FILE PHOTO: A man carries an umbrella during a morning snow fall on Wall St. in New York's financial district - Global corporate debt defaults more than doubled in April from March to their highest monthly tally since October 2020, according to a report from S&P Global Ratings.
"Looming maturities, strained operations, and elevated refinancing costs were among the main reasons for the increase in bankruptcies," the report said. While the number of global defaults more than doubled from March to April, the volume of debt nearly halved from $16.3 billion to $8.6 billion, according to S&P.
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