China’s Peking University Founder Group is scrambling for funding after failing to repay an onshore bond, three sources told Reuters on Tuesday, which could trigger defaults on billions of the borrower’s U.S. dollar offshore debt, Reuters reported. State-owned Peking Founder told investors on a conference call on Tuesday it had yet to obtain the 2 billion yuan ($284 million) it needs to repay the overdue note, the sources said, although it had a grace period of 15 days to do that.

An Indian shadow lender whose debt problems are being closely watched amid a broader industry crisis is facing pushback on its restructuring plan, Bloomberg News reported. Some creditors to Altico Capital India Ltd., which focuses on real estate lending, are concerned that the absence of fresh equity in the proposal fails to address a dramatic surge in bad loans, said two people familiar with the matter, asking not to be identified because the information isn’t public.

China is hurtling toward another record year of onshore bond defaults, testing the government’s ability to keep financial markets stable as the economy slows and companies struggle to cope with unprecedented levels of debt, Bloomberg News reported. At least 15 defaults since the start of November have pushed this year’s total to 120.4 billion yuan ($17.1 billion), within a hair’s breadth of the 121.9 billion yuan annual record in 2018, according to data compiled by Bloomberg.

Nissan’s new chief executive has shelved talks on levelling the ownership structure on its alliance with Renault, saying the two carmakers will focus on reviving their struggling businesses, the Financial Times reported.

Yes Bank Ltd., an Indian lender caught in the country’s deepening shadow banking crisis, boosted its target for a capital raising to $2 billion after receiving commitments from new investors, Bloomberg News reported. The nation’s fourth-largest private lender said its board signed off on the capital increase, which is higher than the previous figure of $1.2 billion, at a meeting on Friday. Investors including Canada’s Erwin Singh Braich, SPGP Holdings and Citax Holdings Ltd.

For years, defaults were few and far between in China's corporate bond market. Most investors thought that the Chinese government would never let companies — whether they be state-owned enterprises (SOEs) or private businesses — actually default on their debt, Bloomberg News reported. But times have changed. Defaults by private companies have been rising and there's even a question mark over the implicit government guarantee in debt sold by SOEs.

Two Chinese companies failed to repay bonds worth a combined half a billion dollars on Monday, underscoring rising debt risks in the highly leveraged nation as the economy slows, Bloomberg News reported. Peking University Founder Group was unable to secure sufficient funding to repay a 270-day, 2 billion yuan ($285 million) bond, according to a company filing to the National Interbank Funding Center. Tunghsu Optoelectronic Technology Co. failed to deliver repayment on both interest and principal on a 1.7 billion yuan bond, according to Shanghai Clearing House.

Rating agencies have soured on India Inc as a credit crunch leaves businesses struggling to raise funds and pay debts, pushing default rates to their highest in five years, the Financial Times reported. Moody’s has a negative outlook on more than half of the non-financial companies it provides ratings on, its highest level in 10 years. The New York-based agency, which in early November downgraded its credit outlook for India to negative, has lowered its outlook for oil and gas companies such as Bharat Petroleum and information technology groups Infosys and Tata Consultancy

It turns out trade wars are not just painful but also very loud, so much so that they can drown out some fairly consequential things, Bloomberg News reported. One of those is debt. And in the Chinese context, we should note that there is a lot of it and it has increased very quickly. Bloomberg Economics estimates that the country’s total debt ballooned about five-fold in the decade through 2018 to roughly $35 trillion.

The number of Chinese companies failing to make payments will continue to rise in the year ahead as economic growth sputters and the government attempts to rein in support to indebted companies, according to Moody’s Investors Service, Bloomberg News reported. The credit ratings company expects 40-50 new defaults in 2020, up from 35 this year, according to Ivan Chung, head of greater China credit research and analysis at Moody’s. He expects the total value of defaults would be below 200 billion yuan ($28 billion), representing less than 1% of the size of China’s bond market.