2014 is said to be China's first year of debt default, but in fact, "rigid honour" hasn’t been broken substantively. ANBOUND research team believes that with the increasing pressure of economic slowdown in 2015, continuous deep adjustment of overcapacity industries, gradual releasing of local financial risks as well as local fiscal revenue entering “New Normal”,another round of debt repayment peak is coming and the possibility that “rigid honour” will be substantively broken is increasing. 2015 might be the year that China’s bond market starts breaking “rigid honour”.