Corporate indebtedness has increased significantly in the last fifteen years. Globally, there were USD 34 trillion of corporate bonds outstanding at the end of 2023, an increase in real terms of USD 13 trillion since 2008. Alongside accommodative monetary policies, companies have been able to increase their borrowing and lock in favourable terms. In parallel, the characteristics of corporate bond markets have changed in at least four respects: sectoral composition, geographic composition, investor universe and credit quality. The funding environment that enabled the vast expansion in borrowing has now come to an end, and refinancing needs are substantial. The investment grade segment is increasingly concentrated in lower-rated bonds, and identically rated bonds have very different characteristics today than they did fifteen years ago. The non-financial sector in particular is more leveraged than at any other point in recent history.In this context, this chapter explores the implications of this new macrofinancial landscape on corporate bond markets globally.