The refinancing window is narrowing for companies that binged on low-cost debt years ago. With rates higher and investors demanding stronger covenants, issuers are discovering that “rolling it over” is no longer a routine exercise.

Credit analysts say risk is concentrated in sectors with volatile cash flow and heavy capex needs. Some firms are already renegotiating maturities, selling non-core units, or cutting dividends to preserve liquidity.

For markets, the question is whether stress remains isolated or spreads. If defaults rise sharply, banks and bondholders could tighten further, creating a feedback loop that makes refinancing even harder.