Maturing bonds worth $111 billion raise default concerns
The large number of emerging market bonds that are due to mature over the next five quarters raises the prospect of high-profile defaults.
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.
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