⚠️CHART OF THE WEEK: European corporate debt defaults hit the second-highest level on record
33 European companies have defaulted on their debt year-to-date, the most since 2020
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There have been 33 corporate debt defaults in Europe year-to-date, the most since the 2020 Crisis. This is double the amount recorded in 2022 and 11 more than during the Great Financial Crisis in 2009.
As a reminder, debt default occurs when one or more terms of a loan agreement are violated by a borrower. It could be missed interest or principal and interest on their issued bonds or other type of debt.
In the case of Europe, companies that have defaulted are issuers of the most-speculative and the riskiest type of debt. Nevertheless, this trend is concerning and worth watching going forward as the European economy is slowing.
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