Statistics show that since the beginning of this year, there have been as many as 18 incidents of substantial default or guarantor compensation in the domestic bond market, involving 24 bonds, of which 1 1 incidents have occurred in 12 bonds only since March. Various downgrades also occur frequently. According to the statistics of Haitong Securities, as many as 13 targets have been downgraded or are expected to be downgraded this year. Traditionally, May to July after the release of the annual report is often the peak period of rating adjustment. Some insiders speculate that since the beginning of this year, there have been significantly more negative rating incidents than in previous years, and the downgrade tide may be concentrated. According to public information, since the default of 1 1 public bonds, Hunan and Hubei 12 (5.47, 0.00, 0.00%),1/Tianwei MTN2, 12 have been rich in 0. 15 15 yabang CP00 1,1Tianwei MTN 1, 15 Hongda CP00 1, 15 Rain. Since the end of March, more than 30 bonds (bonds with default risk) have been sold unilaterally in the secondary market, which is significantly lower than the market valuation. Although some bonds are finally paid through government coordination to help issuers, banks, underwriters and other related institutions solve the disposal, or the issuer's debt restructuring, it has become a trend for the bond market to break the rigid payment.