Record defaults are clouding India’s resilient equities, bonds Bloomberg April 28 | Updated on April 28, 2021 × Firms have defaulted on at least $763 million of domestic bonds this year, the most on record for a similar period Credit markets are sounding warnings for other asset classes amid India’s unprecedented surge in Covid-19 cases. Firms have defaulted on at least 57 billion rupees ($763 million) of domestic bonds this year, the most on record for a similar period. Traders expect more. They’ve pushed spreads on A rated local corporate bonds over AAA notes to a 17-year high, a grim sign for the small businesses that tend to have those weaker ratings and that form the bedrock of the $2.7 trillion economy.