More than €40bn of European corporate bonds are now trading at distressed levels, highlighting how the worsening economic outlook has triggered rising angst about companies’ ability to pay their debts.
The pile of euro-denominated corporate bonds flashing warning signs has jumped from €6bn at the end of 2021, according to Financial Times calculations based on Ice Data Services indices.
The stock of distressed corporate debt more than doubled from May 31 to June 30 alone, underscoring how quickly concerns are mounting that central banks’ decisions to tighten monetary policy could tilt major economies into recession. Investors are also fretting that high levels of inflation will increase companies’ cost of doing business.
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