El-Erian Warns of ‘Massive’ Corporate Refinancing Next Year

(Bloomberg) — Mohamed El-Erian is warning that a swath of corporations will be hurt by higher interest rates when they have to refinance next year.

Most Read from Bloomberg

“If you look at high yield, if you look at commercial real estate, there’s massive refinancing needs next year. Massive,” he said on Bloomberg Television Friday. “So that’s the point of pain which starts to happen.”

“There are things that have to be refinanced in this economy that cannot be refinanced in an…