More companies around the world defaulted on their debts in the first three months of this year than in any quarter since late 2020.
In a report Tuesday, credit rating agency Moody’s said 33 of the corporations it rates defaulted on their debts in the first quarter, the highest level since the last quarter of 2020 when 47 companies defaulted. Almost half, or 15 companies, defaulted last month — the highest monthly count since December 2020. Defaulting firms included Silicon Valley Bank, which collapsed in March, its holding company SVB Financial Group and Signature Bank.
In a sign of a tougher global environment for corporate borrowers, investors went sour on corporate bonds last year. For example, an exchange-traded fund from iShares that tracks bonds from investment-grade companies, or those with strong credit ratings, sank 20% in 2022. It has risen by a modest 3% since then. More defaults on the way? Moody’s expects that a combination of higher borrowing costs and slowing global growth will push up defaults on speculative-grade corporate debt to 4.
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