Maturity Wall
Short definition
A maturity wall is principal and refinancing obligations bunched in a window (e.g. 12–24 months). Total debt can be unchanged while bunching gaps liquidity and refinancing risk.
Detailed explanation
The chart is year-by-year (or quarterly) principal plus uncommitted rollovers. An RCF’s expiry belongs on the wall; if the line does not renew, the drawn balance becomes principal.
Compare the wall with CFADS and headroom. The excess needs a committed take-out, cash or an asset sale. Average life does not flatten a wall.
Why it matters for the CFO
The credit committee and the stress test price this stack. Average DSCR can stay green if the wall is unseen.
How to read it
Wall / annual CFADS shows how many years of cash generation are pledged to that window. There is no universal cap; market and collateral set it.
Numerical example
Gross debt 500 mn TL, principal due in 18 months 280 mn TL → wall = 280 mn TL. Annual CFADS 170 implies a refinancing need larger than 18 months of cash generation.
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Definitions are educational. They are not investment, credit or tax advice.