The U.S. bond market has become more expensive for companies needing to refinance debt, with the 10-year Treasury yield reaching 5.31% on October 6, 2026, its highest level since 2002. This environment creates a significant risk for corporations that carry manageable debt levels today but face higher interest costs when those obligations mature.
Boeing (NYSE: BA) reported ending 2025 with approximately $54.1 billion in debt. The company holds $5.9 billion in unsecured debt with coupons between 2.2% and 2.5% maturing through 2026, and another $5.1 billion with coupons between 2.6% and 3.2% maturing through 2030. While these rates appear attractive compared to current market conditions, Boeing incurred nearly $3 billion in interest expense in 2025. The company’s ability to service this balance sheet could be tested if borrowing costs remain elevated during refinancing periods.
Ford (NYSE: F) faces a larger refinancing schedule through its financing arm, Ford Motor Credit. According to its 2025 10-K, the company has $51.8 billion of debt maturing in 2026, followed by $30.8 billion in 2027 and $23.8 billion in 2028. Ford Credit has issued notes with varying rates, including 4.867% due in 2027, 6.125% and 5.625% due in 2028, and 5.125% due in 2029. In August 2026, Ford Credit issued $1.5 billion of three-year notes at a 5.431% coupon, reflecting the cost of new debt issuance.
Warner Bros. Discovery, Inc. (NASDAQ: WBD) had $32.8 billion of debt at the end of 2025, with roughly $16.5 billion scheduled to mature in 2027. Following the completion of the roughly $110 billion acquisition of Warner Bros. Discovery by Paramount Skydance, the combined entity carries approximately $80 billion in net debt. Paramount raised $52 billion in debt to finance the deal, with portions carrying yields around 9%. With the 10-year Treasury above 5.3% and weaker corporate borrowers facing borrowing costs near 17%, the refinancing costs for these companies are a key factor to monitor.
