2023 ECONOMIC AND CAPITAL MARKETS OUTLOOK Exhibit 29: High-yield bond market mostly shut down for new issuers HY ISSUANCE BY RATING bn 70 60 50 40 30 20 10 0 1 1 1 1 1 1 1 1 1 1 1 1 2 2 2 2 2 2 2 2 9 9 9 9 9 9 9 9 9 9 9 9 0 0 0 0 0 0 0 0 0 0 0 0 2 2 2 2 2 2 2 2 2 2 2 2 1 1 1 1 1 1 1 1 1 1 1 1 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 l n b r r y n l g p t v c n b r r y n l p t v c n b r r y n u g p t v c n b r r y n l g a e a p a u u u e c o e a p u g c a e a p a u J u e c o e a a p a u J A J J a e a u J u e o e J F A J O J e u J u F M M A S O N  J F M A M J A S O N  M M A S N  F M A M J A     or loer N Source: Standard & Poor’s Leveraged Commentary & Data (S&P LCD), Apollo Chief Economist. Data as of August 31, 2022. One piece of good news? While it’s clear that the era of low of investment-grade and high-yield issuers have enough rates seems over for the foreseeable future, most corporate capital on hand to weather the coming volatility in credit borrowers managed to shore up their balance sheets before markets (Exhibits 30, 31). the window for public borrowing slammed shut. The majority Exhibit 30: The maturity wall is manageable for investment grade… INVESTMENT-GRADE MATURING DEBT $bn Fixed Floating 2,000 1,500 1,000 500 0 2022.2H 2023 2024 2025 2026 2027 Maturity year Source: S&P Global Ratings Research, Apollo Chief Economist. Data as of July 1, 2022. Includes issuers’ investment-grade bonds, loans, and revolving credit facilities that are rated by S&P Global Ratings. The information herein is provided for educational purposes only and should not be construed as financial or investment advice, nor should any information in this document be relied on when making an investment decision. Opinions and views expressed reflect the current opinions and views of the author(s) and Apollo Analysts as of the date hereof and are subject to change. Please see the end of this document for important disclosure information. 20