Junk-Rated Borrowers Line Up $13B Refinancing Before Rate Hikes

The rush to refinance is a window trade: speculative-grade issuers are pulling forward deals while spreads are still tight, effectively borrowing against the risk that central banks tighten into a weaker credit backdrop. The mix matters — a shareholder distribution at Mister Car Wash adds leverage without funding growth, which is the kind of use of proceeds that typically draws scrutiny when the cycle turns. Whether this pipeline stays a stampede or thins out once the first central bank moves is the open question for credit markets.