Bankruptcy filings at highest in a year as interest rates bite: S&P Global

seekingalpha05-12

Bankruptcy filings by U.S. corporations sprang to the highest level in a year last month, with S&P Global Market Intelligence saying companies are feeling the weight of lingering high interest rates. ...

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","collect":0,"end_time":0,"defaultTopTitle":"seekingalpha.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"LU1989763005.USD":"东方汇理教育基金A2 Acc","SG9999014914.USD":"UNITED GLOBAL QUALITY GROWTH (USDHDG) INC","LU1989773731.SGD":"CPR Invest - Education A2 Acc SGD-H","IE00B19Z9505.USD":"美盛-美国大盘成长股A Acc","SG9999001077.SGD":"United International Growth Fund SGD","SDIV":"Global X SuperDividend ETF","LU1989772923.USD":"CPR Invest - Climate Action A2 Acc USD-H","IVV.AU":"ISHARES S&P 500 ETF/AUS","LU2095319765.USD":"Natixis Thematics Subscription Economy R/A USD","LU2210150020.SGD":"Natixis Thematics Subscription Economy R/A SGD","BK4585":"ETF&股票定投概念","LU1989764748.USD":"东方汇理环球颠覆性机遇A2 Acc","FDN":"First Trust Dow Jones Internet I","LU2210149790.SGD":"Natixis Thematics Subscription Economy R/A SGD-H","JEPI":"JPMorgan Equity Premium Income ETF","LU1804176565.USD":"EASTSPRING INV GLOBAL GROWTH EQUITY \"A\" (USD) ACC","BK4566":"资本集团","SPYD":"SPDR Portfolio S&P 500 High Dividend ETF","LU1363072403.SGD":"Fidelity Global Financial Services A-ACC-SGD","BK4559":"巴菲特持仓","BK4550":"红杉资本持仓","VOO":"Vanguard标普500ETF","SG9999014898.SGD":"United Global Quality Growth Fund Dis SGD","LU0868494617.USD":"UBS (LUX) EQUITY SICAV - US TOTAL YIELD SUSTAINABLE \"P\" (USD) ACC","HYG":"债券指数ETF-iShares iBoxx高收益公司债","SPGI":"标普全球","JEPI.AU":"JPMORGAN EQ PREM INCOME ACTIVE ETF","LU0971096721.USD":"富达环球金融服务 A","LU0354030511.USD":"ALLSPRING  U.S. LARGE CAP GROWTH \"I\" (USD) ACC","BK4112":"金融交易所和数据","IVV":"标普500指数ETF","SG9999014880.SGD":"大华全球优质成长基金Acc SGD","BK4504":"桥水持仓","LU1496350502.SGD":"FRANKLIN DIVERSIFIED DYNAMIC \"A\" (SGDHDG) ACC","BK4548":"巴美列捷福持仓"},"translate_title":"S&P全球公司破产申请数创下一年来最高水平","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"VOO":1,"JEPI.AU":1,"JEPI":1,"IVV.AU":1,"IVV":1,"SPYD":1,"HYG":1,"SPGI":1,"SDIV":1,"FDN":0.9,"US10Y.BOND":0.9,"US7Y.BOND":0.9,"US6M.BOND":0.9,"US5Y.BOND":0.9,"US3Y.BOND":0.9,"US30Y.BOND":0.9,"US2Y.BOND":0.9,"US12M.BOND":0.9,"US912797FH58.BOND":0.6,"US912797FS14.BOND":0.6,"US912797GB79.BOND":0.6,"US912797GK78.BOND":0.6,"US912797GL51.BOND":0.6,"US912797GW17.BOND":0.6,"US912797HE00.BOND":0.6},"content_text":"Bankruptcy filings by U.S. corporations sprang to the highest level in a year last month, with S&P Global Market Intelligence saying companies are feeling the weight of lingering high interest rates.  In April there were 66 new bankruptcy filings, rising from an upwardly revised 61 filings in March. So far this year, companies in the Consumer Discretionary sector of the economy outpaced others, with eight fresh filings added in April. S&P Global said the pace of bankruptcies has picked up since the start of 2024 although the 210 filings logged through April is marginally lower than the 224 recorded over the same time period last year.  Three companies had more than $1B in liabilities when they filed for bankruptcy protection in April: clothing retailer Express (OTC:EXPRQ), Number Holdings, the parent company of 99 Cents Only Stores, and cloud computing company ConvergeOne Holdings Inc.  The Federal Reserve has yet to start cutting interest rates as policymakers assess inflation readings well above their 2% target. S&P Global Market Intelligence said no cuts by the Fed at the start of 2024 likely dashed expectations at financially struggling companies that they would find some relief from lowered borrowing rates. The benchmark rate is at 5.25%-5.5%.  Investors now see the Federal Open Market Committee making its first rate cut in September, according to the CME FedWatch tool. Stocks (SP500)(VOO)(IVV) were swept lower in April partially by worries the Fed would signal pending rate hikes, a notion Federal Reserve Chairman Jerome Powell pushed back on after the Fed's April meeting.  Last month, bankruptcy experts Epiq said total commercial Chapter 11 bankruptcies jumped 43% Y/Y in Q1 to 1,894. It said March marked 20 consecutive months that total, individual, and commercial bankruptcy filings logged monthly Y/Y increases. “Factors contributing to this trend are the higher cost of funds and interest rates, a reduction in consumer discretionary spending, higher housing costs, and a continued drawdown of excess savings,” Michael Hunter, vice president of Epiq AACER, said in a statement.  Here are some ETFs for those looking for high-yield debt investment strategies:   Global X SuperDividend ETF (SDIV) SPDR Portfolio S&P 500 High Dividend ETF (SPYD) JPMorgan Equity Premium Income ETF (JEPI) iShares iBoxx $ High Yield Corporate Bond ETF (HYG)  And Seeking Alpha Analyst Juan de la Hoz recently outlined investments in high-yielding BDCs.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":1,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.3","shortVersion":"4.29.3","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2434358965"}