- We expect Asia-Pacific corporate issuers, particularly from China, to make up half of the $60 trillion in projected new and refinancing demand over the five years 2014-2018, and more than half the $72 trillion in projected debt outstanding in 2018. This implies heightened global corporate credit risk, given the larger share of emerging market debt.

- We expect the percentage of debt securities over total corporate debt to gradually increase by two percentage points to 26% over the next five years. While a slowdown in momentum compared with the previous five years, the growth in absolute terms is equivalent to $1.5 trillion. We expect the eurozone and China to lead the way.

- We compared China's corporate borrowers to their global peers among more than 8,500 listed global companies (data source: S&P Capital IQ). We found that while China's corporate companies started 2009 better off than global peers, their cash flow and leverage have worsened in subsequent years.

- In the five years to 2013, corporate debt in the energy, Asian real estate, health care, and North American information technology sectors grew fastest. We expect these sectors to continue to require additional debt going forward.

Standard & Poor’s Ratings Services

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