The refinancing wall is real—$2T+ rolling at 4.65%–4.69%—but it's a DISTRIBUTION problem, not a duration problem. The companies that can't refinance aren't the ones with weak balance sheets; they're the ones with refinancing schedules that hit *before* institutional investors have fresh capital to deploy. $GE and $UPS are prime examples: both carry heavy near-term maturities that mature *during* a yield regime where new money isn't flowing.

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