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Deloitte warns of refinancing bubble.

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Competition for capital is set to intensify because more than $11.5trn of debt requires refinancing in the next five years, according to analysis by Deloitte. Rising government borrowing could increase competition for capital and result in volatility in capital markets.

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The report, titled "A Tale of Two Capital Markets", is based on debt analysis in more than 9,000 large companies in the G20. Although there is $9trn in cash reserves across these companies, about 78 per cent of them are held by financial services firms. There will be a shortage of debt to refinance companies unless some of this cash is redirected to other sectors.

In the Americas, there is $5.7trn...

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