The scale of bond defaults in 2019 is historically high，exceeding 140 billion yuan，and bond defaults have become more normalized：the credit rating of bond defaulters has been upgraded，and new defaulters show a certain industry concentration，with many well-known companies involved. The bond default rate of private enterprises remains high，and the ratio of listed companies in bond defaulters has been higher. In the first half of 2020，the scale of credit bonds defaults has increased slightly，reaching 81.5 billion yuan.

Judging from the trend of bond rate，the whole year of 2019 showed a volatile adjustment trend. The bond market has experienced multiple stages，including stabilizing economic growth to falling，inflation falling to rising，and ups and downs in external negotiations. The bond market as a whole shows a trend of narrow fluctuations. In the first half of 2020，affected by Novel coronavirus pneumonia，in order to improve the corporate financing environment，the government issued a series of policies to support corporate bond financing. In the first half of 2020，the scale of bond market financing increased significantly，especially the scale of credit bond financing. In terms of interest rate trends，in the first half of 2020，the Novel coronavirus pneumonia has gradually spread to be stable and controllable，and the overseas liquidity crisis has lifted off. The interest rates of domestic bond market have been volatile，showing a downward trend.

Looking forward to the second half of the year，with the economic recovered gradually and the monetary policy remaining stable，there is limited room for the bond rate to fall. The risk of bond defaults is still relatively high，and we still need to focus on prevention measures：firstly，judging from the bond default time of previous years，the scale of defaults in the second half of the year tends to exceed that in the first half of the year；secondly，in the first half of the year under the background of epidemic prevention and control，the favorable policies may temporarily slow down the pace of bond defaults；thirdly，some industries with high default rates such as general and construction still need to pay more attention；finally，since the credit ratings of bond default entities have been upgraded，high-rated bond issuers also have to be focused on.