The chances of default across a majority of U.S. business sectors increased in the second quarter of 2022, according to a new report by S&P Global Market Intelligence. The study found that every sector, except for the financials, posted a higher median market signal—a one-year probability of default score by the end of the April-to-June…
Defaults Set to Soar Amid Rising Borrowing Costs and ‘Extremely High’ Recession Risk
An association of fund managers has issued a dire prediction about the growing risk of credit defaults, warning that central bank interest rate hikes will trigger a wave of corporate defaults as borrowing costs soar and the threat of a global recession looms. Not a single member of the International Association of Credit Portfolio Managers…
Russia, Rejecting Default, Tells Investors to Go to Western Financial Agents
June 27, 2022
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Russia rejected claims on Monday that it had defaulted on its external debt for the first time in more than a century, telling investors to go to Western financial agents for the cash which was sent but bondholders did not receive. The White House said on Monday that Russia has defaulted on its international bonds…
S&P Cuts Chinese State-Backed Developer Greenland to ‘Selective Default’
HONG KONG—Chinese state-backed Greenland Holdings Corp. Ltd. was on Wednesday downgraded to “selective default” by rating agency S&P Global, after the property developer extended the maturity of its $500-million bonds by one year. Shanghai-based Greenland is the first state-backed developer to extend a dollar-bond payment since the country’s property sector plunged into a debt crisis,…
China’s Fourth Largest Property Developer Sunac Misses Bond Repayment, Expects to Miss More
HONG KONG—Developer Sunac China missed the deadline for coupon payments on a $742 million offshore bond and said on Thursday it does not expect to make payments coming due on other bonds, adding to a wave of defaults in China’s debt-laden property sector. The company said in a filing to the Hong Kong stock exchange…
Russia’s Foreign Currency Rating Cut, Risk of Debt Default Looms
April 9, 2022
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Russia’s foreign currency payment rating has been downgraded after Moscow used rubles to make a dollar-denominated debt payment earlier in the week, a move that rating agency S&P Global said casts doubt on Russia’s ability or willingness to honor its obligations to foreign debtholders. S&P Global on Saturday cut Russia’s rating to “selective default,” saying…
Property Developer Meltdown in China
April 1, 2022
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News Analysis China’s big property developers are increasingly weak, and through the pressure of local officials, unloading risk onto the country’s financial system and Beijing itself. Business news about China’s property developers on March 29 demonstrates multiple new fissures and risks in China’s already lagging economy. The Financial Times revealed that the West’s Big Four…
The Slow Motion Evergrande Wreck
March 25, 2022
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Commentary Corporate bankruptcies in the United States work under very well-defined laws and procedures about who gets paid, in what order, and based upon contractual or implied understanding. In China, bankruptcies remain the largely wild rule of the jungle matters that can take years of behind-closed-door fighting to divvy up corporate carcasses. Evergrande and the…
Russia Says Debt Payment Made As Moscow Tries to Avoid Historic Default
The Russian government claimed that it fulfilled its obligations in foreign currency on two of its bonds Tuesday, one day before they were due. The Finance Ministry announced that an order had been made to payment agent Citibank in London. If the claims are accurate, the country would have avoided its first default since 1998…
Fitch Warns of ‘Imminent’ Russian Debt Default, Kremlin Accuses US of Waging ‘Economic War’
Fitch Ratings has once again slashed its credit rating on Russia while warning that Moscow was likely to default on its sovereign debt payments in short order, while the Kremlin accused the United States of waging an “economic war” against Russia. Less than a week after Fitch downgraded its rating on Russia to junk status…
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