We project nonfinancial corporate borrowers in Asia, Europe, Latin America, and North America will seek up to $21.7 trillion debt finance to support growth (excluding refinancing) over the five years to 2018, of which $6.6 trillion will be new bonds and other debt securities. In fact, borrowers could well exceed that total, as nonfinancial companies issued $688 billion in bonds through May 2014. Since the Great Recession, corporates globally (with the exception of deflationary Japan) have turned to the debt capital markets to raise financing. Except for Japan, the stock of debt security financing was between one-quarter and one-half as much in percentage terms in 2013 compared with five years before. Corporate borrowers tapped the debt markets to such an extent because of yield-seeking investor demand contributing to lucrative credit terms, combined with constrained bank loan supply.