Debtwire Middle-Market – 4/21/2025

High-yield bond default wave swells as distressed debt exchanges stack up

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The trailing 12-month (TTM) US high-yield (HY) bond default rate has spiked in recent months following a steady decline through most of 2024. According to Fitch Ratings, the TTM HY bond default rate reached 2.5% in February, up from a low of 1.6% in October 2024.