Jun 29, 2020 - Economy

Global corporate defaults have already surpassed those in 2019

Dion Rabouin

Illustration of a $100 note with a face mask. — Illustration: Sarah Grillo/Axios

A total of 119 companies have defaulted on debt so far this year, meaning that in just over five months there have been more corporate defaults than the full year 2019, S&P Global reported Friday.

What they're saying: "Both Europe and other developed regions have seen a considerable increase in defaults compared with previous years and have either matched or surpassed their full year tallies in 2017, 2018, and 2019," Sudeep Kesh, head of S&P Global Credit Markets Research, said in a press release.

The big picture: The U.S. has led the way with 78 defaults so far this year and that was before the announcement of Chesapeake Energy's bankruptcy filing on Sunday.

With 16 defaults so far in 2020, Europe has surpassed its full year 2019 and 2018 tallies of 15 and 13, respectively.

Go deeper: Corporate debt issuance has already topped $1 trillion in 2020

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Global corporate defaults have already surpassed those in 2019

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