Maturing bonds worth $111 billion raise default concerns

The threat of defaults and company closures in emerging markets in the final quarter of 2008 and in 2009 may become a reality, according to a research report by ING Wholesale Banking.

The report warns that over the next five quarters there is $111 billion worth of bonds that need to be refinanced in the emerging market economies and cautioned that some high-profile companies may default as they face shrinking markets and difficulties in rolling over maturing debt.

On the corporate side, there is $80.7 billion worth of bonds that will mature between now and the end of ...