"High Yield Index Years to Maturity suggests organizations find refinancing or reissuing debt difficult, primarily due to the high costs associated with the risk-free component." As per this paper analyzed by Joachim Klement the biggest impact is on R&D: https://klementoninvesting.substack.com/p/rate-hikes-and-the-damage-to-our

"They found that a 100bps increase in Fed Funds Rates reduced R&D spending by about 1-3% in the following one to three years. Venture Capital, which relies much more on debt capital than established businesses saw its spending decline by 25%."

Thank you very much for the trade-ideas

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