And when a global shock like Russia's bond default occurred, the tremors were felt everywhere.

That was the first, and so far only, Italian corporate bond default.

With earnings in decline, corporate bond defaults have soared to record levels.

Analysts say it remains the largest municipal bond default in history.

In 2001, the rate of corporate bond defaults was 12.9 percent, a record, according to Fitch.

It was the largest municipal bond default in the nation's history.

But if a bond defaults, you simply have to keep paying principal and interest over time.

The bond default led to a nuclear backlash in the Pacific Northwest, and many question whether the plants ever will be built.

Another settlement was reached in lawsuits stemming from the nation's largest municipal bond default.

That's five firms offering a type of insurance against bond defaults.