Of these, 41 are from the US and Canada, and the remainder are divided amongst Europe (11 companies), Latin America (7), and Asia-Pacific (2).
Moody’s report states that 33 of the total 62 companies defaulted on their debt payments in the first quarter of this year, marking the highest level since 2020, when there were 47 companies with debt defaults. In May, nearly half of the companies, specifically 15 companies, defaulted, the highest monthly figure since December 2020.
The companies that defaulted on their debt payments include Silicon Valley Bank, which ceased operations in March, as well as SVB Financial Group and Signature Bank.
The debt defaults of the two issuers last month created a ripple effect among investors and customers of banks in the US, affecting confidence in the global banking sector. By contrast, May’s defaults were mostly non-financial.
Rising interest…
