DISTRESS WATCH: Credit Markets Pivot Back Toward Complacency

May 20, 2025, 9:28 AM UTC

Note: Starting today, the Global Credit Stress Watch List worksheet is being replaced by the Bloomberg News
Restructuring Tracker, with more information about methodology
here.

The global rebound in financial markets has now removed more than 70% of the debt that was added to the distressed pile after US President Donald Trump’s “Liberation Day” tariff announcement in early April.

That’s driving big returns for investors that seized on discounted prices. It’s also triggering warnings that the market has become complacent again.

The total amount of bonds and loans in Bloomberg News’ global distressed debt tracker fell 3% ...

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