GLOBAL - Corporate bond defaults have soared to record levels, with 196 issuers defaulting on approximately US$107bn of debt through December 7, 2001, according to Standard & Poor's, the global rating agency.
The previous record of 117 issuers defaulting on US$42.3bn of debt was set for all of 2000. The absolute number and dollar amount of defaults are unprecedented, and default rates the percentage ...
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