APAC NBFI refinancing needs rise to $758b but risks stay contained

Most NBFIs should have adequate refinancing access and funding conditions, Fitch said.

APAC emerging market non-bank financial institutions (NBFIs) total refinancing risk is estimated to rise to $758b in 2026, but risks should remain contained, said Fitch Ratings.

The NBFIs needed $708b in 2025, the company said.

Despite the higher refinancing needs, the NBFIs should be supported by adequate domestic liquidity, resilient bank funding access and, for many, strong shareholder or government support, Fitch said.

“Domestic banks remain the main funding source for most rated APAC emerging-market NBFIs, with local bond markets also an important channel. As a result, domestic banking-system liquidity and monetary policy settings remain central to refinancing conditions,” it said.

Fitch expects adequate refinancing access and funding conditions for most of its rated APAC emerging-market NBFIs.

Fitch sees risks from a sharper-than-expected tightening in domestic liquidity, renewed upward pressure on US dollar yields, or wider credit spreads that weaken offshore market access for lower-rated issuers.