# Corporate debt-service pressure | PIER20 benchmarks

Which corporate debt-service burdens are above country norms?

Corporate debt-service pressure tracks country corporate debt-service ratios minus trailing ten-year medians. It uses quarterly data.

The latest data is from **Q4 2025**. The latest reading is **1.55 pp**. The Median pressure line is up 0.9 pp over the past year. It is above its long-run median of -0.08 pp.

## Summary statistics (full history)

| Series | First | Latest | Min | Max |
|---|---|---|---|---|
| Median pressure | -4.55 | 1.55 | -4.55 | 4.13 |
| United States | -3.50 | -2.65 | -4.00 | 4.50 |
| United Kingdom | -2.75 | -1.40 | -6.60 | 4.50 |
| Canada | -6.05 | 2.40 | -11.60 | 14.45 |
| Australia | -5.60 | 1.05 | -10.05 | 9.80 |
| Germany | 1.15 | 1.60 | -4.40 | 4.75 |
| France | -3.30 | 2.90 | -4.55 | 15.15 |
| Japan | -6.10 | 1.50 | -9.50 | 4.65 |
| Korea | -7.40 | 2.20 | -9.35 | 6.90 |

## Last 24 readings

| Date | Median pressure | United States | United Kingdom | Canada | Australia | Germany | France | Japan | Korea |
|---|---|---|---|---|---|---|---|---|---|
| Q1 2020 | 1.57 | 3.30 | -1.95 | 6.70 | -1.40 | 2.25 | 3.50 | 0.25 | 0.90 |
| Q2 2020 | 4.13 | 4.50 | 1.05 | 6.50 | -4.45 | 4.55 | 12.00 | 3.75 | 1.40 |
| Q3 2020 | 3.85 | 4.00 | 1.65 | 3.70 | -7.45 | 4.75 | 15.15 | 4.65 | 1.40 |
| Q4 2020 | 3.25 | 3.55 | 2.95 | 2.40 | -9.25 | 4.50 | 14.40 | 4.65 | 0.80 |
| Q1 2021 | 2.48 | 3.20 | 1.75 | 0.40 | -10.05 | 4.35 | 10.60 | 4.25 | 0.20 |
| Q2 2021 | 0.93 | 2.15 | -0.30 | -1.70 | -9.25 | 2.20 | 5.70 | 2.75 | -0.40 |
| Q3 2021 | 0.42 | 1.45 | -1.40 | -1.40 | -7.95 | 2.00 | 2.90 | 2.05 | -0.60 |
| Q4 2021 | 0.25 | 0.90 | -2.60 | -2.40 | -7.65 | 1.85 | 3.60 | 1.95 | -0.40 |
| Q1 2022 | 0.53 | 0.95 | -3.60 | -2.90 | -8.45 | 1.85 | 4.65 | 2.05 | 0.10 |
| Q2 2022 | 1.00 | 0.70 | -4.15 | -5.60 | -9.35 | 1.30 | 2.10 | 2.45 | 1.40 |
| Q3 2022 | 0.67 | 0.20 | -3.65 | -7.00 | -9.05 | 1.15 | 3.05 | 2.85 | 3.30 |
| Q4 2022 | 0.50 | -0.05 | -4.40 | -6.90 | -9.95 | 1.05 | 2.10 | 3.05 | 4.90 |
| Q1 2023 | -0.18 | -0.35 | -5.10 | -5.80 | -9.95 | 0.00 | 1.25 | 2.25 | 6.50 |
| Q2 2023 | -0.75 | -0.65 | -4.90 | -3.50 | -9.45 | -0.60 | -0.85 | 1.45 | 6.70 |
| Q3 2023 | -1.15 | -1.05 | -4.75 | -1.90 | -8.15 | -0.50 | -1.25 | 0.85 | 6.90 |
| Q4 2023 | -1.18 | -1.45 | -3.65 | -0.90 | -7.15 | -0.40 | -1.95 | 0.45 | 6.10 |
| Q1 2024 | -0.68 | -1.25 | -2.00 | -0.10 | -5.95 | 0.20 | -1.85 | 0.75 | 5.30 |
| Q2 2024 | -0.28 | -1.15 | -1.60 | 0.80 | -5.05 | 0.60 | -1.35 | 1.05 | 4.50 |
| Q3 2024 | 0.05 | -1.15 | -1.35 | 2.40 | -4.35 | 1.10 | -0.95 | 1.05 | 3.80 |
| Q4 2024 | 0.60 | -1.55 | -0.90 | 2.85 | -2.30 | 1.45 | -0.25 | 1.75 | 3.10 |
| Q1 2025 | 0.90 | -1.85 | -3.05 | 3.05 | -0.65 | 1.90 | 0.80 | 1.00 | 3.20 |
| Q2 2025 | 1.02 | -2.15 | -2.95 | 2.60 | 0.35 | 1.95 | 1.40 | 0.65 | 2.75 |
| Q3 2025 | 1.45 | -2.35 | -2.20 | 2.60 | 0.75 | 2.00 | 1.95 | 0.95 | 2.55 |
| Q4 2025 | 1.55 | -2.65 | -1.40 | 2.40 | 1.05 | 1.60 | 2.90 | 1.50 | 2.20 |

## How to read this benchmark

**How to read it.** Each country value equals its company DSR minus its ten-year median. A positive value shows above-normal company debt pressure.

## How this benchmark is used

**Why traders watch it.** Rates and credit traders use this benchmark to compare company debt pressure across countries.

## Frequently asked questions

**What is the latest reading for Corporate debt-service pressure?**

The latest data is from Q4 2025. The latest reading is 1.55 pp. The Median pressure line is up 0.9 pp over the past year. It is above its long-run median of -0.08 pp.

**How often does this benchmark update?**

The source publishes quarterly data. PIER20 updates the page after each new observation. The chart shows the data date and fetch date.

**What data sources does this chart use?**

The Bank for International Settlements (BIS) publishes the data. The methodology section lists each source series.

**Where does the data come from?**

The Bank for International Settlements (BIS) publishes the source data. The source table lists each series and its exact link.

## Methodology

- Formula: Country corporate debt-service ratios minus trailing ten-year medians
- Frequency: Quarterly
- Sources: Median pressure (dsr-median) https://stats.bis.org/api/v1/data/WS_DSR/Q.US.N; United States (US-dsr-pressure) https://stats.bis.org/api/v1/data/WS_DSR/Q.US.N; United Kingdom (GB-dsr-pressure) https://stats.bis.org/api/v1/data/WS_DSR/Q.GB.N; Canada (CA-dsr-pressure) https://stats.bis.org/api/v1/data/WS_DSR/Q.CA.N; Australia (AU-dsr-pressure) https://stats.bis.org/api/v1/data/WS_DSR/Q.AU.N; Germany (DE-dsr-pressure) https://stats.bis.org/api/v1/data/WS_DSR/Q.DE.N; France (FR-dsr-pressure) https://stats.bis.org/api/v1/data/WS_DSR/Q.FR.N; Japan (JP-dsr-pressure) https://stats.bis.org/api/v1/data/WS_DSR/Q.JP.N; Korea (KR-dsr-pressure) https://stats.bis.org/api/v1/data/WS_DSR/Q.KR.N. Data via the Bank for International Settlements (BIS).
- Data through: Q4 2025
- Last refreshed: 11 Aug 2026

Full interactive chart: https://pier20.com/benchmarks/corporate-debt-service-pressure
Disclaimer: research software output, not investment advice.