expected, but software lags

Work to address Europe’s near-term loan maturity wall has accelerated since the spring, as borrowers took advantage of strong technicals to refinance and extend maturities. That activity has eased fears at the start of the year that the 2028 refinancing need in particular could pose a serious challenge. Gaps remain, however — particularly in software — and a fuller new-issue pipeline suggests conditions may not be so favourable come the autumn. Despite several big-ticket buyout deals, refinancin