Corporate defaults double in 2022
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In 2022, 15 companies failed to fulfill their obligations under 31 bond issues. This is two times more than a year earlier (7 and 11, respectively). The newspaper reports Vedomosti with reference to the calculations of the Expert RA agency based on Cbonds data.
The largest default last year was committed by OR Group (formerly Obuv Rossii): in January, it did not pay on the issue of bonds BO-07 in the amount of more than 592 million rubles. The last default was made by it on December 28 – the company failed to pay 159.95 million rubles. Invest-development also failed to meet its obligations, which on April 21 defaulted on the redemption of the face value by 68.56 million rubles.
Most often, defaults are allowed by corporate borrowers with a rating below ruBB and without a rating, said Mikhail Nikonov, junior director for corporate ratings at Expert RA. According to him, this is due to the fact that regions issuing municipal bonds can count on government support, while corporate borrowers with a low rating cannot. Because of this, the risk of default is higher for them.
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