The coronavirus outbreak is threatening to force companies across the Asia-Pacific region to default after years of low interest rates prompted many to gorge on trillions of dollars of debt.
In the years following the global financial crisis to 2019, the volume of outstanding corporate debt issued by companies in the region doubled to $32tn, according to Moody’s, the rating agency.
The coronavirus pandemic has sparked a cash crunch that investors fear will cause a wave of bankruptcies in industries from airlines to retail.
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